Choosing an Income Tax Filing Status
Dec 2, 2024
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. Oftentimes going into a new year already having made this decision will help you when you ultimately file.
Tags: Personal Finance, Retirement Tax Savings, Tax Advantages, Tax Deductions, tax guide, Tax Planning, tax season guide, taxes
Tax Planning for Income
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.
Tags: Tax Advantages, Tax Deductions, tax guide, Tax Planning, tax season guide
Business Owner Recordkeeping
Nov 27, 2023
Keeping good business records will not only help you stay in business but may also help you increase profits. Your business records let you analyze where your business is and where it’s going. They point out potential trouble spots and serve as a guide to where you want your business to be.
Tags: financial advisor, financial advisor charlotte nc, Financial Planner Charlotte NC, Financial Planning, tax season guide
2022 Annual Limits for Financial Planning
Jan 7, 2022
Tags: Certified Financial Planner Charlotte NC, Estate Planning, financial advisor charlotte nc, Financial Planner Charlotte NC, Financial Planning, Retirement Planning, Tax Planning, tax season guide
IRA Contributions are Approaching Deadlines
Jan 7, 2022
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…)
Tags: financial advisor, Financial Planning, retirement, Retirement Planning, tax guide, Tax Planning, tax season guide
Estate Taxes May Be Amended Soon
Oct 29, 2021
To help raise revenue to pay for President Biden’s Build Back Better Plan, Congress is considering a number of tax law changes, including adjusting estate taxes. (more…)
Tags: Certified Financial Planner Charlotte NC, Current Events, Investment Planning, Investments, Personal Finance, Tax Planning, tax season guide, 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
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
How Soon Might the Stimulus Arrive?
Feb 15, 2021
While many in the United States are beginning to receive vaccinations and people are starting to foresee a life after COVID-19, it remains clear that things aren’t yet back to normal. As a result, there has been a great deal of speculation about Congress putting forward an economic stimulus, covering the needs of both individuals and businesses. (more…)
Tags: Current Events, Personal Finance, tax season guide, taxes
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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