By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...
BFSG Blog
Financial Resources & News
Potential Long-Term Benefits of Utilizing Backdoor Roth Conversions
By: Henry VanBuskirk, CFP®, Wealth Manager “Who can it be knocking at my door?” It’s the Men at Work and Women at Work in Congress(1) with new retirement legislation, SECURE Act 2.0. While this new legislation has many positive changes, many of those changes come with added complexity to how the Traditional IRA and Roth IRA contribution limits and catch-up contribution amounts are...
Financial Misadvise: Common mistakes and assumptions made by Financial Advisors (Part 3: Roth Conversions)
(This is the third article in a four-part series. Click here to read Part 1 and Part 2.) By: Henry VanBuskirk, CFP®, Wealth Manager Mr. Hill arrived in Texas and is eager to talk to his parents about the Roth Conversion idea that he overheard his boss talking about at work last week. Mr. Hill does not know his parents’ finances and just believes that a Roth Conversion will be a good idea...
Now Might Be a Good Time for a Roth Conversion
One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met,...
Tax Planning Strategies to Reduce Your Tax Burden Now (2022 Update)
By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...
Tax Planning Strategies to Reduce Your Tax Burden Now
By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other sources....
Mega Back Door Roth Conversions
There may be potentially a way for you to put up to $37,500 in a Roth IRA or Roth 401(k) this year. The goal here is to put as much money as possible into a Roth account to take full advantage of the tax-free growth. This is a wonderful strategy for the lucky few who qualify and can take advantage of it. The reality is that your employer-sponsored plan may not allow it. Let us take a closer look...
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