It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine [...]
Your Social Security retirement benefit may be taxable Did you know that you might have to pay federal income tax on your Social Security retirement benefit? If the only income you had during the year was Social Security income, then your benefit usually isn't taxable. However, if you earned other income during the year or [...]
For small business owners, tax planning is crucial. Without proper planning, you may find a large portion of your hard-earned profits and savings eaten up by taxes that may not have been so high if you knew better options to pursue. To help you get started in tax planning for the new year, below are [...]
As the year comes to a close, probably the last thing on your mind is filing your taxes in spring. But if you start assembling the necessary documents and information now, you’ll experience less stress and be in a far better position come April. Luckily, tax day is a few days later than usual in [...]
Stocks defied the skeptics in a very unpredictable 2023. The Dow Jones finished at an all-time record high on December 28, and the S&P 500 came within a whisker of a fresh all-time high after the index rallied more than 20% for the year. It wasn’t only stock investors who had plenty to cheer about. [...]
What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of the family you love. With the projected modification of the current legislation, 2023 [...]
What are my options as a business owner? As a business owner, you have unique college planning opportunities. If you are in a high tax bracket, it may be advantageous for you to shift assets or income to your child, who will typically be in a lower tax bracket. Generally, you can shift business income [...]
When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial professional can benefit anybody who experiences life-changing events, including getting a new job, marriage, debt repayment plans, buying a [...]
A financial professional can help guide you through the maze of IRS rules Contributing to charities comes with a load of tax rules. Here’s are a few things to think about... Every April 16th (or in 2020, July 16th) should remind us of everyone’s least favorite season – tax-planning time. Because starting well in advance [...]
As a business owner, prudent financial management can help ensure your business remains healthy and stable. But what does good business financial management look like in practice? Here are four tips that may benefit business owners while focusing time and effort on the core of the business. Pay Yourself First Although it is tempting to [...]
