Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning.

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Talon Wealth

OCTOBER 26, 2023

Consider early retirement tax planning. Retirement accounts like 401(k)s and IRAs provide the advantage of tax-deferred growth, saving you significant amounts of money in taxes over the long term. When selecting stocks, focus on those with long track records of success and the best potential for future growth.

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WiserAdvisor

MARCH 13, 2024

Pillar 2: Healthcare planning Healthcare considerations are one of the most significant financial burdens you will likely face during your golden years. As the cost of medical care continues to rise, prioritizing healthcare planning becomes imperative to safeguarding your financial well-being in retirement.

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Retirement Planning Retirement Planning Estate Planning 105

Cornerstone Financial Advisory

MARCH 14, 2025

Planning for Contingencies: Prepare for unforeseen circumstances, like disability or illness. End-of-Life Care: Specify medical directives consistent with Christian principles. Charitable Giving Plan: Develop a strategy for supporting Christian ministries and charities.

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Estate Planning Planning Healthcare Ethics 52

Carson Wealth

JANUARY 25, 2023

Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.

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Taxes Medical Distribution Accounting 98

James Hendries

JANUARY 8, 2023

They have savings for emergencies or financial upsets such as critical home repairs, unexpected medical bills, or job loss. The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

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Consulting Accounting Tax Planning Medical 98

Darrow Wealth Management

SEPTEMBER 26, 2024

Retiring early is also even more difficult without taxable assets as you’ll need to bridge the gap before penalty-free distributions from 401(k)s or IRAs begin, perhaps to cover medical expenses. This infographic has more on how a brokerage account is taxed.

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Accounting Retirement Distribution Taxes 94

Carson Wealth

FEBRUARY 16, 2024

By Mike Valenti, CPA, CFP ® , Director of Tax Planning It’s that time of year again! W-2s, 1099s and mortgage statements have been to hit your mailbox: a daily reminder that it is, once again, Tax Season. Overall, it was a relatively quiet year on the tax front. Although Congress isn’t done yet! More on that later.)

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Taxes Consulting Accounting Planning 97

James Hendries

AUGUST 10, 2022

If you make contributions on your own using after-tax dollars, they’re deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not. Contributions to your HSA, and any interest or earnings, grow tax. Health Savings Accounts. Annual contribution limit. Family coverage.

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Accounting Numbers Taxes Tax Planning 52

Integrity Financial Planning

APRIL 24, 2023

If you are married and filing separately and one partner is going to itemize their tax return, both partners have to itemize. [3] 3] Usually, it is only useful to itemize if you can itemize more than the standard deduction, so unless both partners will benefit from separate itemization, filing separately is likely the wrong move.

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Taxes Financial Guidance Medical Financial Planning 91

Park Place Financial

MARCH 10, 2022

At Park Place Financial, our wealth management advisors can review your financial profile in detail to find tax-saving opportunities that can benefit your future. These income tax planning services help ensure you avoid paying more than you are legally obliged to, providing a greater level of financial security during retirement.

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Random Roger's Retirement Planning

SEPTEMBER 22, 2022

Maybe we should do the same for things in our life that are vulnerable to higher prices like food, medical expenses, fuel for vehicles, various things we subscribe to, what else? Eating well and exercising effectively provides the opportunity to avoid being vulnerable to rising medical costs by not having to pay for prescriptions.

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Retirement Medical Accounting Taxes 70

WiserAdvisor

DECEMBER 1, 2023

Financial advisors for medical professionals can offer a tailored approach to managing unique financial landscapes. However, physicians are often consumed by the demands of a rigorous medical career, and as a result, they can easily overlook this essential step. Most physicians carry debt in the form of student loans.

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Financial Advisor Medical Insurance Education 59

Truemind Capital

SEPTEMBER 23, 2024

Building an Emergency Fund and Smart Saving Habits One of the most important things a financial coach will encourage is building an emergency fund—money set aside for unexpected expenses, like medical bills or even job losses.

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Budgeting Risk Tolerance Retirement Insurance 59

Workable Wealth

OCTOBER 14, 2020

Overpaying on taxes. Tax Planning. A proactive tax plan can save you thousands of dollars every year. You can accomplish this task in several ways like strategic charitable giving, maxing out your retirement accounts, tax-loss harvesting, and more. Making emotional financial decisions.

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Financial Planning Planning Insurance Coverage Tax Planning 52

WiserAdvisor

FEBRUARY 19, 2024

Together, both types of insurance plans provide a safety net for unexpected medical expenses and serve as an alternative strategy to shield your retirement nest egg from potential financial shocks. The HSA is a unique and powerful financial tool designed explicitly to help you proactively save for qualified medical expenses.

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Retirement Retirement Planning Healthcare Estate Planning 66

Zajac Group

NOVEMBER 7, 2024

Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. And for those with equity compensation in the mix, some extra consideration is required.

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Integrity Financial Planning

FEBRUARY 3, 2023

It’s important to know whether it’s best for you to take the standard deduction or itemize your deductions on your return, as the decision could affect how much you owe in income taxes. 5] Avoid Early Retirement Account Withdrawals if You Can!

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Taxes Math Accounting Medical 82

MainStreet Financial Planning

DECEMBER 13, 2022

Mortgage payments to recognize interest payments, and unreimbursed medical expenses that exceed 7.5% Property taxes up to the $10,000 limit for state and local taxes is another item to review. Good luck with tax savings this year. Happy Tax Planning! What kind of bills can you prepay?

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Taxes Tax Planning Planning Medical 52

Harness Wealth

JANUARY 10, 2025

For instance, a medical professional who brings their personal dog to the workplace to help calm patients may have a valid business reason for doing so. The idea of writing off your pet as a work expense, such as a guard dog or a therapy animal, might sound appealing, but its far from straightforward.

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Taxes Assets Media Education 52

WiserAdvisor

OCTOBER 4, 2022

Retirement planning can be a bit complex. There are multiple factors to weigh in, right from healthcare and inflation to estate planning, business succession planning, tax planning, and more. However, the main drawback to this can be the lack of foresight regarding what and how to plan.

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Harness Wealth

MARCH 11, 2024

Additionally, if the donation consists of appreciated securities or assets, the donor can avoid capital gains taxes that would otherwise arise from selling those assets. Health Savings Accounts (HSAs) HSAs are available to individuals enrolled in high-deductible health plans (HDHPs). of your adjusted gross income (AGI).

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Startup Taxes Medical Retirement 59

International College of Financial Planning

MAY 1, 2023

Insurance and risk management Insurance is an essential part of risk management in financial planning. Health insurance helps cover medical expenses, while life insurance can financially support your dependents during your death. Conclusion The benefits of starting financial planning early in one’s career cannot be overstated.

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Financial Planning Planning Financial Planner Budgeting 52

Carson Wealth

JUNE 28, 2023

Not Being Proactive with Income Tax Planning Most taxpayers learn their tax bill or refund only after completing their annual tax return. Some are more proactive and make an effort to reduce their overall tax liability by increasing charitable giving, harvesting capital losses or other methods.

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WiserAdvisor

FEBRUARY 29, 2024

They help you optimize tax planning Tax planning is an important aspect of financial planning that can significantly impact your long-term wealth accumulation. It helps you strategically minimize the amount you pay in taxes and maximize your investment returns to preserve more of your hard-earned money.

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Financial Advisor Retirement Asset Allocation Risk Tolerance 45

James Hendries

DECEMBER 11, 2022

Tax Planning – Have necessary steps been taken toward filing required business and individual tax returns, so they get filed on time? The type of business will determine the tax consequence. Some example of STTBs are Financial Professionals, Law Firms, Accountants, Investment Managers, Medical Practices, and more. [i]

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Planning Taxes Insurance Accounting 52

Harness Wealth

FEBRUARY 5, 2025

While some cities offer excellent medical facilities, rural areas may lack specialized care or require additional travel for treatment. Inexpensive properties might be located in areas with inconsistent internet, limited public transportation, or unreliable healthcare facilitiesfactors that can significantly impact your day-to-day life.

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Taxes Compliance Accounting Government 52

WiserAdvisor

JULY 3, 2023

Below are 6 common financial planning mistakes physicians make: Even though financially well-off, physicians tend to make several financial mistakes. Not creating a comprehensive financial plan Financial planning for physicians and healthcare professionals is essential. Medical schools can be costly.

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Financial Planning Planning Financial Advisor Medical 40

WiserAdvisor

OCTOBER 11, 2022

While these can be avoided, there is another cash outflow that can considerably lower your savings and returns and is also hard to avoid – tax. Tax planning is essential. Tax is charged on every penny you earn. Your contributions are 100% tax-deferred. 248,300 base tax + 39% on the taxable amount.

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Financial Planning Accounting Taxes Planning 80

Brown Advisory

JUNE 2, 2016

You might think that after all that time, it gets easier to receive a call from a client with news of a grave medical condition. For various reasons, making lifetime gifts may be more efficient from an estate and gift tax standpoint than transferring assets through a last will and testament. It has not—it is a gut punch every time.

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Taxes Assets Clients Tax Planning 52

Brown Advisory

DECEMBER 4, 2017

presidential election, we have grappled with the lack of clarity regarding the details of new tax legislation. The outcome of the tax reform debate is likely to impact how we advise clients on tax planning, estate planning and a host of other topics. Since last year’s U.S. Those conditions do not exist today.

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Planning Taxes Clients Tax Planning 52

WiserAdvisor

NOVEMBER 4, 2022

Plan your finances for when you have kids: If you plan to have children, your expenses will drastically increase. The medical costs alone can be high. It is essential to discuss these factors with your spouse and plan accordingly. The higher income group you fall into, the more challenging it gets to manage your money.

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Financial Planning Planning Taxes Financial Advisor 93

Harness Wealth

OCTOBER 24, 2024

Trust Income: Reports income distributed from a trust to beneficiaries, which is typically taxable and must be reported on the recipient’s tax return. Medical Expenses: Keep records of any medical and dental expenses paid out-of-pocket, including prescriptions, treatments, and health insurance premiums.

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Taxes Insurance Insurance Coverage Medical 52

Bell Investment Advisors

JUNE 16, 2022

Start by getting clear on gift and estate tax laws. In 2022, anyone can give any recipient up to $16,000 in assets per year without owing federal gift taxes. Exception: gifts to pay tuition or medical expenses are exempt if paid directly to the institution. million per recipient over a lifetime.

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Taxes Assets Financial Planner Planning 52

Harness Wealth

JUNE 23, 2023

Key Components of an Estate Plan A comprehensive estate plan consists of several key components, including wills and trusts, power of attorney, healthcare directives, and beneficiary designations.

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Estate Planning Financial Planning Planning Taxes 52

Cordant Wealth Partners

AUGUST 16, 2024

So, if you separate from the company near the end of the year, earning a full year of salary plus severance payouts, you could be pushed into a higher tax bracket. Tax planning for a transition out of Intel is critical. 18 months of coverage is being offered for COBRA plus a $20k Healthcare bonus.

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Planning Retirement Taxes Accounting 52

WiserAdvisor

DECEMBER 15, 2023

By helping you lower your tax The impact of proper tax planning on your eventual retirement balance cannot be overstated. Engaging with a skilled financial advisor can empower you to manage your taxes proactively. A skilled advisor can help you develop a more objective and rational approach to investing.

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Financial Advisor Retirement Risk Tolerance Retirement Planning 59