Thinking about taxes when timing of death becomes more certain may seem inappropriate. But, it could greatly benefit someone who needs it. In the scenario where an individual may hold assets with a loss upon death, you can pass an economic benefit to someone through effective gifting.
A lot of financial "pundits" are talking about converting funds in Traditional IRAs to Roth IRAs. This can be a good idea. But there are 4 things active and retired Senior Military Officers and NCOs should consider first.
2020 has been a weird year all around. Why are you getting a second "refund" from the IRS? It's actually interest...and taxable.
As your military career comes to an end and you move into a civilian career, your parents age. And at some point they'll pass away. What happens if you inherit Mom's (or Dad's) inherited IRA?
If you're on active duty, your state of residence for income tax may be different than the state where you are stationed. You may think you understand how that affects your state income tax. But do you really?
Should you sell or donate your car? If you donate it, how do you get the biggest deduction? There are answers to these questions.
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