Are Your Taxes Going to Change?
Sep 24, 2021
Most likely, you’ve heard what’s brewing in Washington, D.C. called by one of these names. The Build Back Better Act. Or the $3.5 trillion budget reconciliation bill. Or the Jobs and Economic Recovery Plan for Working Families. But could it affect your taxes? (more…)
Tags: Current Events, financial advisor charlotte nc, tax guide, Tax Planning, taxes
Expanded Child Tax Credit
Aug 9, 2021
The federal government has upgraded its Child Tax Credit. Thanks to the American Rescue Plan Act, there are four notable differences in effect for the 2021 tax year only.1 (more…)
Tags: Current Events, Personal Finance, tax guide, Tax Planning, taxes
Tax & Estate Strategies for Married LGBTQ+ Couples
Jun 4, 2021
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 are considering updating your estate strategy, here are some important things to remember. (more…)
Tags: Tax Advantages, Tax Deductions, tax guide, Tax Planning, tax season guide, taxes
The IRS Extends Additional Tax Deadlines
Apr 26, 2021
Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1 (more…)
Tags: Personal Finance, Tax Advantages, tax guide, Tax Planning, tax season guide, taxes
Financial Strategies for Athletes
Mar 29, 2021
Whether you are a professional athlete, a college amateur, or an aspiring Olympian, you probably know what success feels like. You also know a thing or two about being a good sport when things don’t go your way. Good news: this means you already have some of the basics needed to create a financial strategy.
Don’t think so? Building a strategy is all about having distinct goals, knowing the risks, and determining how much time you have ahead of you. It’s also about surrounding yourself with people who have your best interests in mind and share your goals. (more…)
Tags: Certified Financial Advisor Charlotte NC, Financial Planning, Personal Finance, Retirement Planning, Tax Planning
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
Tax Filing Season for 2020
Jan 25, 2021
Recently, the Internal Revenue Service (I.R.S.) announced that tax season will start a little later than usual. This year the I.R.S. will begin accepting and processing 2020 tax filing returns on Friday, February 12, 2021.1 (more…)
Tags: financial advisor charlotte nc, tax guide, Tax Planning, tax season guide, taxes
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
Building a Healthy Financial Foundation
Dec 11, 2020
When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean? When your financial “house is in order,” it means it is built on a solid foundation. It means that you have six fundamental “pillars” in place that are either crucial for sustaining your financial well-being or creating wealth. (more…)
Tags: financial advisor charlotte nc, Financial Planning, Personal Finance, retirement, Retirement Planning, Retirement Tax Savings, Tax Planning, Wealth Building
More Insights
Oct 20, 2021
If you ever have the inkling to manage your investments on your own, that inkling is worth reconsidering. Do-it-yourself or DIY investment management can be a bad idea for the retail investor for myriad reasons. Getting caught up in the moment. When you are watching your investments day to day, you can lose a sense … Continue reading “Why DIY Investment Management Is Such a Risk”
Oct 18, 2021
If you are an executor to an estate, you must carry out your duties responsibly. Fulfilling these duties is not only a measure of your ability, but a measure of your character.You can approach these tasks methodically. In fact, it is probably best if you do. Here are the common steps required of executors, before … Continue reading “An Executor Checklist”
Oct 18, 2021
Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 69% of people over age 65 can expect to need extended care services at some point in their lives. So, understanding … Continue reading “Understanding Long-Term Care”
Oct 15, 2021
One constant in life is change. During the past year and a half, we have experienced more change than any of us bargained for. Change is disruptive—but also brings opportunities. For investors right now, there is no shortage of changes to think about, but those changes may set the stage for the next leg higher … Continue reading “Market Update: Change May Bring Opportunities”
Oct 13, 2021
Financial markets tend to function best when they have clear, strong leadership. When there’s concern about who’s the boss, markets can struggle. Jerome Powell is finishing his first term as Fed Chair in February 2022. Until the past few weeks, Wall Street overwhelmingly believed he would be nominated to a second term by President Biden.1
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