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How Much Will Your Family Really Inherit?

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Prince and Aretha Franklin died without a will, allowing mega millions to be taken by the IRS instead of going to their family. Even if you’re not worth millions, there are steps you can take to help more of your wealth stay in the family.

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The Sunday Best (10/21/2018)

The Sunday Best is a collection of articles I’ve curated for your reading pleasure. Expect most of the writing to be from recent weeks and consistent with the themes presented on this website: investing & taxes, financial independence, early retirement, and physician issues.   Presenting, this week’s Sunday Best:   Fun fact: Before settling on “Physician on FIRE”, I considered “Frugal Physician” as a website possibility but realized it didn’t encompass all that I stood for. I’m happy to see that a different frugal physician has laid claim to the name and is doing great things with her site and […]

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Did Your Tax Return Earn More Frequent Flier Miles Than You Did Last Year?

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There is a secret in the tax world – more and more US returns are being prepared overseas by third party providers. As outsourcing by the major tax firms becomes more common, questions naturally arise around cost, security and the client experience.

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How to Find More Time to Get Things Done

Benjamin Franklin is credited with saying “Early to bed and early to rise, makes a man healthy, wealthy, and wise.” I dug a little further and found that John Clarke’s Paroemiologia Anglo-Latina, printed in 1639 contains the nearly identical “Earely to bed and earely to rise, makes a man healthy, wealthy, and wise.” In the U.S. Army, they claim to do more before 9 a.m. than most people do all day. ESI Money believes in an early morning wakeup call. Scott from Making Momentum started getting up at 0500 every day. 5am Joel is such a strong believer in being an […]

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Tax Magic For Seniors: The QCD

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But, for seniors subject to making Minimum Required Distributions (MRDs) from their IRAs there is a special tax magic they can do. Instead of making a contribution they can’t use as a deduction , they can make their contribution completely disappear fr…

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Ask Larry: ​​​​​​Should My Spouse File At 66?

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Today’s column addresses potential optimum filing dates for couples, whether to file and suspend a Social Security retirement benefit, military disability benefits, whether widow(er)’s benefits can be suspended and child benefit calculation.

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Senator Harris Seeks To Raise Incomes Using A New Tax Credit

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Senator Kamala Harris (D-CA) is proposing to raise the incomes of working families through a new tax proposal called the “LIFT (Livable Incomes for Families Today) the Middle Class Act”. This new credit would match up to $3,000 of earnings for single …

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The ‘SIT’ Principle: Save, Invest And Be Tax-Efficient To Retire Comfortably

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Improving your retirement saving strategy, building a diversified portfolio, and looking for ways to reduce your tax burden can bolster your chances of retiring comfortably.

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Giving Faceoff: Charitable Remainder Trust (CRT) versus Donor Advised Fund (DAF)

I’ve written extensively about how I use a donor advised fund to give more generously while taking advantage of the ability to reduce your taxable income while working and living in a high tax bracket. Another vehicle that can accomplish the same thing in a different way is the charitable remainder trust (CRT). I knew a little about them but hadn’t explored the concept in much detail. I’ve been accused of being greedy because I park my donated dollars in the donor advised fund before dishing it out; I can’t imagine what the naysayers would say if I were using […]

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Tax Loss Harvesting with Vanguard: A Step by Step Guide

When the stock market hiccups, as it is known to do from time to time, you may have one of several common reactions. What?!? I just lost 10% of my net worth. This is horrible! Meh. A 10% market correction happens in most years. It will bounce back. Eventually. Cool! Let’s see what I can tax loss harvest.   The stock market is volatile, and it’s not unusual to see downward swings of 5% to 10% in a few days’ time. While seeing several years’ worth of spending erased from your balance sheet is less than awesome, you’re invested for […]

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