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Top related persons:
Tim Steffen - 5 Steffen - 4 you've - 3 Baird - 3 Brenna McLoughlin - 2 McLoughlin - 2 Vanguard's - 1 Sam Nofzinger - 1
Top related locs:
Milwaukee New York California York – North Bethesda , Maryland Vanguard California
Top related orgs:
SEC - 3 Baird - 2 Wealthstream Advisors - 2 Money Market Fund - 2 Investors - 2 York Municipal Money Market Fund - 1 Fidelity - 1 Public - 1

Search resuls for: "Tim Steffen"


10 mentions found


☆ Tax season is underway. Here’s what investors should know to prepare
  + stars: | 2024-02-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +6 min
Tax filing season officially started on Monday, and investors could pay the price following last year's stock market bonanza. Meanwhile, investors collected yields exceeding 5% in money market funds, certificates of deposit and high yield savings accounts. In New York, the top income tax rate is 10.9%, and it's 13.3% in California. Vanguard's New York Municipal Money Market Fund (VYFXX) has a 7-day SEC yield of 4.25% and an expense ratio of 0.16%. Fidelity offers the California Municipal Money Market Fund (FSPXX) , which has a 7-day yield of 3.54% and an expense ratio of 0.3%.
Persons: Tim Steffen, Brenna McLoughlin, you've, McLoughlin, Vanguard's, Sam Nofzinger, Steffen, it's, There's Organizations: Baird, Wealthstream Advisors, York Municipal Money Market Fund, SEC, Fidelity, Money Market Fund, Public Locations: Milwaukee, New York, California, York, –
☆ How giving away some winning stocks can help cut taxes and balance your portfolio
  + stars: | 2023-11-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
But rather than just selling out of those stocks to help dilute those holdings, consider donating a few shares to charity. But giving some away duts the size of the position in a portfolio and skirts capital gains taxes. Those stocks are up more than 200% and 62%, respectively, this year, and are good candidates for some charitable giving, she said. Investors are encouraged to get to know the charitable giving deduction. Investors can also simplify their charitable giving by making direct gifts of appreciated assets to a donor-advised fund.
Persons: you've, Barry Glassman, Glassman, Brenna McLoughlin, Eli Lilly, McLoughlin, you'd, Cash, Tim Steffen, Steffen Organizations: Nasdaq, Nvidia, Tesla, Wealth Services, Wealthstream Advisors, Meta, Apple, Microsoft, Investors, Baird Locations: North Bethesda , Maryland, New York, Milwaukee
☆ Three Reasons to Take Social Security Early
  + stars: | 2023-11-14 | by ( Debbie Carlson | ) www.wsj.com   time to read: 1 min
One financial planner says he has had clients claim Social Security early to fund long-term-care insurance. Illustration: Kiersten EssenpreisConventional wisdom holds that retirees are financially better off delaying their Social Security benefits to get a fatter payout. You can receive your full benefit once you reach full retirement age—around 66 or 67, depending on what year you were born. You can also start as early as 62, but that means a much smaller payout. The math is complex on how big the haircut is, but it can be roughly 30% annually for people who start at 62, versus waiting for full retirement age to receive full benefits.
Persons: Tim Steffen, Baird Organizations: Social, Security Locations: Milwaukee
☆ This year’s hot yields could be 2024’s tax hit. Here’s how to prepare
  + stars: | 2023-09-08 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
The Crane 100 Money Fund Index has an annualized 7-day current yield of 5.16% as of Thursday. This way, you're deferring the tax hit on the income until you begin to draw down from the account. To that effect, some money market funds invest in municipal bonds and thus produce tax-exempt income. Investors in high-tax locales may be especially interested in state-specific tax-exempt money market funds. The Fidelity New York Municipal Money Market Fund (FAWXX) carries an expense ratio of 0.42%, and it has a 7-day yield of 3.34%.
Persons: US3M, Tim Steffen, Baird, you've, Jerrod Pearce, Pearce, Steffen Organizations: Internal Revenue Service, Creative Planning, Vanguard, Money Market Fund, SEC, Fidelity New York Municipal Money Market Fund Locations: Vanguard California
☆ Muni bonds are cheap, but they may hide a tax surprise. How to prepare
  + stars: | 2023-08-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
High-income investors, especially those in the 32% marginal federal income tax bracket, appreciate that munis offer income that's exempt from federal levies. Paying for a discount Bond yields and prices move opposite to each other. That means municipal bonds are trading at discounts, which can come with tax ramifications if they're too cheap versus the bond's par value, or the amount the issuer will repay the investor at maturity. Consider an investor who is purchasing a 10-year municipal bond with a par value of $10,000, trading at $9,750. Investors also shouldn't overlook the fact that the muni bond is still providing them with tax-free income in their portfolios.
Persons: Bond, Cooper Howard, Charles Schwab, Tim Steffen, Baird, Steffen Organizations: Federal Reserve, Bond, SEC, Investors
☆ Took a huge hit on taxes this year? How investors can avoid a hefty bill next year
  + stars: | 2023-04-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +5 min
Last year was a complex one for investors, as the sharp market decline seemingly left traders short of huge capital gains from dumping highly appreciated stocks. "It's counterintuitive to people: Why do I have a large capital gains distribution this year? Meanwhile, investments that you hold for more than a year are subject to long-term capital gains rates, which can be as high as 20%. This means you sell a losing position to offset capital gains elsewhere in the portfolio, thus reducing the tax hit. Meanwhile, in a traditional IRA, taxes are merely deferred, but withdrawals are subject to income taxes.
☆ Did you buy alternative investments and big-yielding assets last year? Your tax return could get a little messy
  + stars: | 2023-04-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +5 min
Tax Day is upon us – but investors who have complicated tax returns may find themselves asking for an extension. April 18 is the filing deadline for your 2022 return, and on that day, you must pay any federal income taxes you owe. Last year, an estimated 19 million taxpayers asked for an extension to turn in their 2021 tax return, according to the IRS. That's because while the MLPs themselves aren't subject to federal income taxes, the limited partners who receive income distributions are responsible for taxes. You need this form in order to file your income tax return, but partnerships may not send these details until mid-March, which could lead to investors going on extension.
☆ Stocking up on income-paying assets? Here’s how to maximize their tax efficiency
  + stars: | 2023-03-04 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +5 min
The calculus of tax optimization Tax optimization begins with the three types of investment accounts available to investors: taxable brokerage accounts, tax-deferred accounts such as 401(k) plans and individual retirement accounts, and tax-free accounts like Roth IRAs. Tax-deferred accounts, meanwhile, allow money to accumulate free of taxes – but you're on the hook for income taxes when you take withdrawals. Your individual tax situation will also be a key factor in determining which income assets are best for you and where you should hold them. However, investors in a low tax bracket might be better off going for taxable bonds – which tend to pay higher yields than municipal bonds. Asset location Taxable brokerage accounts are generally a good place to hold T-bills if you're going to tap the money soon.
☆ This move can trim or erase a tax bill if you had to sell stocks at a loss this year
  + stars: | 2022-11-07 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +6 min
That means many investors will have to sell assets at a loss, going against one of the most basic investing rules, to buy low and sell high. How tax loss harvesting works Investors who have sold assets at a loss this year from a brokerage account can use that to offset or even completely erase any capital gains taxes owed. If your losses exceed your capital gains or you didn't have any, you can deduct up to $3,000 of income from your federal tax bill. Evercore ISI in a Nov. 6 note made a list of such stocks that it sees as good buying opportunities if you sold a similar name for tax loss harvesting. Because of this, it may make sense to consult both a tax professional and a financial advisor to ensure you're using tax loss harvesting as efficiently as possible.
☆ One simple investing move can set you up for huge returns and a minimal tax bill
  + stars: | 2022-11-01 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +6 min
Typically, the money invested in a Roth IRA or Roth 401(k) is post-tax, meaning you've already paid the taxes on the amount contributed. An extreme example of this is investor and Palantir Technologies founder Peter Thiel, who grew a Roth IRA from $2,000 to about $5 billion in about two decades. Rules of conversion Converting assets to a Roth IRA can get around some of the other limitations on the accounts. Investors should also consider the bill they'll have by converting assets into a Roth IRA now. It also usually only makes sense to do a Roth conversion if you see your tax rate increasing in the future.
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