Annuities are not short-term investment strategies, and will work best for those whose goals are long-term financial security, steady income stream during retirement, and principal preservation. After the Great Depression, folks worried that stock market volatility would threaten their retirement savings and so annuities became popular. Today, pension plans are less common so many retirees...
Financial Advisors and clients should discuss Social Security filing strategies as part of a coordinated approach to maximizing retirement income. Social Security is not as easy as you think, and a single mis-step can cost you! There are two thousand, seven hundred and twenty-eight rules in the Social Security Handbook covering provisions of the Social...
The White House has proposed a plan that will essentially double the capital gains tax for investors making over $1,000,000 to fund trillion dollar initiatives like the American Families Plan, American Jobs Plan, and The Infrastructure Investment Act. The goal of the Administration is to eliminate the loopholes that allow taxpayers making $1 million a...
The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. You may deduct vehicle expenses in one of two ways. Actual expense method, which allows you to deduct your actual expenses based...
The Tax Cuts and Jobs Act, limited taxpayers’ itemized deduction for state and local income and property taxes (“SALT”) to $10,000 per tax year. As residents and business became outraged, many states tried to create workarounds so residents could deduct state and local taxes in excess of the federal itemized deduction limit. Due to a...
