A Traditional IRA serves as a valuable tool for individuals seeking to save for retirement while deferring taxes. Nevertheless, several factors come into play when assessing eligibility for...
How are my capital gains taxed?
Tax returns are complicated. To add to their complexity, investment income generated by your investment assets may be taxed differently than your other sources of income. Investment income includes...
What is a donor-advised fund and how can I use one while bunching charitable contributions?
Bunching charitable contributions is a potential strategic option to lower your tax bill. Bunching contributions involves making multiple years’ worth of charitable contributions in a single year....
What IRS services are available online?
As part of the Inflation Reduction Act passed by Congress in August 2022, the Internal Revenue Service (“IRS”) recently released its plan for the nearly $80 billion in additional agency funding. A...
Am I having enough taxes withheld?
Filing your taxes can be a daunting task. This is especially true when you are not confident that you had enough taxes withheld from your paycheck throughout the year. If you have had too little...
If I inherited an IRA, do I have to cash out? What is the 10-year rule?
An individual retirement arrangement (IRA), or more commonly referred to as an “individual retirement account,” is a tax-deferred investment account that helps you save for retirement. Tax laws that...
What are 529 College Savings Plans and their tax advantages?
As college costs continue to rise (the estimated cost per each year of college at a 4-year public university for today’s newborns is over $50,000 per the College Board, College Cost Calculator), it is important to evaluate different opportunities to save for college and invest sooner than later.
Wealth Management Q&As
Wealth Management is more than investment management. It considers the larger picture. While your investments are critical to your success throughout retirement, it is also important to understand how your taxes, finanical plan, estate, and insurance can affect both your overall situation. Do you know when you should begin collecting social security to maximize its benefit? Have you followed the necessary steps to help your assets pass efficiently to your heirs, avoiding probate? If 529 plans are applicable to you, have you considered 529 plan superfunding or how to maximize 529 plan tax advantages? Our wealth management Q&As consist of popular topics among our clients and are not limited to investment management.