Below you'll find a list of all posts that have been tagged as “taxes”
Understanding the allure of chasing investment returns Chasing high investment returns can be tempting in investment management and financial planning. However, this approach can come with significant risks that may only sometimes be apparent. As a financial advisor or planner, it is crucial to understand the potential pitfalls of focusing solely on investment returns and consider a more comprehensive approach …
Retirement planning is a critical aspect of financial planning that requires careful consideration and strategic decision-making. When withdrawing funds during retirement, essential factors must be considered to ensure financial security and stability in the golden years. From determining the optimal withdrawal rate to consulting with a Wealthnest financial advisor or planner, the choices made during this phase can significantly impact …
Understanding the importance of strategic financial planning As you enter your 30’s, you must start thinking about strategic financial planning for long-term success. Whether you’re looking to buy a home, start a family, or save for retirement, a solid financial plan is crucial. From working with a certified financial planner to understanding tax planning and maximizing your savings, there are …
Your 401(k) Offers You Valuable Benefits You Just Can’t Find Anywhere Else In the midst of economic adversity, market volatility, geopolitical uncertainty and a host of other things (including a still-active pandemic, now in its third year), it can be hard to find a silver lining. However, there is one thing that keeps showing you some love every day — …
There are tax-free limits on what you can gift in a year and during your lifetime. While it may feel better to give than to receive, the former may carry federal tax consequences, which dampens the cheer associated with bestowing a financial gift to a loved one or friend. But not all financial gifts incur taxation by the federal government. …
A volatile year in the financial markets can create opportunities for reducing your taxable income. Many investors use the closing months of the year to review their portfolios and assess their winning and losing investments. It’s also a good time to do tax planning for the upcoming filing season; decisions you make before year-end can help you lower the taxes …
You can be generous with your loved ones during the gift-giving season without running afoul of the rules. One way many individuals try to avoid estate and inheritance taxes is to give money away during their lifetime, effectively reducing the wealth that will be subject to federal taxes when it’s passed on to heirs. This is a viable strategy, but …
What should you do with the money? A look at some choices. Each year, about 70% of taxpayers receive a federal tax refund. The average IRS refund is substantial—$2,800. What could you do with a tax refund sent to you? You could invest that money. It could go into your workplace retirement plan, an Individual Retirement Account, or a college …
How much can you gift in a year, and a lifetime? Federal tax rules allow you to give away millions of dollars during your lifetime. You can make five-figure gifts of money or property to other individuals in any given year. These gifts may be made without tax consequences … as long as they fall within the IRS annual and …
A few astute moves could help promote a better after-tax return. As you weigh risk vs. return, you may risk taking an eye off taxes. A focus on tax efficiency could help you improve the effective yield of your portfolio. You can try to cut or delay taxes linked to investing. Consider placing the most tax-efficient investments you have in …
