Recently, the Internal Revenue Service, state tax agencies and the nation’s tax industry – working together as the Security Summit – kicked-off the 8th National Tax Security Awareness Week with tips for taxpayers to avoid scams and protect sensitive personal information. “As the holidays approach, we are entering a period where taxpayers need to be extra careful …
Interested in maximizing your retirement income? Want to grow your assets? How about optimizing your tax planning? Need protection in case of a healthcare catastrophe? If you answered “Yes” to any of these questions, seeking out a financial advisor is a great way to achieve your goals. However, as with all fiscal decisions, deciding who …
Continue reading “Why You Want a Fiduciary as a Financial Advisor”
Tax season is off and running! For some, filing taxes is as simple as hunkering down in front of the computer with do-it yourself tax software. For most others, the process can quickly become complicated: Did you buy or sell a home? Did your mother-in-law move in? Did you begin taking RMDs? Do you have …
Continue reading “The Dos and Don’ts of Choosing a Tax Preparer”
The new year is here, but we aren’t leaving 2022 behind just yet! It’s time to brace ourselves for the 2022 tax season. According to a survey from the Pew Research Center, over half of Americans dislike filing their taxes. Could such distaste be due to the ever-changing rules and regulations? The copious amounts of …
Can you believe that 2023 is just weeks away? While it may be wise to take care of some year-end financial tasks if you haven’t already, now is also the time to start considering the future. This is where the tried-and-true new year’s resolution comes into play! It can be tempting to make lofty goals …
Continue reading “Resolving to Get Financially Smart in 2023? Here’s How”
With the end of 2022 on the horizon, it’s important to remember that financially, we are living in uncertain times with inflation, volatility and unpredictability. It’s more important than ever to be fiscally cautious, aware and responsible by saving, reducing taxes, reviewing investment allocations and planning for 2023. Here are 5 key financial steps to …
Continue reading “5 Financial Moves to Make Before the End of 2022”
Donor-advised funds are a form of charitable giving rapidly rising in popularity. According to the National Philanthropic Trust, 2020 marked over 1 million active accounts, with contributions towards said accounts making up 10.1% of giving that year. The act of donating to a good cause may speak for itself, but it’s only natural to wonder: …
Continue reading “Tax Advantages of Opening a Donor-Advised Fund”
We cannot let a year go by without changes to the income tax regulations. The new Inflation Reduction Act of 2022 brings a number of tax law changes. The following are some of the more significant items: For those who receive Advance Premium Tax Credits for their Health Insurance Exchange (Obamacare) premiums, the Inflation Reduction …
Continue reading “Tax Changes from the Inflation Reduction Act of 2022”
The Inflation Reduction Act of 2022, recently enacted into law, will bring sweeping financial reforms to make life more affordable for the everyday American. One of the largest federal programs affected by this legislation is Medicare. Whether you’re about to turn 65, or already have Medicare, you may be wondering: How will the Inflation Reduction …
Continue reading “5 Changes to Medicare from the Inflation Reduction Act”
It feels great skipping out on taxes and saving towards retirement by contributing to an IRA, but not so much when it comes time to withdraw that money – and pay those taxes. Hefty required minimum distributions (RMDs) can push you into a higher income bracket, which means paying even more taxes. Sound like you …
Continue reading “4 Reasons to Consider Making a Qualified Charitable Distribution (QCD)”
The COVID-19 pandemic threw a sharp curveball in the trajectories of countless lives, the aging workforce being no exception. From those who resigned from their positions out of health concerns to those who took their employers up on early retirement offers, many Americans suddenly exited their careers, assuming that chapter of their life had drawn …
Continue reading “Retiring from Retirement: Reentering the Workforce in 2022”
In a year which many thought would never end, miraculously we have found ourselves in December. Before the clock strikes midnight on New Year’s Eve, there are some easy steps to take on your own to prepare yourself for the upcoming Tax Season. While we highly recommend turning to trusted tax professionals for your tax …
Continue reading “Do It Yourself Year-End Tax Planning Tips”
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