DeLorieGerard6

Looking For True Love tht'll except me for who I am #TeamLightSkin and if u follow me im on #TeamFollowBack and no nimrods plz #TeamEducated #

[DeLorieGerard6 @DeLorieG6]

@OfficialJoel4_ Othello

[DeLorieGerard6 @DeLorieG6]

@manifestpower4X 555.

[DeLorieGerard6 @DeLorieG6]

@ONLY1CHYNABABY congratulations

[DeLorieGerard6 @DeLorieG6]

@DearS_o_n claiming it.

[DeLorieGerard6 @DeLorieG6]

@spiritual660 555

[DeLorieGerard6 @DeLorieG6]

@OneLuckyGirl_28 claiming it

[DeLorieGerard6 @DeLorieG6]

Everybody is nothing until they either become or have something of value.

[DeLorieGerard6 @DeLorieG6]

Facts it's so soothing

[taylor hunter @misstayhunter]

Y’all gotta listen to more jazz. Get your nervous system right.

[Leaders 𝕏 Junction @LeadersJunction]

Finish what you started‼️

[Maxwell 🕊 @MindWisdomMoney]

Uplifting self care:

Prioritise the 80%

[DeLorieGerard6 @DeLorieG6]

Instead of going out to spend money in the Club why not save that money to Build and Purchase one

[Fiona | The Millennial Money Woman @The_MMW]

Solo K's also allow the spouses of business owners to contribute up to the maximum annual 401k limit.

That's as long as the spouse earns income from the business.

So in theory, both spouses could save up to $66,000 per year.

[Fiona | The Millennial Money Woman @The_MMW]

11. Tax Loss Harvesting (TLH)

You can cut your tax bill with TLH.

Here's how:

- Sell an investment at a loss

The loss can reduce your:

- Taxable gains
- Ordinary income (up to $3,000)

[Fiona | The Millennial Money Woman @The_MMW]

10. Solo K

A Solo K is a 401k that is available to business owners with no employees.

You can make contributions up to the maximum 401k contribution limit ($66,000) as both an employee & employer.

[Fiona | The Millennial Money Woman @The_MMW]

Here's how you could get a tax deduction:

- Non-cash assets = up to 30% AGI deduction
- Cash = up to 60% AGI

[Fiona | The Millennial Money Woman @The_MMW]

9. DAFs

Anyone can open & invest in a DAF in America - online.

You would receive an income tax deduction in the year of the contribution.

Once you've contributed to a DAF, you can invest your money.

And in the year of the contribution, you'll get your income tax deduction.

[Fiona | The Millennial Money Woman @The_MMW]

DBP contribution limits are typically:

- Actuarily calculated
- Based on age & income

DBPs allow for:

- Tax-deferred growth
- Tax deductible annual contributions
- The ability to roll over your benefits to an IRA at retirement

[Fiona | The Millennial Money Woman @The_MMW]

8. Defined Benefit Plan (DBP)

If you're:

- Self-employed
- Making a lot of money
- Want to save a lot in taxes

Consider opening a DBP.

In 2023, you can contribute up to $3.4M in some DBPs.

[Fiona | The Millennial Money Woman @The_MMW]

With QCDs, you can directly gift your RMD to a charity (up to a maximum of $100k/yr) and not pay a penny in taxes.

The key to QCDs is that you do not take receipt of your RMD first.

The RMD must be sent directly to the charity from your IRA to avoid paying taxes.