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Asset Management Fees

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Asset Management Fees

With title shifts happening at investment firms, the Asset Management Fees structure is changing to meet the new titles.  While the titles are not important, the method to compensate these individuals is crucial and something you should watch for so you don’t lose out.

Roth IRA Reversal

Partial conversions will help avoid long term Required Minimum Distributions but could trigger high tax implications. Read to learn more about planning for this.

Small Business: Year End Thank You Gifts

Thank your employees before the year is over but think about what to give them and how it affects their income.

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Financial Independence for Kids

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Financial Independence for Kids

An AICPA survey discovered that parents are more likely to talk with their children about manners, eating habits, school grades, and substance abuse than about finances.  All these topics are important, but it’s
also vital to prepare kids for financial independence by teaching them the basics of handling money.

New IRS Ruling May Rescue Estate Plans

The “death tax” still exists, and it continues to be a major concern for high net-worth taxpayers, including the owners of successful small companies.  IRS Revenue Procedure 2017-34, effective June 9, 2017, provides relief when a deceased spouse’s executor fails to make a timely portability election.

Small Business: 100% Meal Deduction

This is great news but your meal must meet 5 tests to be fully deductible.

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Tax Calendar

October 16th – Tax Filing Extension Deadline

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Ginnie Mae Funds

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Ginnie Mae Funds for Your Retirement

Everyone says real estate investing is a great way to build wealth.  Did you know Ginnie Mae funds, or mortgage bonds, are the only mortgage securities with full federal backing?  Learn more about how the Government National Mortgage Association (GNMA) agency can help add security to your retirement funds.

Tax Credits Beat Tax Deductions

Tax Credits are a dollar-for-dollar reduction of the tax you owe whereas deductions are only a partial relief by reducing your income.  We take a look at some of the most common credits.

Small Business: R&D Tax Credits

R&D Costs may not be immediately deductible, so we provide some examples to think about when planning your tax/expense year.

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Tax Calendar

September 15th – Third installment of estimated tax

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Increasing College Costs

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Increasing College Costs

Private University tuition tops $45,000 and Public Universities average $20,000 per year.  While these expenses are daunting, there are things you can be doing now to help defray the cost of educating your children beyond high school.  From 529 Plans and planning for FAFSA in advance, you can set yourself up for less headache later!

Earlier FAFSA Planning / 529 Assets

File early and maybe get merit based aid!  If you don’t have a 529 set up for your children or grand children yet, take a look at some compelling reasons why this tool helps you now and in the long run.

Small Business: Compare Retirement Plans

If you own your own business, whether or not you have employees, choosing the right retirement plan can seem exhausting.  Let’s take a look at how each measures up and what may be best suited for your situation.

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Tax Calendar

August 10th – File Form 941 for Quarter 2 Social Security, Medicare, withheld income tax

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Calculating Retirement Needs

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Calculating Retirement Needs

Do you know “Your Number” – When calculating retirement needs, this is the amount of total savings and investment required so you can afford to stop working.  It might seem as well the math would be difficult but it’s really not as daunting as one may think.  The other point to take note is:  The calculations for this are not a one and done event; you should periodically review this to see if you are on track or if adjustments need to be made.  One calculator you can start with is one the Social Security Administration’s website.

Taxable vs. Tax-Deferred

In last month’s newsletter we talked about 401(k)’s and Roth IRA’s as the third best investment you can make.  This month we look at what the tax implications are with such instruments and strategies.

Small Business: Do Well while Doing Good

The US Small Business Administration reports that 3 out of every 4 small business contribute an average of 6% of their earning to a charity.  While exploring examples, you’ll find out why people do it, how it’s potentially helped their business and what tax benefits you may get because of donating as a small business.

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Tax Calendar

July 17th – June deposit of Social Security, Medicare, withheld income tax and non-payroll withholding’s

July 31st – File form 941 for 2017 Q2

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Third Best Investment

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The Third Best Investment You Can Make

Once you’ve contributed to your employer’s 401(k) to get the match and paid down high-interest debt, what is the third best investment you can make?
In this month’s newsletter you get to see some examples of contributing more to your 401(k) or a Roth IRA.

Prenups Serve Many Purposes

In many cases they are used to protect children from previous marriages or substantial business or other wealth accumulation.  Regardless of what it’s intended purpose, they must be Formal, Voluntary, and Fair.

Solo 401(k) Plans

As a business owner with no employees, this plan allows for higher maximum contributions towards your retirement depending on your business structure.

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Tax Calendar

June 15th – Second Installment of Estimated 2017 Taxes Due