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The thought of retiring may be intimidating for anyone—but if you own your own business, handing your "baby" to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What...

The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019....

Whether your child was just born or is heading toward high school graduation, a 529 savings plan may help you put aside funds to pay for college expenses without paying taxes (federal and some states) on any dividends and gains.1...

As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take...

When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult...

Financial literacy refers to the skills and knowledge that allow an individual to make informed and effective decisions through their understanding of finances. Financial literacy starts by building a basic understanding of 'money...

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

Major considerationsHow much will you need in retirement?When do you plan to retire? What kind of lifestyle do you desire? How much do you have right now that you can count on for your retirement? What about Social Security; do you...

With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the...

If you've ever wondered why so many lottery winners (an estimated 70 percent) seem to blow through all their winnings so quickly, the answer often lies in two key traits: overconfidence and trusting the wrong people.1 The same...

As you near retirement, it's likely you'll have many questions about Social Security. How much will your retirement benefit be? When should you apply? Will earnings from a part-time job affect your benefit? Social Security has always...

What is a trust?A trust is a legal entity that is created when you transfer property to a trustee for the benefit of a third person. The trustee manages the property for the beneficiary in accordance with the terms and the instructions...

Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs....

What is business tax planning?When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when the...

What is it?IntroductionIf you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've...

Tax Planning and Financial Planning Go Hand in Hand

Ryan McNulty

Tuesday, January 3, 2023

Tax Planning and Financial Planning Go Hand in HandWith tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan. If you’re in the group of one in four Americans who...

For many people, a new year provides a new start—and nothing says "new start" like a fresh new set of financial goals. But setting these goals is easier said than done. What steps should you take to get the most bang for your...

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working.

Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Do you want to get on top of your finances this year?

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date.

At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over...

Here are some things to consider as you weigh potential tax moves between now and the end of the year.1. Defer income to next yearConsider opportunities to defer income to 2023, particularly if you think you may be in a lower tax...

What are year-end investment decisions?Year-end investment decisions may sometimes result in substantial tax savings. Tax planning may allow you to control the timing and method by which you report your income and claim your deductions...

As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income...

As you grow your wealth, you may find the desire to give back to others and support causes and organizations you believe in through philanthropic giving. Philanthropy often casts a broader net of giving over charity as it helps society...

When you lose money on certain investments, you can typically claim the loss against other investments, and in some cases, you may even be able to claim all or a portion of the loss against regular income. Called tax-loss harvesting,...

The average U.S. income tax rate stands at just over 13%—and if you're like many taxpayers, you're always looking for new tips and tricks to help reduce this percentage.1There are a number of different tax planning moves you can...

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1  What...

Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more.1 For many individuals who...

Investing can be a roller coaster—and, when the market starts dropping, it may even feel more like a haunted house. With recession fears mounting, what can investors do to stay the course and escape unscathed? Here we discuss...

The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is...

Your retirement is the reward after years of hard work and saving. You might dream of traveling, want to invest in a vacation home, or want to take up a new hobby. For an enjoyable retirement, saving is critical. Take charge of your...

Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future.Taxable accounts you hold longer than a year incur...

What is Tax Loss Harvesting?When investments in taxable accounts do not perform as hoped and actually lose value, investors may be able to take advantage of tax benefits to help offset their losses. The concept of tax loss harvesting...

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a...

Remember the words of Yogi Berra when a company splits its stock.The summer of 2022 could be known as the Summer of Stock Splits, as several high-profile companies have either split their stock or announced their intention to split....

IntroductionOnce you've identified your financial and investment goals and assessed your investing personality, you'll need to create an investment portfolio that fits your needs and understand what's involved in managing that...

In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride...

Regardless of what you do or how much you earn, you deal with money on a daily basis. The more you understand about finances, the more effectively you will be able to manage yours.Yet, many people lack financial literacy skills. One...

In the college savings game, all strategies aren't created equal. The best savings vehicles offer special tax advantages if the funds are used to pay for college. Tax-advantaged strategies are important because over time, you can...

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

Tax aware investing focuses on optimizing your returns by reducing your tax liability as much as possible. In theory, this investment strategy has the potential to help you earn more money on your investments, but you need to be aware...

When was the last time you took steps to optimize your 401k?If it's been a while, you're not alone. Research indicates that only one in three Americans utilize employer-sponsored 401k retirement accounts; even those who are...

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time...

Changing jobs can impact your retirement plan. To minimize disruptions to your contributions and the vested portion of your previous employer’s contributions, it’s important to understand the choices you may have when you...

Even though housing prices throughout much of the U.S. are at or near all-time highs, there are still many distinct financial advantages to owning a home.1 From tax benefits to capital gains exclusions and guaranteed rates of return,...

Americans' financial lives are increasingly complex. It's not unusual to have checking and savings accounts, a 401(k), IRAs, and other personal investments. Keeping track of all your savings and investments has prompted many...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts...

Retirement planning is all about the future, your future. Whether you are classified as a millennial, Gen Xers, women, or you are in your 40s-50s, retirement planning is a must. The key to successful retirement planning is starting...

Guided wealth portfolios (GWPs) are designed to provide a diversified, customized portfolio that's tailored to your investment needs. With a GWP, you won't need to track how the market's moving or decide whether to rebalance—your...

Investing is stressful. It takes sound mental decisions to weather the ups and downs that come with the markets and investing in general. Whether you are managing your financial portfolio or making investments on the side, staying...

As a small-business owner, you may be looking for the next big thing—an investment that might double your profits within the next year or allow you to maintain your income while working just a few hours a week. However, business...

April brings more than possible rain showers. It also marks Financial Literacy Month in the U.S. Whether you’re interested in a quick refresher or seeking to learn something new,

Although it's not hard to find doom-and-gloom articles that bemoan many Americans' lack of preparation for retirement, these don't tell the whole story. One in three adults save for retirement outside their 401(k) in a traditional or Roth

Ask yourself, "What will my golden years hold for me?" Is the answer a comfortable home near a golf course? Free time to spend with your grandchildren? Or even a cross-country journey or trip around the world?

When you're a small business owner, you need to pay extra careful attention to both your business and personal finances. Your financial planning strategies should simultaneously encourage the success of your business while also working

When it comes to saving for retirement, women may have extra challenges, even those with a higher-than-average income. For retirement planning, CNBC reports that women save less than men.

Credit card debt is a major problem in the United States. According to the Bureau of Consumer Financial Protection, over 175 million Americans have at least one credit card. In addition, the Federal Reserve Bank of New York estimates that