Tax Planning
Smart Ways to Save for Your Child’s Education
If you’re a parent, the start of a new school year may have you considering how much you’re able to set aside for your child’s college fund. The national average for annual college tuition for 2022-2023 is over $39,000 for private school and over $10,000 for public, in-state tuition¹. And, that does not include living…
Read MoreSFG News
Local Financial Advisor Completes Advanced Training from America’s IRA Experts at Ed Slott and Company, LLC Members of Ed Slott’s Master Elite IRA Advisor GroupSM Attend Semiannual Workshop on the Latest Retirement Account Planning Strategies, Estate Planning Techniques and Tax Laws Phoenix, AZ – May 31, 2022 – Calvin Goetz, Founder & President of Strategy…
Read MoreTax Planning Strategies to Consider Before 2022
As the year end approaches, we wanted to share with you important tax strategies to consider, which may help you save on your taxes–now and in the future. Watch this video for a quick summary of the year-end tax tips. Here are the year-end tax planning tips to consider: 1. Potential benefits of converting to…
Read MoreEvaluating Your Executive Stock Options
As part of your compensation package, your company might offer you stock options to supplement your salary. While they can be a valuable form of compensation, they also leave you with plenty of decisions to make about how and when to use them. It’s important to understand the ins and outs of stock options to…
Read MoreThe 2021 Child Tax Credit: An Overview
Every year, the Child Tax Credit reduces the tax liability of American parents. If it lowers their tax burden below zero, it can even put money in their pockets. The credit’s size increased following the Tax Cuts and Jobs Act of 2017. And now, thanks to the American Rescue Plan Act of 2021, it’s even…
Read MoreLife Insurance As An Asset Class
When asked to list out the different assets that they own, people typically respond with real estate, vehicles, retirement accounts, bank accounts, and other investments. And sometimes they forget to list life insurance policies. Life insurance, as an asset class, can come in very handy, especially for higher-income earners. It’s one of the only places…
Read MoreBreaking Down IRAs
Individual retirement accounts (IRAs) are a type of tax-advantaged account that can help you boost your retirement savings. The most common IRAs you’ll choose from are traditional and Roth IRAs. Both are designed for long-term growth, but there are some key differences, including how your contributions are taxed and when you can withdraw funds. Here…
Read MoreHow to Take Roth IRA Withdrawals
We are often asked about Roth IRAs, taxes, and inheritance. We want to share an article from a mentor and coach*, Ed Slott. In this article, he’s answering a question specifically about leaving a Roth IRA from a grandparent to a grandchild. How long will they have to take the money out? And will the…
Read MoreSECURE Act 2.0: What Changes Can We Expect?
There is another bill making the rounds in Congress called the Securing a Strong Retirement Act of 2021. It has been nicknamed the SECURE Act 2.0. What changes could we see if this second act passes? IRA owners will be able to wait until the age of 75 to begin taking their Required Minimum Distributions…
Read MoreTips for Making the Most of Your Inheritance
Baby boomers in the U.S. are set to bequeath $68 trillion in wealth by 2043, as part of the Great Wealth Transfer. Much of that will be left to Generation X and millennial heirs. If you expect to receive an inheritance, planning ahead for how you will use the wealth and account for any taxes…
Read More