The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.
It sometimes seems like when it comes to college-savings vehicles, 529s are the only game in town.
But investors are doing themselves a disservice if they don’t also look at another savings tool available: Coverdell Education Savings Accounts (ESAs). Like 529s, ESAs are a tax-favored way to save for education expenses.
2020 will be a year to remember for decades to come. In the world of tax and retirement planning, it’s brought opportunities for advisors to present to clients. But unlike those in other years, 2020’s opportunities should be seized now—taken advantage of before year’s end—because they may not be as effective afterward.
Can you really make millions and pay little or nothing in taxes, and do it legally? Absolutely! Big corporations do it all the time. But so can certain individuals who have the right set of financial facts, specifically the right sources of income and losses.
Tonight, Democratic presidential candidate Joe Biden will take on President Trump in a debate about the economy, coronavirus response, the integrity of the upcoming election and more. But for many, another question is top of mind: what will the results of the 2020 presidential election mean for my taxes?
In this episode, we check in with IRA and tax specialist Ed Slott of Ed Slott & Co., on what the recent debt and deficit numbers reported by the Congressional Budget Office mean for retirement plan participants.