Qualified Charitable Distributions
Mar 22, 2021
Do you have an I.R.A.? As you enter your 70s, you may start to look at that I.R.A. not only as an asset, but also as a problem. By law, you must take required minimum distributions (R.M.D.s) from a Traditional I.R.A. once you reach age 72; there are very few exceptions to this. The downside of these R.M.D.s? The entire distribution is taxable. (You never have to take R.M.D.s from a Roth I.R.A., provided you are its original owner.) Qualified Charitable Distributions are a way you can take that RMD, but also reap tax-benefits as well. (more…)
Tags: Financial Planning, Personal Finance, Retirement Tax Savings, Tax Advantages, tax guide, Tax Planning, tax season guide, taxes
Updated Life Expectancy Tables Create Opportunity for Retirees
Feb 3, 2021
If you are retired and have reached your seventies, you may have the opportunity to draw a little less income from your retirement savings accounts in 2022. Thanks to updated life expectancy tables from the I.R.S. RMD amounts may be reduced.
Next year, the Internal Revenue Service plans to update the life expectancy (more…)
Tags: financial advisor charlotte nc, Investment Planning, Investments, Retirement Planning, Retirement Tax Savings, Tax Advantages, Tax Planning
1099 Form Help
Jan 22, 2021
What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a copy to both the payee as well as the I.R.S.1
Who might be sending 1099s? Clients send their contractors 1099s, recording work performed. Banks send 1099s to reflect interest from a savings account. A state may send a 1099 for a tax refund. If the financial institution who handles your retirement account writes you a check, they will also send you a 1099.1 (more…)
Tags: financial advisor charlotte nc, Personal Finance, Tax Advantages, tax guide, Tax Planning, tax season guide, taxes
Do Main Street Self-Employed Individuals Need a Wall Street Strategy?
Dec 2, 2020
As Wall Street pushes higher, a pandemic-weary Main Street is relearning how to manage cash flow with the hope of keeping its retirement dreams alive – and for those self-employed, this is paramount.
Self-employed Americans, and the people working for them, account for roughly 30 percent of the nation’s workforce.1
In the best of times, putting aside money for retirement was a challenge for this group. (more…)
Tags: Certified Financial Planner Charlotte NC, financial advisor charlotte nc, Financial Planning, Investing, Personal Finance, retirement, Retirement Planning, Retirement Tax Savings, Tax Advantages, Tax Planning
The Social Security Administration Announces 2021 COLA
Oct 30, 2020
On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020. (more…)
Tags: Certified Financial Planner Charlotte NC, Family Wealth, Personal Finance, Retirement Planning, Retirement Tax Savings, social security, Tax Advantages, Tax Planning
Why A Roth IRA Conversion May Now Be Advantageous
Sep 18, 2020
Roth IRA Conversion decisions have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed. (more…)
Tags: charlotte NC, Investing, Personal Finance, retirement, Retirement Planning, Tax Advantages, Tax Deductions, Tax Planning
Tax & Estate Strategies Update for Married LGBTQ Couples
Sep 16, 2020
The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or thinking about updating estate strategies, here are some important things to remember. (more…)
Tags: Estate Planning, Tax Advantages, Tax Deductions, tax guide, Tax Planning
Details on the Tax Deadline Extension
May 6, 2020
The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 (more…)
Tags: Current Events, Tax Advantages, Tax Planning, tax season guide, taxes
ABLE Accounts for Loved Ones with Disabilities
Feb 5, 2020
Families with special needs children have a new tax-deferred savings option.
The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans emerged after the passage of the Achieving a Better Life Experience (ABLE) Act in 2014.1 (more…)
Tags: Disability, Disability Insurance, Family Wealth, Health and Wellness, Health Care Needs, Health Care Savings, Long-Term Care Planning, Personal Finance, Tax Advantages, Wealth Building
Charitable Contribution Limits
Jul 3, 2019
Among the big changes in the 2017 Tax Cuts and Jobs Act (TCJA) were new limits on standard and itemized deductions. These limits and restrictions created new hurdles when planning deductions with tax advantages in mind. An exception was charitable deduction, which remains an option for high-income individuals looking to create a donation for the charity of their choice.
When making a charitable donation, two avenues to consider are donor-advised funds (DAFs) and private foundations (PFs).
(more…)
Tags: Certified Financial Advisor Charlotte NC, Tax Advantages
More Insights
Mar 17, 2025
Income tax basis can be an important factor in deciding whether to make gifts during your lifetime or transfer property at your death. This is because the income tax basis for the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable … Continue reading “Basis: Carryover or Stepped-Up Cost Basis?”
Mar 14, 2025
Risk is a factor in any investment decision that you make. Your tolerance for risk is something that you will want to consider when you make decisions alongside your trusted financial advisor in Charlotte NC. Your risk tolerance is balanced against your time horizon, meaning the time between now and your anticipated retirement date.
Mar 12, 2025
Market volatility has arrived in force. The slowdown in the economy and more policy-driven volatility was the consensus expectation coming into 2025. What was not expected, however, was how much the Trump administration would lean into tariffs. During President Trump’s first term, in most instances, investors observed the administration delaying, reducing, or even removing tariffs … Continue reading “Market Update – Navigating Volatility”
Mar 10, 2025
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time. If … Continue reading “Estate Planning Checklist for When a Spouse or Parent Passes”
Mar 7, 2025
When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes, and earned enough work credits. The number … Continue reading “Social Security Survivor Benefits”
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