How Can You Manage the Taxes on Required Minimum Distributions from an IRA?

Hello everyone, today we are talking about how to manage required minimum distributions in IRA accounts. This is a great example of why you need a good team, and a tax professional that works well with your financial advisor. 

A lot of you may not know this, but there are ways you can defer taxes on a distribution that most people think you have to take all of right now. There are many ways to manage required minimum distributions from an IRA account. One way is to defer a portion of your taxations of those distributions until your 85th birthday.

Deferring a portion of your taxes on your required minimum distribution is not only an effective way of tax planning, but another reason why you want your team working with your tax specialist. You want your tax specialist and financial advisor communicating about your specific needs, income, and the benefits you may receive from deferring some of your required minimum distributions until your 85th birthday.

If you have any questions about this topic or anything else, feel free to give us a call or send us an email. We look forward to hearing from you!

What's the Difference Between Long-Term and Short-Term Capital Gains?

Here at Pyle Financial Services, we act as a fiduciary, not a salesman, to protect your interest above ours. Today, want to discuss how you can grow money in the stock market efficiently!

The growth of a portfolio is taxed as either short-term or a long-term capital gains rates. Short-term rates are for investments held for less than 12 months and are the same as your income tax rate. Long-term capital gains are for investments held for more than 12 months. 

While many advisers will hold their clients' investments for at least 12 months to ensure long-term capital gains, there are other strategies available to manage not only the short-term capital gains, but to eventually eliminate or significantly reduce long-term capital gains. It's not just about how much you make, it's about how much you keep! 

If you have any questions about how we can help you keep more of what you make, give us a call or visit us at www.PyleFinancialServices.com. We would love to give you a hand! 

How to Plan, Protect, and Grow Your Money for the Future

If you're a professional athlete or a very successful young person, it's important that you plan for a financially stable future. You have a lot of wealth right now, but do you know how to sustain yourself in the long run? 

It's important that you develop a financial plan, and that you stick to it. I urge you to create and follow a written financial plan. Studies show that if you have a plan written down, you are more likely to save more money than if you just had a plan in mind.

Another important consideration is understanding your own personal investment philosophy, because everyone likes to put their money in different places. 

What we like to remind our younger clients about from time to time is that financial planning is only one part of wealth management. This doesn't always mean that you have to invest your wealth to manage it properly. Everyone has different solutions to their financial problems, and we're always available to consult with you to figure out the best way to handle your wealth.

We're not here to sell you a product. We're looking out for your financial well-being. 

Please contact us with any questions or concerns that you have.