Selling a stock at a gain may be cause for celebration. But depending on my income level in a certain year and the type of account in which I held the investment, I may owe as little as 0% or as much as 20% of my profit in federal income taxes. Here’s what to know about capital gains taxes and techniques for legally minimizing your tax bill.
Thinking ahead about how investing can support financial goals is the purpose of planning. Naturally, there’s lots of talk about common planning targets: retirement and college. But there’s also consideration of how to achieve multiple goals at various stages of life — whether covering basic needs or leaving a legacy — and how taxes and tax planning could impact results. Articles in the planning category allow you to clarify how today’s decisions can impact efforts to grow, manage, and maintain wealth.
You don’t have to inherit a trust fund or run a business empire to become a millionaire. According to the a Fidelity Millionaire Outlook Study, specific money-related behaviors can get you there.