Revised July 7th at 4:45pm – The Big Beautiful Bill approved by the House was a bit smaller as the Senate and the House fought over more Medicaid cuts to pay for new tax breaks, and painted a dark deficit picture for the President. The fight last week continued between parties to decide how high,
Mid-Year Is Prime Tax Planning Time for Individuals
When summer heats up is a great time to be cool and start strategizing how to reduce your family’s 2026 tax bill. Starting early with proactive planning gives you time to make strategic decisions and devise an action plan that could help you keep more profit in your pocket. Our top six strategies include great
Spring Cleaning Applies to Your Finances Too!
Spending the time to declutter and organize your finances this spring can help to set you up for financial success for the rest of the year. Gathering and pruning financial documents, tidying up your budget and polishing your portfolio will go a long way to cleaning up the clutter in your financial life. Here are
Tax Break When Selling a Home
Thinking about selling your home? Your home is considered a capital asset, and as a homeowner, you may be concerned about paying capital gains tax if you do decide to sell. Luckily there is a tax provision known as the “Section 121 Exclusion” that can help you save on taxes following the sale of your
Will You Owe Your Nanny a W2 on January 31st?
Wondering whether or not you should give your in-home/live-in Nanny a 1099 or W-2? The answer depends on whether or not the individual in question is self-employed or a household employee. The simple answer is, if you control how the work is performed, the nanny is a household employee. In most cases a Nanny providing
When is “ROTH” the Best Choice for Your IRA or 401(k)?
The most common and powerful tools to help individuals save for retirement are IRA and 401(k) accounts. Both types also offer a “Roth” option, but most folks are not familiar with the similarities or differences between them, or know when a Roth is more advantageous tax wise for different stages of life. You might even
Yours, Mine, & Ours: Investing for a Blended Family
You may have noticed that multiple marriages, divorces, step-parents, bonus parents, single parents, and life partners make up numerous households across the country, and provide a second chance for happiness for many. However, navigating the unique financial needs of blended families can be a challenge. There may be children from a previous marriage, stepchildren from
Election Year 2024 Portfolio Planning
It’s October, and it’s time to think about how the outcome of the election could impact our economy, our markets and, of course, YOUR money. Even if the election doesn’t go your way, your financial success is in your hands. Here’s a few ideas to help you make the most of the financial opportunities that
Thinking About a Vacation Home? Think Twice About Taxes
Are you stressed about whether it is a good financial move to buy a vacation home? With today’s housing prices, it can be scary. However, there are a number of ways that you can lessen this financial impact. Here are a few things our TFG CPAs recommend to help make it work for your pocketbook.
Mid-Year Financial Wellness Checklist
Your health is important, so you don’t delay that mid-year trip to the doctor for a check-up. Well your financial health is just as important! And July is the perfect time for you and your family to have a mid-year financial check-up. Not sure how to review your goals and update your financial plan? Here’s
