Ed Slott

speaker

299 appearances 3 recordings 1 series first heard Jan 2018 last heard Apr 2022

Ed Slott’s voice in public audio — every appearance, attributed to the second.

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That was all wiped out with the Tax Cuts and Jobs Act.

I guess when they said tax cuts, they meant tax deduction cuts too.

Well, it's all a function of disposable income.

So, yes, inflation will probably leave you with less savings and less income.

But if you have savings and you can contribute to a Roth, you should.

My feeling is totally do that, because I think the Roth is one of the greatest accounts going.

You put in money if you have the money disposable in one pocket that's taxable.

Why not switch it to the other pocket if you qualify for a Roth contribution or even if you have the money to convert?

Because you still want to take advantage of today's historically low, low tax rates.

Everybody complains about taxes, but we're in the lowest rates most people have ever seen in their lifetime.

And that's the key to all good tax planning.

Always pay taxes at the lowest rates.

It's like a stock.

It's kind of like buy low, sell high, like they say with stocks.

Now, I didn't make that one up, but it's the same thing with the tax rate.

You know, get the money out at the lowest possible tax cost.

Well, the good news and the bad news, probably, yes.

But right after that came out, you might have heard that, oh, wow, I'm getting more of my check.

And then they look at the Medicare surcharges that went up even more than that.

So, again, you're behind the eight ball.

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