Are you a retiree, business professional, or a snowbird thinking of moving permanently to Florida? Keep in mind that moving to a new state is super stressful when establishing residency in addition to preparing documentation for tax purposes. Between finding your new home, then packing up your belongings, finding schools for the kids, new doctors etc.,
Annual Tax Planning for Individuals and Business Owners
Getting an early start on tax planning instead of waiting until year-end gives you more time to meet with your TFG tax and wealth advisors and make the financial moves that can reduce your tax burden. And, the faster you file your return, the faster the IRS can process your return (and any potential refund).
FAQs About QCDs For The Charitable Minded
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
Protect Your Estate When Exemptions May Sunset In 2025
No matter how wealthy you are —human nature tends to make us put off attending to important matters. But this is no time to ignore the fact that the TCJA lifetime estate and gift tax exemption will sunset in 2025. We have another election coming up in 2024, and clients shouldn’t get comfortable with wishful
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031
TIPS TO SAVE TAX WHEN SELLING YOUR HOME
Be tax savvy when selling your home. Many people sell their homes at this time of year and move over the summer months to be sure and get their kids into school at a new location by September. Many retirees also sell and move over the Summer because it easier when the weather is clement.
TAX PLANNING MAY MEAN YOU KEEP MORE OF WHAT YOU MAKE
Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do
Four Questions for Your Financial Advisor About Recession & Rising Prices
It’s time to be realistic about inflation and recession and the fact that it just got harder to achieve your financial goals. The Fed raised the federal funds rate this year, taking the percentage to new highs. To compare, it was near zero at the end of last year. High prices are eating into people’s
Rebalancing Your Portfolio According To Your Age And Priorities
Portfolio rebalancing according to your age and goals is really all about asset allocation. At different stages in your life, your financial concerns shift and so you look for your investment strategy and portfolio to shift too – from growth to income – as you get older. During these uncertain economic times, with market volatility,
Do Bear Markets Present A Potential Opportunity For Portfolios
“Fall Back” – but don’t drop the ball! The S&P is down more than 22% since the beginning of the year, landing it definitively in bear market territory. Historically, bear markets in the U.S. occur, on average, every 4.5 to 5 years, and while they are terrifying, they don’t last forever. In fact, the market
