Sell Off or Stay the Course? When to Re-Evaluate Your Investment Portfolio
Are you staying awake at night worrying about the state of your stock investing? Our fee-only Certified Financial Planner has sound investment advice on when you should revisit your financial plan and when you should simply roll over, plump your pillow, and go back to getting some much-needed rest. It has been a truly turbulent year […]
How to Take Tax-Free Qualified Charitable Distributions from Your IRA
If you’re age 72 or older you probably know you must begin taking distributions from your IRA — whether you want to or not. The IRS life expectancy tables determine your Required Minimum Distribution (RMD) based on the previous years ending balance for your IRA and your attained age for the tax year. The Qualified […]
How Business Owners Can Save On Their Income Taxes With the Qualified Business Income Deduction
The recent income tax revamp has made income tax planning early in the year a must for many self-employed professionals. The ability to take a 20% deduction of business income, available for single filers with income below $164,900 for 2021 and married filers with income below $329,800, is too good to pass up. Filers with […]
How a Health Savings Account (HSA) Works
A health savings account is a tax-deductible savings plan for individuals covered by a qualified High-Deductible Health Plan (HDHP). This program allows for tax deductible contributions to a special account that allows you to pay for expenses your insurance plan does not cover with pretax and tax-free dollars. Eligibility A high deductible plan for 2021 […]
The Importance of a Roth IRA
Roth IRA accounts have been available since 1997. Unlike a Traditional IRA, Roth IRA contributions are taxed in the year of the contribution but never taxed again if certain requirements are met. If you are a single filer with gross income of up to $52,525 or joint filers with gross income of up to $105,050 […]
Are Preferred Stocks a Good Investment?
Many investors love the Federally tax-free income they receive from municipal bonds. Municipal bonds are debt securities issued by state and local governments to fund operations or special projects. Because the income an investor receives is not taxed, the after-tax return of municipal debt is often higher than the after-tax income provided by corporate bonds […]
When Is the Right Time to Retire?
Get Your Financials in Order, Gain Financial Freedom, and Get the Most Out of Retirement Budgeting for retirement is based on a projected retirement date. But when most people start their retirement income planning, they may not be sure exactly when they will want to step away from their job—and as they age, their planning for […]
Finding the Right Fiduciary Financial Planner to Suit All Your Financial Needs
Not sure how to choose a financial advisor? It’s a big decision! Our guide on how to find a good CERTIFIED FINANCIAL PLANNER™ practitioner can help you ask the right questions and select someone able to help you reach your personal financial goals and find financial freedom. Do You Need a Financial Advisor? Depending upon where […]
Using a Donor Advised Fund to Reduce Taxable Income
WHAT’S A DONOR ADVISED FUND? A donor advised fund (DAF) is a relatively new tool that helps both taxpayers and charities reduce taxes now while providing planned donation strategies to continue in the future. Much like a deductible IRA, assets contributed to these donor accounts produce tax savings based on specific IRS guidelines. For taxpayers […]
Tax Planning for Rollovers
Why you might not want to rollover that old 401k Many people overlook tax planning when rolling over old employer retirement plans when switching jobs For high earners, it may be better not to rollover these assets into personal IRAs Special attention needs to be paid to “Rollover” IRAs and “Traditional” IRAs; the correct use […]
