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What Is A ‘Roth IRA’?

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
“What Is A Roth IRA?”
   There are two basic types of IRA retirement accounts. 
  ==The Regular IRA 
  ==The Roth IRA

   A Regular IRA:
   ==$6,000 annual deposit limit ($1,000 catch up if over age 50)
   ==money grows tax deferred during your working years 
==at retirement you get taxed on withdrawals  ==withdrawals prior to age 59 1/2 incur tax penalty

A Roth IRA:
 ==$6,000 annual deposit limit($1,000 catch up if over age 50)
==  money grows tax deferred
==  NO TAX on withdrawals!!!
== INCOME LIMITS:
      If you are single, you must have
    a modified adjusted gross income
    under $135,000 to contribute to a
    Roth IRA for the 2018 tax year, but
    contributions are reduced starting at
$120,000. If you are married filing jointly,
    your MAGI must be less than $199,000,
    with reductions beginning at $189,000.

True TAX FREE Income
    If you meet the income guidelines the Roth IRA is one of only two strategies that allow you to achieve truly TAX FREE GROWTH AND TAX FREE INCOME.

Converting A Regular IRA To A Roth IRA
   A question I get all the time is

“Kevin,  can I convert my regular IRA into a Tax Free Roth IRA?”  
    The answer is YES!!!  There is of course a catch…..Every dollar you convert from a Regular IRA to a Roth IRA is taxed as ordinary income. Even with this conversion tax, it almost ALWAYS makes sense to convert…..the real barrier is the psychological impact of paying the tax.

     In future newsletters I’ll discuss this topic of Roth Conversion in more detail.

Reach Out To Me If You Have Questions.  
If you have comments or questions about any of this…send me an email :ironkop@gmailcom or if reading on my blog or Facebook page leave your questions or comments below.

Remember…..
“Things Don’t Get Better With Neglect…..”

Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957 
ironkop@gmail.com
www.KevinPLaw.com

The Tax Trap The IRS Has Set For You

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Hi Attorney Kevin Pritchett here

The IRS Has Set A Deadly Tax Trap For You
All money is taxed in one of 3 ways or ‘Buckets ‘for ease of illustration…..and one of those tax buckets is a DEADLY IRS Tax Trap theIRS has set for you.  Read on…


1. Tax Now Bucket    
This is where your money is taxed IMMEDIATELY!!

For example,
==your W-2 paycheck
==bank savings
==bank CDs
==emergency money saved in a bank

2. Tax Later Bucket
    This is your qualified retirement accounts:
==IRA, 401k, 403B. 

3. Tax Never Bucket 
This is where your money accumulates without tax
and you can take it out ….WITHOUT TAX…a true tax free environment (once the money is put in this bucket.
It may be taxed prior to getting in this Tax Never Bucket). 
      Examples of this Tax Never Bucket are:
==Roth IRAs
==Self Directed Roth IRAs
==Cash Value Life Insurance Policies
   The idea is to move as much money as possible away from the Tax Now and even Tax Later Bucket sand place that money in the Tax Never Bucket.

    Simple and Effective……Tax Season is here…get on it!!!

Remember……..
“Things don’t get better with neglect…..”

Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com
www.KevinPLaw.com

Tax Free Income How To Retire “Sooner, Wealthier”

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CLICK THE VIDEO ABOVE

How You Can Build
                                  A TAX FREE Income
                           And Retire Younger, Richer

Hey Kevin Pritchett here

Of all the different components in your financial life, which would you think creates the biggest drag on your bottom line?  

I’ll even make it easier for you and make this ‘multiple choice’..  

Which of the following creates the biggest drag on your retirement income bottom line?  

A.  The ‘Right’ Investments

B.  Investment Returns

C.  Experienced Adviser
D.  Losses
E.  Taxes  

Ok…what say you?   The answer BY FAR is…..

E. Taxes

The Deadly Impact of Taxes On Your Retirement
Think about it.  Even with the new tax law the  tax rate for businesses is as high as 37%.  For high net worth business owners ($1 Million and above..many of my clients are WAY WAY above this figure…)

There’s not much in your financial life that eats 37% of your profits right off the top is there?  Even with your business deductions and such…TAXES are by far the biggest drag on individual and business profits.

Kevin Pritchett here:
Quiz question for you…..

Of all the different components in your financial life, which would you think creates the biggest drag on your bottom line?

I’ll even make it easier for you and make this ‘multiple choice’..

Which of the following creates the biggest drag on your retirement income bottom line?
A.  The ‘Right’ Investments
B.  Investment Returns
C.  Experienced Adviser
D.  Losses
E.  Taxes


Ok…what say you?
The answer BY FAR is….


Personal Tax Bite 
And to add insult to injury, when you take income for yourself, you get taxed YET AGAIN and those rates are just as high..

The Solution: TAX FREE  INCOME  
As quiet as its kept, individuals and  business owners NEVER and I mean NEVER pay that kind of tax…(they hire firms like mine to make sure they don’t). Its possible to receive a TAX FREE income from your personal and business assets.

    If you are a business owner, you can achieve TAX FREE income without having to sell your business!! 

  Whether individual or business owner, the amount of
TAX FREE income you can receive is dependent upon your individual profile and financial need. 

  
You Don’t Have To Wait To Retire
 To Receive Tax Free Income   
Many individuals and business owners who become my clients are shocked when I tell them that they don’t have to wait to retire to start receiving TAX FREE income.  In fact a number of my clients continue to be a vital part of their business and are receiving the TAX FREE income they desire.

     What would your life look like if  $100,000, $250,000
or more of TAX FREE income  rolled into your bank account every single year?

CLICK HERE TO LEARN HOW YOU
     CAN RECEIVE TAX FREE INCOME

 CLICK HERE to Schedule Your FREE  CONSULTATION

After you click the link about and watch the video, you can schedule your FREE, NO OBLIGATION consultation :
1. call  312-505-1957 to schedule your FREE, 1 ON 1 consultation.          or

2.   CLICK HERE TO SCHEDULE YOUR APPOINTMENT IMMEDIATELY

“Things don’t get better with neglect…they get worse.”

 You CAN achieve a TAX FREE RETIREMENT PLAN and retire YOUNGER, RICHER
Don’t procrastinate on this….

Talk soon
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957 phone

P.S. Want to retire YOUNGER, RICHER,  
CLICK HERE TO LEARN HOW
P.P.S. 1. call  312-505-1957 to schedule your FREE, 1 ON 1 consultation.          or

2.   CLICK HERE TO SCHEDULE YOUR APPOINTMENT IMMEDIATELY

Stock Market Got You Nervous…You Better Read This Right Now!

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Hey Kevin Pritchett here:

Recent stock market gyrations got you worried?  Don’t lie…you KNOW you’re worried…and you SHOULD BE!!

Can you…
–afford to lose 10%…20% or more of your retirement portfolio?

–devote the time it would take to recover any losses (aka postpone retirement…aka WORK LONGER????

I KNOW you can’t…NOBODY can!!

Profit From Market Upsides And Eliminate Losses From Downturns

Rather than wring your hands, continue to do nothing and/or live in constant fear…you can implement simple, safe, proven strategies that can give you access to all market upsides and eliminate any losses from market downturns.

Over the last 20 years I’ve helped HUNDREDS of business owners and others create safe plans that allow them to grow their assets, generate tax free income streams at retirement (and have their business pay for it…legally) and as a result, sleep worry free when the markets gyrate.

For all the details.. put your email in the box to the right.

“Remember things don’t get better with neglect…..”

Talk Soon
Kevin Pritchett, Esq
Law Office of Kevin Pritchett

P.S.  You KNOW you need growth but you’re scared to death of losses…find out how you can grow your money and eliminate the losses when the market turns…put your email in the box to the right.