Learn how an investment approach that employs an effective “tax-loss harvesting” strategy can help you make lemonade out of investment lemons.
Asset “location” – which types of investments should be held in which accounts -is different based on your stage in life. An accumulator and a retiree should have a different investment strategy.
Research has shown that the timing of one’s retirement can be important – especially as it relates to investment returns in the early years of retirement. Someone who retired just prior to the “Great Recession” could have experienced significantly larger portfolio “drawdowns” than someone who retired during a period of economic expansion and higher investment returns.
In our article, Charitable Gifting Using Donor Advised Funds, we provided some insight into donor advised funds and listed some of the many benefits that the charitably-minded could garner from using donor advised funds as a component of their charitable gifting strategy. As a follow up to that article, we wanted to provide some information that could be helpful when vetting custodians who offer donor advised funds.
This article is the third of a three part series titled: 10 Years from Retirement, What is your financial focus? In Part 1, we discussed the importance of tracking and managing your living expenses, as well as, making projections around how much you will spend in retirement. We also stressed the importance of making strategic Social Security decisions. In Part 2, we explored pension decisions, …
Happy 2017! As we begin a new year, it’s always important to re-examine certain elements of your financial plan – especially things that relate to tax planning. Here are a few of the more common items that may impact your financial situation this year. Social Security & Medicare Part B For those receiving Social Security, there is a cost of living …
Donor advised funds can be a great tool in your charitable gifting strategy. This article discusses attributes and unique features of donor advised funds.
For those of you who are charitably inclined and over the age of 70 ½, we have great news that could impact your charitable gifting strategy! In December 2015, Congress made permanent the ability for taxpayers to divert their required minimum distribution directly to a qualified charity. The ability to make this charitable election, technically called a Qualified Charitable Distribution …
Congress has given the gift of a new tax bill at the very end of the year. This article highlights several provisions included in the 2015 tax bill that could impact you.
Find out the maximum contribution limits that can be made to most retirement savings accounts including 401(k) plans, 403(b) plans, traditional and Roth IRAs for 2016.
Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden. In order to make an informed decision as to the type of retirement plan that works best for you, it is important that you consider the specifics of your business.
Find out the maximum contribution limits that can be made to most retirement savings accounts including 401(k) plans, 403(b) plans, traditional and Roth IRAs for 2015.
Tax season is upon us. Find out what you need to know to make this tax season painless and worry free!
It looks like 2014 is going to be a huge year for mutual funds making capital gain distributions. While on the surface capital gains sounds like a good deal, but in reality they can pose a tax nightmare for some investors – especially people who invest in mutual funds in non-retirement (taxable) accounts. This article explains the problem with mutual fund distributions and provides a resource for those performing year-end tax planning.
Are you seeking ideas to reduce your tax burden this year? This article provides insight into a number of financial planning strategies that could prove effective at reducing your taxes in 2014.
Normally, when someone mentions hybrids they are referring to fuel-efficient, money-saving cars. Like hybrid cars, the intention of hybrid long term care insurance policies is to provide cost-saving insurance coverage by combining both life insurance (or an annuity) with long term care coverage.
Many people have questions regarding their Social Security retirement benefits. This article addresses several of the more common questions that people often ask us.
When it comes to taking account distributions in retirement, which account is best – IRAs, Roth IRAs, Brokerage accounts or 401k plans? Also, are there tax strategies that could be employed now to minimize taxes in the future?
Let’s face it, seniors today are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 80s and possibly their 90s?
There are a number of important tax law changes that may impact your financial planning decisions this year. Here are several of the most common changes that you need to be aware of.
With the changing of the year, it is important to review your retirement savings strategy. Here are the 2014 contribution limits for the most common types of retirement plans.
Through hard work and sound financial planning, some find themselves in situations in which they are contemplating intra-family financial planning. That is, identifying financial planning techniques that can be used to financially strengthen the next generation—children and grandchildren.
The Affordable Care Act (also known as “Obamacare”) was signed into law in 2010, but many of the provisions do not commence until 2013 and beyond. So, what does that mean for you? In this article, we will explore the new health insurance mandate and specifically, how it may impact your income taxes.
When taking withdrawals from your investment portfolio during retirement, making tax-efficient decisions can save you thousands. Find out how…
This one page document compiled by the NC Association of CPAs, compares various tax reform bills that are currently being debated by the NC legislature. To find out more, go to www.TarHeelTaxReform.com.
This video discusses several important reasons why tax planning is such an integral component of the financial planning process.
When it comes to structuring a tax-efficient investment portfolio, we believe it is important to consider “asset location.” That is—which types of investments should be held in which accounts?
For the last several weeks, the media spent a great deal of time covering the fiscal cliff and the upcoming changes in the tax code. At the eleventh hour, Congress passed the American Taxpayer Relief Act of 2012 that seeks to solve some of the tax questions that have been hanging over our heads for the last several months.
The News & Observer recently interviewed Chip Hymiller, CFP® to ask his opinion about the Fiscal Cliff and what it could mean for investors. Click here to read his response.
Do you want to take control of your finances? If so, find out what you need to do now to begin making progress toward your financial goals.
How do you track the cost basis on investments held in your taxable portfolio? What portfolio accounting method does your broker, custodian or advisor report to you or your CPA? This is a decision that, for some investors, can save thousands of dollars in taxes and ultimately make a significant difference in a portfolio’s after-tax rate of return.
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
We often receive questions about how long certain financial records should be retained. The IRS, through Publication 552, offers some guidance with regard to recordkeeping for individuals. Their recommendations are based on the following deadlines:
With the belief that tax rates are likely to rise over time, many people are considering the merits of converting their traditional IRAs into Roth IRAs. Here are a number of considerations that may impact your decision.
During retirement, is it best to take distributions from IRAs, Roth IRAs or personal brokerage or savings accounts? The decision of “Which account?” is an important one with many factors to consider.
Well, Congress finally enacted the tax reform bill that many have been anticipating for some time. In general, the new law extends the Bush-era tax cuts for two years and provides taxpayers with some certainty during this period. While this comprehensive piece of legislation covers many aspects within the tax code, here is a summary of some of the major points.
As the year winds down, it is always a good idea to review your tax situation to determine if there are ways to reduce your tax liability. However, the uncertainty surrounding many tax changes is proving to make 2010 a very difficult year for tax planning. Here are several items that may warrant consideration prior to the end of the year: