Getting Started: Tax season can be a stressful time, but with proper preparation, you can make the process much smoother. Here are some essential tips you should follow every year to prepare to tax season: First and foremost, the last day to file taxes for individual federal income tax returns is usually April 15, unless…
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Managing debt effectively is crucial for maintaining financial health and achieving long-term financial goals. It’s important to understand that not all debt is created equal. Good debt can help you build wealth or increase your net worth over time, such as mortgages and business loans. These typically have lower interest rates and can provide long-term financial benefits.…
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Owning a home is a significant milestone and a dream for many. It represents stability, investment, and a place to call your own. However, the path to homeownership can seem daunting, and in this economy it can feel unattainable. Here’s a step-by-step guide to help you navigate the process and achieve your goal of owning…
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Bouncing Back from Holiday Spending: A Financial Planner’s Guide to a Fresh Start in the New Year The holiday season is a time of joy, celebration, and, often, a bit of overspending. As a financial planner, I understand how easy it is to get caught up in the festive spirit. But fear not! The new…
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If given the option, would you prefer tax-deferred savings or tax-free savings? If you prefer tax-free savings, you may want to consider contributing to a ROTH IRA. Why, savings can grow free of taxation. So, what’s the catch? None. You just have to follow the rules. Below is a step-by-step guide to converting tax-deferred savings…
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The basics of creating a financial plan for small business owners. (Image credit: Getty Images) There are many different kinds of small business owners in all stages of their business. Some have just started putting their ideas into action in a startup, while others are in the growth stage or even planning an exit strategy.…
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As a business owner, creating income is always a goal to support both your business and your lifestyle. Below we put together a short list highlighting a few ideas that could potentially provide more tax deductions and increase your net income. As you can see, as a business owner you may have options to lower…
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Starting in 2024, owners of a 529 plan can rollover unused balances into a ROTH. Thanks to the 2022 Secure Act, Americans who saved for college in 529 plans will soon have a way to rescue unused funds by converting the account to a ROTH. With specific limitations, investments would keep growing tax-free in a…
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Want to be smart about your income tax liability for 2022? Don’t wait till it is too late. Now is the best time to think about it, before the 2022 tax year ends. In this article we discuss a variety of tax planning tips for Business Owners & High Net-Worth Individuals. General Income Tax Planning…
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Over the past few months, I’ve worked really hard to make some improvements to the firm, to ensure that I can continue doing the best possible job for you. I’ve realized that taxes are a really big component of your income being lost. Whether or not you are retired, you can lose up to 40%…
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