Category - Taxes

1
The Ten Commandments for Strong Financial Health
2
Smart Ways To Handle A Highly Appreciated Investment
3
Why your taxes went up
4
Get Set Up for Less Stress at Tax Time Next Year
5
That other retirement account: Financial planning for HSAs

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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Smart Ways To Handle A Highly Appreciated Investment

Let’s say you’re the lucky owner of a highly appreciated investment (stock, mutual fund) you’ve held for at least a year. What’s the best way to sell it? Or should you donate it? Here are several choices facing an early investor in Apple shares that I’ll call “Meg.”

Apple shares are valued at 246 per share. If Meg purchased the shares at 10, her gain is 236 dollars per share. If she owns 1,000 shares, that’s $236,000 of gains on $246,000 of proceeds. Her options include: 1) selling the shares outright and paying long-term capital gains, 2) gifting the shares …

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Why your taxes went up

Many of us are still pondering why we didn’t benefit from the alleged tax cut and worrying about what will happen this year, again. After all, tax brackets went down 3-4% for the first 4 tax brackets. But (and this continues this year) your taxable income most likely went up. Don’t expect that to improve for 2019. At a recent conference I attended, this was much discussed. Why?

You live in a blue state. Clever how that worked, huh? Because in many blue states and urban areas, your property taxes on a middle-class home probably exceeded the $10K cap. Add …

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Get Set Up for Less Stress at Tax Time Next Year

While you perhaps breathed a sigh of relief that it was over, experts began tax planning for 2020 right after the 2019 tax season ended (if they hadn’t started before). It’s okay if you didn’t start thinking about next year’s taxes that early, however, are still things you can do during the last quarter of the year to set yourself up for a less stressful tax season next year and the “5 Ways to Boost Next Year’s Tax Refund Now” offers tips.

Look at your tax deductions: If you find yourself in a tizzy each year trying to get …

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That other retirement account: Financial planning for HSAs

Health Savings Accounts (HSAs) may be the best deal out there, if you can get it. All of us like to beat the tax man, right? HSAs are what’s known as triple tax free: you get a deduction when you put money into the account, the account grows tax free, and as long as you make withdrawals for allowable health care expenses (pretty easy to do), you don’t pay any tax on that either. They’re like a traditional IRA or 401k going in, and a Roth coming out.
But like many good things, there are a few problems and things …

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