Tax Planning
The less money you pay in taxes, the more you have to devote toward your financial goals. A big part of financial planning is tax planning, which can help you make the most of tax-advantaged savings opportunities and tax breaks, as well as help you manage your income and withdrawals to minimize the tax consequences.
Preparing Your Finances for a New Administration
As a new president takes office, leadership changes bring a mix of optimism, uncertainty and speculation about what lies ahead for taxes, health care, investments and more. While no one can predict exactly how policies will unfold, taking a proactive approach can help you navigate these political transitions with confidence.
The Latest
Explore the pros and cons of managing your year-end bonus. Learn how to use your bonus wisely for tax planning, debt repayment, emergency funds, and long-term financial goals.
Having a solid financial plan in place can help guide you through any future financial challenges and allow you to maximize every dollar you earn. Here are a few considerations to ensure you create a secure and stable future for you and your small business.
Most owners of investment real estate are probably aware of the benefits of Internal Revenue Code section 1031, which allows for a tax-deferred exchange of real estate provided certain conditions are met. As a bit of history, 1031 exchanges have been around for over 100 years, and initially, the seller and buyer had to exchange their respective properties with each other simultaneously.
If you’re seeking to use stocks you’ve held onto for a long time for capital tax-loss harvesting, there is an innovative way to do so while incorporating short positions. However, tax-loss harvesting methods often have limitations regarding the amount of capital losses that can be generated in the same tax year as the capital gain income.
A stock option is the right to buy equity in the company that employs you at a certain price, with profit potential, if the stock value rises and you decide to sell. Stock options are standard in privately held businesses planning an Initial Public Offering (IPO).
It’s important to note that when tax-loss harvesting, the replacement investments have a lower basis and, if sold, will recognize the gain deferred from the sale when first harvesting the loss. That said, a good strategy may be to hold these positions in one’s portfolio for as long as possible and consider it a core holding, held long-term.
Some financial challenges are out of your control. But you do have more control than you may realize when it comes to one personal financial pain point: your taxes. Here are 5 ways you can lower your 2023 tax bill. Explore the tax planning opportunities that may be available to you with the assistance of a CERTIFIED FINANCIAL PLANNER™ professional.
As a small business owner, you wear a lot of hats, and it might be easy to lose site of one critical function of your business: tax planning. Poor tax planning can result in unexpected tax bills and penalties that can impact your business’s cash flow. Here’s what you need to know.
Working with a CERTIFIED FINANCIAL PLANNER™ professional as early as in your twenties can put you ahead in meeting your long-term financial goals. Here are a few tax tips to follow in your twenties.
As the end of December nears, 2021 is coming to a close. Hopefully this means that you have been following your holiday budget and have already started to save for next year’s holiday season. As you prepare for the new year, now is a good time to create a financial plan to help meet your financial goals.