Tag: tax guide

Tax Planning for Income

Feb 21, 2024

How should you file?
You don’t want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.

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How Are My Investments Taxed?

Feb 7, 2024

It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?

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Mutual Fund Distributions

Feb 5, 2024

Capital Gains Tax Sticky Note
Watch your December Statements.

This time of year as you prepare for taxes, you might glance at documents and see some capital gains taxes you may have overlooked.

Many mutual funds in December pay shareholders capital gains distributions that they have accumulated throughout the year.1

Typically, mutual fund companies start making estimates about distributions as early as November and most finalize the payment by mid-December. Unfortunately for us, this can cause undesirable tax consequences. (more…)

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Personal Deduction Planning

Jan 22, 2024

Taxes, like death, are inevitable. But why pay more than you have to? The trick to minimizing your federal income tax liability is to understand the rules and make the most of your tax planning opportunities. Personal deduction planning is one aspect of tax planning. Here, your goals are to use your deductions in the most efficient manner and take all deductions to which you’re entitled.

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Wills: The Cornerstone of Your Estate Plan

Jan 8, 2024

male hand with pen on paper
A convenient move that could ward off probate on your accounts.

If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them. Although a will doesn’t have to be drafted by an attorney to be valid, seeking an attorney’s help can ensure that your will accomplishes what you intend.

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Choosing an Income Tax Filing Status

Sep 18, 2023

How should you file?

Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road.

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Retirement Plans for Small Businesses

Jun 26, 2023

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed certain tax benefits for establishing an employer-sponsored retirement plan, including a tax credit for establishing the plan and a deduction for contributions you make. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating employees. Nevertheless, a retirement plan can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.

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Retirement Preparation Mistakes

Jan 31, 2022

Hand writing Time to Retire concept with red marker on transparent wipe board.

Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps during retirement preparation.

Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we prepare for and enter retirement. (more…)

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IRA Contributions are Approaching Deadlines

Jan 7, 2022

IRA Contributions Sticky Note
Here is what you need to know.

Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2021, will see a few changes and distinctions especially with IRA contributions. (more…)

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2022 Contribution Limits

Nov 24, 2021

2022 Contribution Limits
Is there time to contribute more?

Preparing for retirement just got a little more financial wiggle room. This week, the Internal Revenue Service (IRS) announced new contribution limits for 2022. (more…)

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More Insights

Feb 21, 2024

You don’t want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.

Feb 16, 2024

Investors are routinely warned about allowing emotion to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices. In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices when … Continue reading “Do Our Emotion or Biases Affect Our Financial Choice”

Feb 14, 2024

Financial generalizations are as old as time. Some have been around for decades, while others have only recently joined their ranks. Let’s examine a few common retirement assumptions. Retirement means I can stop investing. In the past, retirement was viewed as an “end” in many ways. These days though, retirement is often seen as an opportunity … Continue reading “Debunking Common Retirement Assumptions”

Feb 12, 2024

Byron Wien recently passed away. He was a true Wall Street icon. I had the good fortune of meeting Mr. Wien once when I was seated behind him at an investment conference during the depths of the Great Financial Crisis (GFC). Mr. Wien was probably best known for his annual top ten list of surprises … Continue reading “How Could the Markets Surprise Us in 2024?”

Feb 9, 2024

Stocks are off to a solid start in 2024. January gains are particularly enjoyable because of the old adage from the Stock Trader’s Almanac, “As goes January, so goes the year.” Nearly 75 years of historical data shows that when the S&P 500 has risen in January, the average gain for the remainder of the … Continue reading “Market Update – Solid Start to 2024”

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