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COVID Stimulus #2 and Personal Tax Planning Strategies
After months of debate, Congress finally passed round two of economic relief. Along with the allocation of spending dollars, what are some of the other benefits for taxpayers?
2021 Tax Outlook: Proposals & Planning
There is always fluidity with tax proposals. However, it is best to have a plan in place for whatever uncertainty may lie ahead. Review your options with your financial and tax advisors.
Upcoming Election: Will it Impact Your Estate Plan?
When it comes to estate planning, current policies have never been more favorable than today. Everyone’s goals and intentions for wealth transfer are different, so customizing a strategy that fits your needs is the most important first step.
Cryptocurrencies: What IRS Wants to Know
If you are a cryptocurrency fan, heads up! As cryptocurrency investing becomes more popular, the IRS will shine a larger spotlight on tax reporting.
Let’s End 2020! But don’t forget year-end tax planning!
Spend some time now getting your 2020 tax picture in order. In just a few months, 2021 will arrive. Here are several things to consider before the calendar turns over.
Concerned about Future Taxes?
As a financial planner, my focus is on helping our clients achieve their goals, which means maximizing every dollar. This requires a complete understanding of the client's current tax situation, foresight on how their taxable income will look in future years, and some educated guessing on where tax rates may be. The goal is to pay as little tax as possible.
Don't Wash Out with Your Tax-Loss Harvesting Strategy
You don’t need to wait until the end of the year to take advantage of tax-loss harvesting. Minimizing your tax obligation through effective tax-loss harvesting strategies can help your investment portfolio grow.
Want Triple Tax Benefits? Donate to Scholarship-Granting Organizations
Looking to provide scholarship funds to your alma mater or favorite school? Gifting to a scholarship-granting organization (SGO) allows you to do just that while also realizing great tax benefits. Read on for all the details to help you put money in your alma mater’s pocket, while keeping a bit more in your own!
How to Make Tax Efficient Investments
Taxes are an important consideration in investing. They should not be the sole driving force behind investment decisions, but investors should take them into consideration.
Make Your HSA an IRA on Steroids
What if I told you a Health Savings Account is the most tax efficient and versatile retirement account you own? Believe it or not, with proper planning, an HSA can blow the doors off your 401(k), IRA, or even a Roth IRA!
The Underutilized HSA
By law, Health Savings Accounts are so tax-efficient they may be the best investment vehicle available. Then why are we not maximizing their use?
Pay Off Your Mortgage or Invest the Extra Cash?
Paying off your mortgage can be a very attractive option when you find yourself with extra money. Not so fast, though! Is paying that mortgage off really your best financial option? While being mortgage-free can definitely be a good thing, you should be sure it doesn’t make more sense to invest that money. We’ll walk you through what you should be thinking about to make the best decision for your situation.
Opportunity Zone Investing
Opportunity zone investing might not be a phrase you’re familiar with, but they can be a nice tax advantage for those with unrealized capital gains in their portfolio. We explain what opportunity zone investing is, and how you can determine if this type of investing works for your portfolio.
Owe Taxes? What Went Wrong in 2018 and How to Survive It
With 2019 being the first year to file under the Tax Cut and Jobs Act, many Americans are finding themselves faced with a tax bill due to Uncle Sam. Unsure how this happened, how to pay for your tax burden, or what you can do to prevent another tax bill in the future? Read on for the details.
New Standard Deduction: Do you still Itemize?
It’s almost tax time, and along with that comes a new standard deduction that could shake up how you file your taxes. If you’ve been used to itemizing your deductions, this year might be the first where you take the new larger standard deduction. We’ve broken down who might itemize versus who will likely benefit from taking the deduction, along with tax strategies you can employ right now to benefit your tax situation in 2019.
Tax Planning & Capital Gains: Now’s the Time to Tackle It!
With just over two months left in 2018, now is a good time to start your tax planning, and analyzing your capital-gain situation could result in a lower tax bill come Tax Day 2019. By considering various strategies to offset your capital gains, you could reduce your tax impact and keep as much of those gains in your pocket as possible.
Inside Scoop on the New Kiddie Tax
Thinking about moving investments into your children’s names to be taxed at a lower rate? Not so fast! The Kiddie Tax was recently restructured by the Tax Cuts and Jobs Act, and it’s important to understand those changes and how it will affect you and your children. We have you covered with all the details.
Your Roth Account and the 2018 Rule Changes: Your Questions Answered
As part of the tax law changes enacted earlier this year, the rules regarding Roth accounts have also been updated. Be sure you understand the new Roth rules and how they could impact you and your wallet.
Investing with the New Tax Plan
Wondering how future investing and tax strategies might be impacted by changes outlined in the Tax Cuts and Jobs Act? What’s changed and what’s stayed the same? We have you covered - we’ve compiled a list of those changes that might be most pertinent to you, as you consider your investment and tax strategies.
Flexible Spending Account = Money Saved
How would you like to save on your next pair of glasses or your child’s preschool tuition? You don’t need a coupon and you won’t have to negotiate a deal – all you need is a Flexible Spending Account.
Career Starters: Wake Up!
What’s the one deadly sin that can ruin your financial future? Answer: Spending when you should be saving! If you are part of the millennial ...
Charitable Gift Fund: Questions & Answers
Are you interested in simplifying your charitable giving? Or, perhaps you want to reduce your tax liability in a high income year. Do you have ...
Stock Portfolio Down, Taxes Up - How Does that Happen?
As we write this, the stock market seems to be on course for its first down year since 2008. While not fun, drops in the stock market are natural and should be expected from time to time.
Tax Reducing Strategies for RMDs
If you are over 70 ½, read this article! The Internal Revenue Service requires you to withdraw a minimum amount each year from your retirement accounts. If you don’t need the money, you have options that can reduce your taxes either this year or in the future.