401k plans are mainly for employees of private sector companies. A solo 401k is a 401k for business owners with self-employment income and no non-owner W-2 employees. Mark Nolan, founder of My Solo 401(k) Financial, wrote the following comprehensive post on what you need to know when it comes to a critical financial planning component for solo and family business … Read More
Inflation Has Tax Impacts, Too
Inflation has been making every area of our lives more expensive as the costs of the goods and services we use every day have skyrocketed. The Federal Reserve is attempting to lower inflation by using the bluntest tool in its arsenal – raising the key short-term interest rate and influencing inflation tax impacts. This has meant that as prices have … Read More
Did You Know That There is a Taxpayer Bill of Rights?
There is indeed a Taxpayer Bill of rights and you can access it here on the IRS website. There are ten components of your taxpayer bill of rights. I believe that the most important right is your right to be informed. Per the IRS Taxpayers have the right to know what they need to do to comply with the tax … Read More
Your 2021 Tax-Preparation Checklist
By Paul Fenner, CFP®, ChFC®, CRPS® With the challenges we’ve faced in the past year, thinking about taxes may not be at the top of your mind. However, being well-prepared for tax season can help you alleviate stress and focus on what you love. To ensure a smooth tax-filing experience, we have created a comprehensive 2021 Tax-Preparation Checklist to help … Read More
5 Questions to Ask as You Begin Your Tax Planning
While I often talk to people about how tax planning should be year-round, it obviously gets the most attention at the beginning of the year when tax preparation begins in earnest. Planning at the beginning of the year should be focused on the following; What are your retirement contributions plans? Are you focused on 401(k), IRA, or both? If you … Read More
How to Make the Most of Year End Tax Planning
There should be three times per year when tax planning should be front and center of your overall wealth management plan; Beginning (January/February), middle (June/July), and the end of the year (November/December). Planning at the beginning of the year should be focused on the following; What are your retirement contributions plans? Are you focused on 401(k), IRA, or both? If … Read More
Upset by Your Tax Refund? Act Now or Next Year Could Be Worse
If you weren’t happy with your tax return either because you had to pay more than you thought, or your refund was lower than you expected, now is the time to make a change. If you don’t adjust your paycheck withholdings now, next year could bring an even bigger shock. Due to the new Tax Code changes, the Internal Revenue … Read More
Tax Planning is Year-Round; 7 Items that You Should be Checking!
Tax Day has been in our rearview mirror for some time now; I thought that I would provide a refresher on the significant tax code changes that went into place during 2018 with the infographic below. Now would be a good time to examine the following; Are you on track to maximize qualified retirement contributions? $19,00 for 401(k)s an additional … Read More
Start Your 2018 Tax Planning Now
As anyone could imagine, the hottest topic in wealth planning right now is trying to decipher the impacts of the Tax Cuts and Jobs Act Of 2017. I am currently working on a summary of the tax legislation which I will publish later this month. But for now, I think that it is prudent to focus on some other key … Read More
Options to Help Reduce Your Tax Base
As year-end approaches, I have been fielding many questions from my clients about what options they could take advantage of to shelter some of their income from taxes in 2016. While time is running out with only 6 weeks left in the year, there are several straightforward approaches that could help save you money come tax time in April. Max … Read More
