The Backdoor Roth IRA: Converting Non-Deductible IRA Contributions Into a Roth IRA

By Todd I. Youngdahl, CFP®

Roth IRAs remain great savings vehicles for many reasons. They can be a tax-free income source in retirement. They don’t have required minimum distributions when you reach age 72 as with most other tax-advantaged retirement plans.  And, they have flexible inheritance rules that will benefit your children and grandchildren.

Read More

Your 2021 Monthly Financial Planner

By The CFP® Team at Washington Wealth Advisors

Can you believe it is already February? How are your 2021 New Year’s resolutions going? If they’re already a thing of the past, not to worry. We’ve created a financial to-do list to help you get your financial life on track in 2021.

January and February: Review Your Situation and Investments

After a year like 2020, it’s probably time for a solid financial checkup. Write down the answers to questions such as:

Read More

Key IRS Numbers for 2021

By Ann D. Blakey, CFP®

As the crisp air of winter begins to take its hold, financial advisors spend time on year-end wrap up activities and preparations for 2021 with our clients.  Some of the important factors affecting our thinking are the key numbers published by the IRS for 2021 limits and deductions.  It allows us to plan for our clients and develop strategies to support the best ways to help them succeed financially. Here are some of the key numbers that the IRS has released for 2021.

Read More

Different Types of Tax-Advantaged Medical Expense Accounts and The Benefits of Each

By Todd I. Youngdahl, CFP®

You may have heard about the benefits of utilizing various tax-advantaged medical savings accounts to save for medical, dental, prescription, or vision expenses. Many employers offer more than one type of these accounts, leaving employees with questions about which one to choose. Read on to learn about three options, and the benefits of each.

Read More
Subscribe to tax strategy