Time to Read: 8 Minutes Gathering your tax documents needed to file your returns is a chore, but we’ve tried to simplify it by presenting a series of questions. These questions are intended to help you gather all your key tax information, expedite the filing process, and make sure your taxes are reported correctly.
Time to Read: 4 Minutes While IRA contribution limits remain unchanged for 2022, the IRS has increased the contribution limits for many retirement savings plans. For 2022, 401(k)s, 403(b)s, most 457 plans, and the Thrift Savings Plan for government employees and the armed services will see an increase to $20,500, from $19,500. The catch-up
Time to Read: 5 Minutes As the holiday season gears up, there are some things you should check off your wealth planning to-do list so you can preserve more of what you made and get ahead for the new year. Strong financial health isn’t just about the right investments, it’s about strategic planning around
When planning for expenses in retirement, it’s easy to begin thinking about travel and vacations while overlooking one significant expense – taxes. In Nationwide’s 2021 Retirement Income Survey, 41% of retirees surveyed reported wishing they had been better prepared for taxes leading up to retirement.
Time to Read: 10 Minutes Section 529 plans are arguably the best college savings vehicle around. In this article, we will cover what 529 plans are, why they make such great college savings accounts, and how high net worth investors can take advantage of 529 plans for their estate planning tax benefits. Introduction to 529 Plans
Time to Read: 8 Minutes One of the most fulfilling roles as an advisor at BWM Financial is helping our clients use their money as a tool to do the things in life they enjoy most. For many of our clients, that means developing creative, tax-efficient strategies for making life changing gifts to their loved
Time to Read: 10 Minutes Business owners are often very focused on day-to-day planning for growth – and with good reason. But no matter what state you are at, whether you are just starting your business or you are starting to think about planning an exit, there are strategies and structures that can help
California Business Owners and Real Estate Investors A new state law was just passed that could reduce your overall tax bill more than 3%. This update provides insight regarding a big tax break for our clients who own Limited partnership interests Units in an LLC with multiple owners; or S-Corporation shares. You may know
Time to Read: 7 Minutes Maximizing retirement savings and devising strategies to keep taxes low are the cornerstones of building wealth. But with relatively low limits on 401(k) savings, how should high earners invest excess cash? There’s an extremely productive strategy that can turn your 401(k) into a vehicle for saving above the income limits and creating tax-free distributions
Tax Saving Strategies for Higher Earners (Working or Retired): Part III – Qualified Charitable Distributions
Time to Read: 6 Minutes Charitable giving may already be a part of your annual tax and estate planning. But if you are over age 70 ½ and have an IRA, you can donate directly from the IRA, satisfy your Required Minimum Distribution, and reduce your taxable income. It’s called a Qualified Charitable Distribution (QCD), and