Tax Warrior Chronicles

GUEST BLOG - Are Most of Your Retirement Eggs in the Same Tax Basket?

Posted on Wed, Feb 12, 2020

By: Jeremy Gussick, MBA, CFP


As the busy tax season gets into swing, we like to tap friends in the financial planning world to help our clients and subscribers with their planning. Jeremy Gussick of LPL Financial is no stranger to our subscribers.  Today, he talks about taking distributions from various types of retirement accounts in the most tax-efficient manner.


Did you know that the vast majority of assets currently saved for retirement in this country are all in the same tax-structured account type?  And by saving in this fashion, you may be placing some significant limitations on your ability to grow and distribute your assets during retirement in the most tax-efficient manner? 

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Retirement Planning Late in the Game

Posted on Thu, Sep 26, 2019

By: Matthew Walker, CPA


Every day you put off funding your retirement is another day your nest egg could be growing. Starting late may seem like a tall task, but it is still possible to set aside enough for a comfortable retirement if you begin the process now, rather than later. It is first imperative that you develop a plan, set goals and begin action. The longer you wait, the harder it will be to catch up. Here are some tips to help…


How much do I need to retire?

It is impossible to plan for the future unless you have a clear picture of your current financial position.  You should start by preparing a list with all your assets and liabilities, as well as a list of your sources of

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Understanding Self-Directed IRAs … Is One Right for You?

Posted on Thu, Dec 07, 2017

By: Svetlana Goldina, CPA


A Self-directed Individual Retirement Account ("SDIRA"), while like traditional IRAs and 401Ks, is an alternative approach to retirement investing, which allows the account owner greater control to choose a much broader range of investment options. In today’s post, we’ll help you understand them better so you can decide if one is right for you.


A major advantage of SDIRAs over traditional retirement accounts is SDIRAs give you the ability to invest in non-traditional assets such as rental real estate, mortgage loans, precious metals, foreign currency, business start-ups, and more. This provides an opportunity for SDIRA owners to use their expertise and

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The Millennial Series: Part VIII – Understanding Your Company’s Retirement Plan Options

Posted on Thu, Oct 19, 2017

By: Robert Vogel, CFP


To millennials, retirement seems a lifetime away. And, it is! However, now is the best time to start saving for retirement, says our guest blogger, Robert M. Vogel, CFP®, Director of Financial Planning for JFS Wealth Advisors in Doylestown, PA. In today’s post, Robert gives millennials—or anyone new to the workforce—an overview of understanding and maximizing company-sponsored retirement plans like a 401(k) or IRA, in plain and simple terms.


“A part of all you own is yours to keep.”  This is the secret of wealth revealed by the wealthy man in the 1926 book The Richest Man in Babylon, by George Samuel Clason.  Written as a series of financial education pamphlets,

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Millennial Series: Part VI (2 of 2) – How Employee Stock Options are Taxed

Posted on Tue, Sep 19, 2017

By: Chris Catarino, CPA, MT


In our last post, you learned how employee stock options work – strike price, vesting and exercises (not the sweaty gym kind). In today’s post, we’ll explain how the two main employee stock options (ISO’s and NQSO’s) are taxed since nothing is more frustrating than owing a big chunk of tax in April that you were not expecting.


Nonqualified Stock Options


What is an NQSO?


Most stock options offered to employees and directors are nonqualified stock options (NQSO’s). Another term for these options is non-statutory stock options. A NQSO is generally any stock option that does not meet the qualifications of an Incentive Stock Option (discussed below), hence

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Millennial Series: Part VI (1 of 2) – How Employee Stock Options Work

Posted on Wed, Sep 06, 2017

By: Chris Catarino, CPA, MT


You just graduated and landed a sweet gig at an internet start-up. There’s no dress code, flexible hours and kegs instead of watercoolers. And that’s not all, they’re giving you employee stock options, too! That’s what CEO’s and company founders get – so that’s, like, better than cash…right? Today, we’ll look closely at employee stock options and, later, in part two of this two-part post, how they are taxed.


Whether you receive stock options for the first time at a new job or through a promotion it can be confusing. There’s new vocabulary, a slew of acronyms, and extensive forms written in “legalese.” As part of our Millennial blog series, we’ll explain how

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Law Makes Dying Less Expensive for NJ Residents

Posted on Thu, Mar 09, 2017

By: Nastassja Markham Coletta, JD, LLM


New Jersey has long been considered one of the worst states to die in because of its dual death taxes. New Jersey is one of only two states that levies both an inheritance tax and an estate tax. With the enactment of the P.L. 2016, c.57 and subsequent phased repeal of its estate tax, New Jersey is trying to rebrand itself and stop wealthy families and individuals from retiring in more tax-friendly states.


The new law increases New Jersey’s estate tax exemption from $675,000 to $2 million for 2017 and eliminates the estate tax as of January 1, 2018.


While the estate tax is being phased out, New Jersey’s inheritance tax remains unchanged. There

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How to Maximize Your Social Security Retirement Benefits

Posted on Mon, May 18, 2015

This week, we continue with our series of guest bloggers as The Tax Warriors® take a break from busy season.  Today, we help you understand and maximize your Social Security benefits, and we’ve brought in an expert to guide you.


Jeremy Gussick, CFP, of Levin, Aromando, Gussick & DeGerolamo, LLC, offers some ideas to consider to make the most of your Social Security.  


Don’t Follow the Herd

Did you know nearly 7 out of 10* retirees filing for Social Security today are filing for their benefits “early” – meaning before their full retirement age (FRA)?  FRA is 66 for baby boomers born between 1943-1954.  By doing so, these retirees are unfortunately locking-in reduced benefits for the

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LAST-MINUTE TAX TIP – There’s Still Time to Make Your IRA Contribution for the 2014 Tax Year

Posted on Thu, Apr 09, 2015

It’s crunch time and CPAs everywhere are striving to help clients with last-minute tips to lower tax liabilities. With just days left until the April 15th deadline for individual returns, there is still time for you to make a positive difference on your tax return.  One such way is by making a contribution to your IRA.


Did you contribute to an Individual Retirement Account last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some tax tips about saving for retirement using an IRA. But, read and act quickly.  There is not much time to make a decision about the 2014 tax year.


  • Age rules.  You must be under age
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IRS To Allow Purchases of Longevity Annuities Through Qualified Plans and IRAs

Posted on Fri, Jul 18, 2014

With Baby Boomers living longer and healthier lives, the financial world has been in a bit of a conundrum trying to figure out how retirees can make their money last as long as they may now live.  Partially in response to this concern, the IRS has issued final regulations updating the required minimum distribution laws to make it easier for individuals to buy  deferred "longevity" annuities under qualified defined contribution plans (e.g. 401(k) plans), individual retirement annuities and accounts (IRAs), and eligible governmental 457 plans.  These regulations will permit retirees to use a limited portion of their savings to purchase guaranteed income for life starting at an advanced age,

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