Tax Planning
The 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 MoreWhat makes Strategy Financial Group different?
We are often asked, “What makes you different?” The question isn’t always that direct; it can come in a variety of forms, but we get some iteration of that inquiry often. In this video, we are going to answer that question.
Read MorePreparing for the 2021 Tax Season
How a financial advisor can help you manage your taxes this year. Reducing your tax burden can help you manage your wealth and free up money to meet your financial goals and build your legacy. But tax rules are complicated, and you may need help understanding all the methods you can use to minimize your…
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