Good Financial Reads: Your Tax Planning Guide (Part Two)

Last year, my video about taking a penalty-free IRA withdrawal using the CARES Act drew a lot of views and comments. Now, many of you are asking how to take advantage of your ability to spread the taxes out over three years. Here are your options for dealing with the taxes on CARES Act IRA withdrawals.

There are three different types of accounts; taxable, tax deferred, and tax-free accounts. Let’s look at that very first one. I want to show you how taxable accounts work in a visual format.

The federal income tax bracket is as high as 37 percent for some people, which, come tax time, can be an unpleasant surprise. While business owners and self-employed taxpayers have the most tax deductions, there are simple steps you can take to reduce your taxable income to pay less taxes.