4 Strategies For Mastering Retirement
In retirement, there are new things to account for, like Social Security, required minimum distributions, Medicare premiums, and maybe even long-term care costs. Our investment behaviors can change, too — without a steady paycheck, we may develop greater loss aversion or fear of losing money in the investment markets. Yet some things don’t change, like […]
Five Ways To Prepare For A Financial Emergency
What would happen if you were hit with an unexpected medical bill, a layoff, or your adult son or daughter needed a quick loan to get out of a financial jam? Here is some practical advice for you or anyone you know who is facing a savings shortfall. 1. Build up a cash reserve I’m […]
How to Get Your Long-Term Care Planning on the Right Track
It may not be especially nice to think about, but the fact is that as we all keep living longer, our likelihood of requiring long-term care is increasing, too. What that care looks like and how long we need it for are, of course, unique to every individual. But what’s true for many of us […]
9 Facts About HSAs That Might Surprise Our Clients
Health savings accounts (HSAs) are projected to surpass $100 billion in assets in 2023, showing that consumers are realizing the potential power of HSAs, including as a significant wealth-building tool. The fact that the HSA individual contribution limit is lower than that for deductible contributions to an individual retirement account (IRA) has led to HSAs […]
How are Tax Planning and Financial Planning Connected?
Tax planning is the strategy of arranging your affairs in ways that postpone or reduce taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend, or both. Financial planning is the art of implementing strategies that help you reach your financial goals, be they […]
Do You Know Your Business’s Value?
Knowing the value of their business helps owners make important decisions for their company, including when to raise capital and how to ask for capital or a loan from investors or banks, understanding when to exit and their exit strategy and when to purchase another business in efforts to strengthen their own offering. An inaccurate […]
3 Critical Shifts For Clients In Retirement
Whether we are your business advisors or your tax preparers, if you are one of the 10,000 Baby Boomers turning 65 every day, your need for retirement planning has never been greater. Retirees need to make three critical shifts in thinking to obtain the most enjoyment out of their golden years, and as CPAs, we […]
Strategies To Prepare For Your Child’s Financial Future
Want to know how to ensure your child’s financial success in the future? One of the best ways to set your children up for success is to start saving for their future now. It’s incredibly beneficial to invest at a young age because they have time on their side, meaning compounding interest has plenty of time […]
Tax And Financial Planning Tips For Retirement
Retirement is an exciting time. After a lifetime of hard work, you’re finally ready to focus on family, travel, and hobbies. But just because the work stops doesn’t mean taxes do. When your income is fixed, taxes can take on a whole new hue. Whether you’re retiring now or simply thinking about your future, here […]
Planning Opportunities For The Final Tax Return
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and thoughtful pre-planning for clients who are elderly or nearing death […]