What Will Be Your Legacy?
Only one-third of adults have an estate strategy document, such as a will, in place – which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.1 But a will is an instrument of power. Creating one
Audit-proof Charitable Deductions
Charitable contributions provide not only an opportunity to make a positive impact but also a chance to save on taxes. However, it’s essential to navigate the rules carefully to avoid potential audits from the IRS. In this article, we will explore four strategies to maximize tax benefits while minimizing the risk of audits. By understanding
Unraveling the Impact of Interest Rates, Inflation, and Taxes on Investment Returns
In my role as a Wealth Management Professional, it is crucial to address investor concerns about interest rate fluctuations and their impact on investment choices. One common question that arises is whether an increase in interest rates for bond investments should prompt a shift from equities to fixed income. In this blog, we will explore
Demystifying Social Security Taxation: What You Need to Know
As a financial advisor, one of the most common questions I receive from clients is, “Will my Social Security benefits be taxed?” Understanding how Social Security benefits are taxed can be crucial for effective retirement planning. In this blog post, we will explore the basics of Social Security taxation, how to determine if your benefits
The Tax Advantages of S-Corporations Over Self-Employment
As a financial advisor, I often come across clients who are exploring the best business structure to meet their financial and tax needs. One popular option is the S-corporation, a unique type of corporation that provides substantial tax benefits compared to being self-employed. This blog post aims to explain the key aspects of S-corporation taxation
Qualified Charitable Distributions: A Smart Way to Give Back and Save on Taxes
Qualified Charitable Distributions (QCDs) offer an effective and tax-efficient way to give back to the community while reaping financial benefits. These distributions allow individuals aged 70½ or older to donate directly from their Individual Retirement Accounts (IRAs) to qualified charities, bypassing taxable income and potentially lowering their overall tax liability. What are Qualified Charitable Distributions?
What Is FDIC Insurance?
It’s natural to wonder exactly how a bank safeguards your money. Fortunately, the Federal Deposit Insurance Corporation (FDIC) insurance exists for this very reason: to help protect your funds once deposited. Read on to explore the purpose of FDIC insurance, how it works, and what it covers. What Is FDIC Insurance? The FDIC is an
“Do I need to consider long-term care insurance, or can I get by with self-insuring?”
“Do I need to consider long-term care insurance, or can I get by with self-insuring?” As with most questions involving financial planning and taxes, our response is one we give often: It depends. Here are some things to consider: Long-term care refers to a variety of services that are designed to help people with chronic
Understanding What Your Tax Bracket Means
“If I’m in the 32% tax bracket, thirty-two cents of every dollar I earn goes to the government, correct?” This is a great question and one we receive several times a week. No one enjoys paying taxes, but in this scenario, we’re fortunately able to offer some (relatively) good news. Here’s how it works: The
Eight Mistakes That Can Upend Your Retirement
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. 1. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost.
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