tax strategy
Digital Tools for Tax Season
Tax season is upon us. According to the IRS, about 90 percent of taxpayers now file their taxes electronically. The agency touts the service as more accurate, convenient and secure than paper claims, and people usually receive their tax refunds faster. The IRS offers free tax filing assistance to filers who earn $54,000 a year…
Read MoreWays to Help Increase Retirement Savings and Reduce Your Tax Liability
As we head into the homestretch of this year, two things individuals may be seeking are ways to help maximize retirement savings and minimize 2017 tax liability. One way to help do so is by contributing as much as possible to an employer-sponsored retirement plan. Many employers match worker contributions up to a certain point,…
Read MoreCharity Vehicles That Keep on Giving
Charities operate primarily on the donations they receive. However, it can be difficult for an organization to run at maximum efficiency if it doesn’t know how much funding it will receive from year to year. To help enable better efficiency, many large donors set up charity vehicles designed to grow over time and provide regular…
Read MoreIRS News to Know
As we head into the final quarter of 2017, it’s a good idea to stay cognizant of any tax issues that may affect your finances come April 2018. Now is the time to review your investments and income distribution plans to help ensure you don’t trigger additional taxes or penalties later on. We can help…
Read MoreTrends in Philanthropy
Americans are big givers, data on philanthropic donations suggests. In 2016, we donated more than $373 billion to charitable organizations – a record amount – and Indiana University’s Lilly Family School of Philanthropy projected 2017 would see a 3.6 percent increase in giving. Among the recipients of this largess were progressive causes that appeared to…
Read MoreStrategic vs. Tactical Asset Allocation
In recent years, the markets, the economy and the global political scene have evolved considerably. We’ve witnessed both remarkable volatility and remarkable resilience in these areas. The reality is that less predictability in today’s economic landscape requires more vigilant risk diversification, coupled with the ability to adapt to a fast-changing environment. We work with our…
Read More3 Common Questions About Social Security
While Social Security shouldn’t be relied upon to be the sole source of income during retirement, it can play an important role in your overall financial strategy for retirement. But making sense of the basic ins and outs of Social Security can be overwhelming. Here are three questions people commonly ask as they approach retirement…
Read MoreTax-Deferred or Tax-Exempt? Potential Benefits to Having Both
Over the years, you may have heard it’s good to have different “kinds” of money as you head into retirement. A financial advisor may recommend a combination of tax-deferred and tax-exempt financial products, diversifying your money to help take advantage of the tax benefits both types of products provide. What many people don’t understand, however,…
Read MoreSpousal & Non-Spousal IRA Rules
Spousal IRA Rules When a spouse inherits an IRA, he or she has all of the same options as a non-spouse beneficiary, along with some other choices. For example, if a wife is the sole beneficiary, she also has the option to “treat it as her own.” The surviving spouse will need to either transfer…
Read MoreWhat is a “safe” retirement withdrawal rate?
In an investment portfolio, the withdrawal rate is the monetary percentage from which a retiree draws from his account each year. A “safe” withdrawal rate is a fixed percentage distributed as a systematic withdrawal that reasonably expects portfolio funds to last throughout the retiree’s lifetime. When determining your personal retirement withdrawal rate, it’s important to…
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