For employees who have built up significant company stock in their 401k, the Net Unrealized Appreciation strategy can be one of the most powerful tax planning tools available. But how does the NUA strategy work, and how can employees with Eli Lilly stock save thousands of dollars in taxes by using this approach?... Read More
Benjamin Franklin famously wrote, “In this world, nothing can be said to be certain except death and taxes." While the two entities often stand independent of one another, in the financial planning realm, the two are habitually intertwined. The impact taxes can have on your estate when you pass, if not addressed appropriately, can wreak havoc on your estate.... Read More
While the Backdoor Roth strategy allows you to contribute up to $7,000 in 2024 ($8,000 if over age 50), the benefit of the Mega Backdoor Roth is the ability to sock away as much as five times that of normal IRA limits through ‘after-tax’ contributions.... Read More
If a visitor falls at your home, will your insurance cover all the costs? It depends. Your homeowner and auto policies provide liability coverage, but if it isn’t enough, you may be stuck. A large liability judgement could jeopardize the financial security of your family. What can you do?... Read More
Though we cannot predict how future legislation may impact tax rates, we can use current information and a historical perspective to devise strategies to better position our overall financial situation. ... Read More
Section 1031 of the IRS tax code allows an investor to defer the gains on a potential real estate sale if they purchase a property of similar nature and meet certain requirements as well as time constraints. How does this all work?... Read More
Planning for taxes never ceases. Whether you are a business owner, independent contractor, or a company employee, tax planning is a year-round endeavor. One component of that planning is estimated tax payments. But who needs to pay them? How much needs to be paid? And, when are they due? ... Read More
Death and taxes are two of life's unavoidable certainties! Though often viewed through separate lenses, in the financial world, the two are often intertwined. When an individual passes away, their estate could be faced with the prospects of estate taxes, which can be as high as 40%! ... Read More
Starting your own business isn’t for the faint of heart. One item that causes much consternation is how to structure your new business from a legal and tax standpoint. Here are some of the more common business entity types and the benefits and downsides of each. ... Read More
In one of his fables, Aesop’s coined the phrase “leave well enough alone.” Though his commentary and usage of the phrase centered around a fox and a hedgehog, the expression is well-suited for the new proposed changes to the SECURE Act that will impact distributions to IRA inheritors. ... Read More
