Insights

Schedule a time with your Independent CERTIFIED FINANCIAL PLANNER TM to discuss the following 10 key tax planning items: Review your W2 and 1099s. Your 1099s and W2s provide valuable information about your earnings and investing habits. If your salary has increased, have you also increased your savings and investment rates? Apply income/salary to living expenses, and bonuses/stock options proceeds to wealth building goals. Review the tax efficiency of your investment strategy. If your mutual funds made sizable capital gains
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The House of Representatives introduced a new bipartisan bill on October 27 called Securing a Strong Retirement Act of 2020 (SSRA). With a majority of Americans falling behind with their savings, this bill would nudge individuals in the right direction. Michael Townsend, Vice President, Legislative and Regulatory Affairs, says, “It’s not likely this will be passed into law this year, but the bill has backing from key leaders on both sides of the aisle, so it stands a very good
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Clearly, 2020 has been a year unlike any other. The coronavirus pandemic and its impact on health and the economy has forced a lot of people to reassess their priorities and the financial life decisions tied to them. For some that means establishing or replenishing an emergency fund. For others it may mean a closer review of their estate plan. For many, though, the end of 2020 presents an opportunity to consider what may be done from an income tax
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Complete gathering W2’s, investment account 1099’s, K1’s and other key tax documents. Meet with your CPA and finalize your tax returns and extensions, if applicable. Review your W2’s, 1099’s, and K1’s with your Independent, Fiduciary CFP®. Understand your true net take home income, so you can better plan for monthly expenses and contributions to wealth building and preservation. Apply income and salary to living expenses. Adequately budget for large capital improvements and repairs to real property – personal residence and
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