Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
If you are considering selling property that may result in a big profit and a big tax bill, a 1031 exchange could be a helpful strategy. A 1031 exchange is a way to postpone capital gains tax on the sale of a business or investment property by using the proceeds to buy a similar property. This strategy is also referred to as a “like-kind” exchange.
Funding a Roth IRA is the best way to minimize your tax burden and create tax-free income in retirement. However, high-income investors are not allowed to contribute directly to a Roth IRA. Even though the IRS has imposed income limits on Roth contributions, there is still a way to contribute indirectly. This strategy is referred to as a “Backdoor Roth IRA.”
If you are nearing retirement age, you are probably wondering when the best time is to take Social Security. The earliest you can take your Social Security benefit is age 62, and the latest is age 70. You can claim your benefits any time in between that minimum and maximum age.
When you retire from a job that includes a 401(k) plan, it is common to roll over that balance into a Traditional IRA. This allows continuation of tax deferral until you begin taking distributions. But if your 401(k) includes publicly held stock in the company you’re leaving, you shouldn’t automatically roll these assets over to an IRA.