Give, Grow, Grant
By: Kate Hennessy
According to a recent study from Fidelity Investments, 79% of donors plan to increase or maintain their charitable giving levels this year. Despite the September U.S.
Tax Diversification – Why We All Need It
BY: PATRICK COTE
You may not have heard about tax diversification – most people have not. Tax diversification is making sure that investments are placed into three different account types to hedge against future tax increases: pretax (e.g., traditional IRA or 401K), taxable (e.g., regular brokerage account) and tax-free (e.g., Roth IRA or Roth 401K). More people should be talking about it, since it is one of the most critical parts of most investment plans and can make a large di
Zoom Meetings, Migration Out of the City & RVs – Are New Trends Benefitting Your Business?
BY: SUSAN POWERS
One trend is that rural areas are seeing renewed popularity as more people choose to live in less densely populated areas and have the flexibility to work from home. Another trend is the remodeling
Future Tax Rates
BY: KATE HENNESSY
Last month I mentioned that my husband and I were considering converting a portion of my Traditional IRA to a Roth IRA, otherwise known as a Roth IRA conversion. After doing the analysis and speaking with our CPA, we decided to convert 1/3 of my Traditional IRA to a Roth IRA.
Planning to Work Until 65? The Choice May Not Be Yours
By: Susan Powers
One of the first questions we ask clients when gathering information for their financial plan is, ‘At what age would you like to retire?’ Those who continue to enjoy their jobs and the challenges it brings, often plan on working well past age 65. For many others, the answer is often tied to the availability of Medicare, Social Security or other pension benefits.
Time to Consider a Roth IRA
By: Kate Hennessy
This year my husband and I are considering converting a portion or all of a tax-deferred rollover IRA to a Roth IRA. We’ve had discussions with our accountant about the benefits of doing the conversion this year and will be assessing the impact of doing so on our taxable income.
Kids, Money & the Pandemic
By: Patrick Cote
The pandemic has affected all of our lives in many ways. For some families, the results have been tragic with the loss of loved ones. For others, they have faced economic hardship with the loss of jobs or businesses. Even if you have not been impacted economically, but have kids who are teenagers or in their early 20s, you may have seen how difficult it now is to find summer jobs.
Don’t Forget – Tax Day is July 15th
By: Susan Powers
July 15 is not a day that we usually associate with a tax deadline. Like many other things this year, it’s a different date and you don’t want to be caught by surprise.
Who's Your Person?
By: Kate Hennessy
If I’ve learned anything over the past five months - life is unpredictable. I’ve come to appreciate the importance of focusing on what’s within your control, because there’s a whole lot of life that is out of our control. Although I do not take life or my family for granted, it wasn’t until recently that I asked myself “who’s my person?” You may be scratching your head thinking, what is she talking about? By definition for this article – “a person” is someone that can step
Tax Loss Harvesting
By: Kate Hennessy
Tax loss harvesting is the practice of selling an asset in your taxable investment account that has experienced a loss and replacing it with a similar asset to maintain the overall allocation within your portfolio. By realizing, or “harvesting,” the loss you are able to offset taxes on both gains and income.
401K & IRA Loans & Withdrawals – The Last Resort
By: Patrick Cote
While created with good intentions, I have mixed feelings about the recent CARES Act provisions allowing for $100,000 in CRDs (coronavirus-related distributions) from retirement accounts like 401Ks and IRAs. These provisions are designed to help people who are facing a cash shortage now and have savings in 401Ks or IRAs.
Tax Deadlines Extended to July 15, 2020
By: Susan Powers
In March, the Treasury Department and Internal Revenue Service announced the deadline to file and pay taxes is automatically extended from April 15, 2020, to July 15, 2020 in an effort to give taxpayers more time to deal with their taxes amid the coronavirus outbreak.