(1) Memorial Day
I was going to write "Happy Memorial Day," but changed my mind after reading Do You Say 'Happy Memorial Day'? Why Some Military Families Wish You Wouldn't by Kait Hanson (NBC, 5/28/2022).
Memorial Day is celebrated on the last Monday in May to honor those who lost their lives while serving in the United States armed forces.
"Some critics have complained that the holiday has drifted too far toward frivolous fun and should be restored to a more respectful observance," write Brian Clark Howard and Sydney Combs in Memorial Day's controversial history (National Geographic, 5/27/2022, Apple News link).
An email I received from Republicans in the United States Committee on Ways & Means makes no mention of fallen service members. Instead, it takes a jab at what Republicans are calling "Biden-Flation." See Memorial Day BBQ Prices Setting Fire to Americans' Budgets.
For me, this Memorial Day is a happy occasion as my wife is off from work, my daughter is not going to daycare, and there is good weather. But I will be reflecting on the loss and pain that some families are experiencing today. I am grateful for the sacrifices they and their family members have made that allow everyone to live in a safe, secure, and prosperous country.
(2) Traditional IRA Is Better Than Roth IRA If You're In Higher Tax Bracket Now, Lower Tax Bracket In Retirement
Alessandra Malito, When a traditional IRA makes sense over a Roth account, MarketWatch, April 23, 2022 (Apple News link):
Traditional IRAs especially make sense for people who expect to be in a lower tax bracket in retirement, since contributions are made on a pre-tax basis (thus, taxes are paid on the money coming out, not the money going in). Of course, it’s not always easy to estimate – if you’re retiring in the next few years, you may have a better idea of what your tax bracket will be, but if you’re a few decades away, it is hard to know what your personal financial circumstances will be or what tax laws the government may change.
Kate Dore, Choosing between pre-tax and Roth 401(k) plans can be much trickier than you think, CNBC, May 28, 2022 (Apple News link):
"In general, the goal is to take deductions at a higher tax rate and distributions at a lower one," said certified financial planner Ken Waltzer, co-founder and managing partner of KCS Wealth Advisory in Los Angeles.
If you plan on more income or higher taxes in retirement, tax-free withdrawals from Roth contributions may make sense, and tax-deferred contributions may be better if you expect lower earnings and levies.
(3) Complimentary Webinar on Tax Automation
WealthManagement.com is hosting a complimentary webinar on tax automation at 2:30 PM EDT on Thursday, June 09, 2022: The Rise of Tax Automation in a Post-Pandemic World. I'm very interested in automation and technology, so I registered for the webinar. Here is a description of the webinar from the email that I received:
The global pandemic outbreak resulted in many businesses having to critically evaluate their existing workflows and processes. Remote work processes and ongoing global changes revealed the need for the world to continue to embrace automation and efficiency. In this CPE-accredited, live webinar session -- with industry expert Lynn Fountain and Wolters Kluwer's Ken Haynes and Christe Sciacca -- we’ll look at some of the top emerging concepts in tax automation on the horizon.
Topics covered in this webinar include:
- An overview of the tax industry challenges that can be solved by automation
- Evaluating cloud-based tax technologies
- Understanding the risks in tax automation
- An overview of tax department automation solutions
You can register for the webinar here.
Lawyer and writer. Husband, father of daughter, son, brother to one brother and two sisters, uncle to eight nieces and nephews, and great uncle. Has two dogs and two cats. Loves technology and music.
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