Category: Financial Planning
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Ten million people with tax debt can still move forward with a normal financial and personal life
Millions of Americans are saddled with tax debt that prevents them from moving financially. That financial struggle impacts other aspects of life including mental and physical health and relationships. I’ve observed that the key to resolving these problems – even when they seem insurmountable in the beginning – is to establish a supportive professional relationship…
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Sample letter of instruction
An earlier version of this post was originally published in 2011 when I was recovering from a long term disability that left residual cognitive and memory issues. My original intent was to help myself, my family, and others be better organized for disability or death. It is republished now updated with the use of new…
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Tax filing trends indicate future direction for professionals
We are only half way through the tax filing season but so far the IRS reports that tax filer behaviors are significantly different than a year ago. The number of tax returns filed has dropped by more than 12% and the number of paid preparer returns (often including the more complicated tax returns) dropped even…
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Continuing the tax planning conversation
A big part of the tax and financial planning conversation I’m having lately with local upper middle class people my age and older is questioning the wisdom of keeping multiple houses especially those big vacation places at the Jersey shore. (Some have houses and condos elsewhere but shore houses seem to dominate life for many…
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Forecasts are not political opinions or endorsements
A financial planner’s success in fields like taxes, healthcare planning and investments revolves around the ability to make accurate forecasts about future events. The ability to identify and analyze trends is the key to profitability. Success in forecasting is required if the expected result is to exceed industry average performance. I find that accurate forecasting…
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Getting started toward sanity in divorce planning
Getting tax and financial advice during a divorce does not need to be a complicated, expensive or difficult process. Over the years, I’ve noticed that taking the first step toward a logical approach toward tax and financial planning during a divorce is the most difficult. Yes, it is usually a long and usually painful process…
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2019 in employee benefits: by the numbers
These are the numbers we commonly use in planning this year’s tax free employee benefits: 401(k) pre-tax contribution limits = $19,000 401(k) catch-up contribution limit = $6,000 IRA contribution limits = $6,000 Annual Health Savings Account contribution limit for individuals = $3,500 Health Savings Account contribution limit for family coverage = $7,000 High Deductible Health…
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2019 Tax Planning and Support Tools Available
Through our 2019 license agreement with CFS Software, we offer a large number of support forms and estimated tax calculators. If you would benefit from a demonstration of the powers of any of these functions or planning calculations, please let us know. General Utilities and Retirement Calculations: 5 Year Federal/State Tax Planner After-Tax Loan Refinance…
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The profitable New Year’s resolution you can complete in an hour
Reposted from Freedom Benefits At this time of year we can read plenty of articles giving advice for the next year. The most popular articles seem to focus on how to do more, be better, and rise to new heights. Few of these articles focus on more mundane issues like saving a few minutes on…
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How to handle the 2019 stock market crash
Update: This article was updated to reflect the news that for or the 90 days of fall (9/21 – 12/21) the S&P 500 was down 17.5%. The market correction happened sooner than I expected. The advice I’ve dispensed for the past 30 years since leaving my early career on Wall Street is timeless, except for…