Can Income Shifting Lower My Taxes?

As the old saying goes, the only constants in life are death and taxes. However, while you can’t avoid paying your share to the government, you may be able to lower your tax burden. Income shifting is a well-known tactic for moving money around so that you don’t have to pay as much in taxes. Today, we’re going to dive into this strategy and see how income shifting might be able to lower your taxes. 

What is Income Shifting?

The name of this tactic kind of gives it away. To reduce the amount you owe, you simply shift your income to another person. Let’s say that you’re in a relatively high tax bracket (i.e., 35 percent). So, instead of paying all of your income at that rate, you give part of it to a relative in a lower tax bracket (i.e., 10 percent). 

Continue reading

The NextGen Wealth Weekly Roundup November 22, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Continue reading

Different Ways to Make $200 in a Day

We all run into some tough times when it comes to money. Perhaps you’ve been randomly laid off, you’re in between jobs or perhaps an emergency popped up and it requires funds. It’s never fun being at the mercy of money, but you have the power to take control of the situation and make the most of it. 

According to USA Today, 40% of Americans don’t have $400 to spare if an emergency were to pop up right now. The same survey notes that the median savings account for a household is about $4,000, which is far below the recommended amount to have for rainy days. 

Continue reading

The NextGen Wealth Weekly Roundup November 15, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Continue reading

The Best Kansas City Financial Advisors

Are you in the market for a financial advisor and looking to know who are the best in the Kansas City area?  Well, you’ve come to the right place.

In today’s post, I’m going to provide you with who I believe are the best financial advisors in Kansas City. I respect and admire all of these firms and individuals and would have no problem at all referring a family member (as long as they’re a good fit, of course).

Continue reading

The NextGen Wealth Weekly Roundup November 8, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Continue reading

The Risks of Being a Power of Attorney

As family members, we have a natural inclination to volunteer when it comes to managing end of life affairs and estate planning. It’s what we do. We make sure our parents, siblings and other extended family can count on us to pitch in now and in the future. 

One of those responsibilities is signing on as power of attorney to better serve as executor of a will or to handle legal affairs should a family member pass on or become incapacitated. After all, they’re family, right?

Continue reading

The NextGen Wealth Weekly Roundup November 1, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along. 

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Continue reading

Podcast Interview: Most Asked Money Questions Answered

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Millennial Money podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Shannah. She has an awesome podcast that covers everything you need to know about money regardless of whether you’re a millennial or not.

Continue reading

5 Great Value Investing Books Worth a Read

When it comes to investing, putting money into stocks is one of the best options for the long term. However, as you can imagine, trading in the market can be complicated and somewhat confusing for first-timers. Fortunately, there are tons of resources on the subject, so getting started is all about doing a bit of research. 

We’ve compiled a list of five great value investing books worth a read. Whether you’re brand new to the world of stocks and investing or just want to polish your knowledge, each of these books is going to help. 

Continue reading

Ask Us A Financial Planning Question!

NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

Legal, privacy, copyright and trademark information
Terms and Conditions | Web Privacy Policy
Copyright © 2017 - NextGen Wealth. All rights reserved
Web Design and SEO by Igniting Business