Archive - September 2016

1
Your Last Wishes
2
Fall is a Great Time for Financial Planning
3
Roth IRAs Make Great Estate Planning Tools
4
Want to Make More Money Investing? Try Maximizing Your After-Tax Return
5
Tax Benefits for Job Hunting

Your Last Wishes

In a recent meeting with a client, we were deep in conversation about estate planning.  The client mentioned she had a few final wishes she wanted to be carried out.  She asked if these wishes needed to be written into one of her legal documents.  While I am not an attorney, I was able to lend her some simple advice.

Most of what our estate planning documents convey is the legal transfer of assets and how those assets will be managed into the future, along with the designation of control persons to assist in navigating the transfer of those assets.  …

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Fall is a Great Time for Financial Planning

Fall is a great time to take a pause, examine your finances and do some financial planning. For a variety of reasons, once the winter holidays come or the weather changes, some of us change too. We may become focused on the winter holidays. We may feel the emotional pull of obligations to family and friends. We may feel tired and ready for the New Year. Whatever the case, it makes sense to look ahead during the fall rather than wait right until the year ends to consider how we are doing financially.

Plan donations. There is nothing wrong …

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Roth IRAs Make Great Estate Planning Tools

A Roth IRA will protect your investments from its worst enemies: taxes and required distributions. Unlike their traditional counterparts, Roths don’t require you to begin withdrawals from the account once you reach the age of 70 1/2. With time on your side and your investments sheltered from taxes, your Roth will begin to experience what Einstein called the “greatest discovery of all time” – compounding interest.

If the tax-free growth of a Roth IRA isn’t enough to whet your appetite, the estate planning benefits it offers should seal the deal. Bequeathing a Roth is much the same as setting up …

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Want to Make More Money Investing? Try Maximizing Your After-Tax Return

Saving money on taxes has the effect of compounding, giving you more to invest.
Benjamin Franklin famously said, “A Penny Saved is a Penny Earned” and we couldn’t agree more. Investors are always looking for ways to grow their account balances. Reducing their tax bill might be the simplest way.
Here are a few ways to get more out of your investments by paying less in taxes:

  1. Long-Term Capital Gains – Hold investments a year or longer and gains are given favorable tax treatment over short-term gains (less than 1 year) which are taxed as ordinary income.
  2. Qualified Dividends
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Tax Benefits for Job Hunting

The IRS recently published their Summertime Tax Tip 2016-24, entitled “Looking for Work May Impact Your Taxes”, with some good tips that you should know as you go about job hunting.  The text of the actual publication from the IRS follows, and at the end of the article I have added a few additional job-related tax breaks that could be useful to you.

Looking for Work May Impact Your Taxes

If you are job hunting in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you …

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