Archive - November 2019

1
Tax Strategies for the end of the year
2
2019 Year-End Tax Planning Tips & Traps
3
7 Estate Planning Mistakes and How to Fix Them
4
Teachable Moments at Thanksgiving
5
The Ten Commandments for Strong Financial Health

Tax Strategies for the end of the year

Many Tax strategies require you to act before December 31st of the Tax year, not April 15th of next year. So, time is running out if you are thinking about Tax Planning. Today, I will explain the 3 most important factors to consider – in order to implement end-of-the-year tax strategies.

Tax Strategy 1: Offset Capital Gains with capital losses from unwanted positions

If you have capital gains during the year, consider selling some of your unwanted positions where you may have losses. For example, let’s say you sold a position earlier this year – in your taxable… Read More

2019 Year-End Tax Planning Tips & Traps

As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was plenty of clarifying guidance on application of the TCJA, there were was no significant new legislation in 2019 affecting individual taxes. But situations do change from year to year, thus requiring a fresh look at how to approach year-end tax planning. The following are strategies that may benefit you and that we should discuss before …

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7 Estate Planning Mistakes and How to Fix Them

Figuring out what you want to do with your stuff when you die is… well, complicated. Most of the time we sign a stack of papers at our attorney’s office and think we’re done. But it’s not that simple. Here are 7 estate planning mistakes and how to fix them. 1. Not updating the executor […] The post 7 Estate Planning Mistakes and How to Fix Them appeared first on Thinking Beyond Numbers | A Personal Finance Blog that Changes the Way You Think About Money!.… Read More

Teachable Moments at Thanksgiving

As people prepare for the Thanksgiving holiday, some are looking forward to it and waxing poetic about family togetherness while others are just going to try to grin and bear it. Here is another approach: think about the Thanksgiving holiday as a time to help younger relatives prepare for a better financial future. It can be a teachable moment.

Whether it is your own children and grandchildren or your nieces, nephews, and cousins: “As Thanksgiving approaches, you have the ability to influence young people to save and invest now — not to put that off until some later day.” 

This advice …

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The Ten Commandments for Strong Financial Health

Here are the Ten Commandments for achieving strong financial health.

The Ten Commandments:

  1. KNOW HOW IS YOUR ADVISOR IS PAID. It really does matter because the quality and kind of advice you receive is a result of how your advisor is paid. The best model for receiving investment and financial planning advice is the Fee-Only Advisor model because this kind of advisor has a Fiduciary obligation to put your needs first. Other types of advisors and brokers do not necessarily need to put your needs before their own.
  2. IT’S NEVER TOO LATE TO PLAN. It’s never too late to benefit
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