One of the most critical decisions you can make regarding your retirement is when you choose to claim Social Security. Deciding when to claim Social Security can make a difference in your monthly bottom line. Before You Retire Your monthly Social Security Benefit amount is calculated based on the number of years you have worked… Read More Social Security: Choosing When to Claim
The best tax-sheltered investment vehicles depend on your financial goals, income level, and tax situation. Here are some of the most effective options: Retirement Accounts (Tax-Deferred or Tax-Free Growth) Health & Education Accounts Insurance-Based Vehicles Real Estate & Alternative Investments Business & Trust Structures Each of these vehicles has specific rules, contribution limits, and tax… Read More The Best Tax Shelters
The role of a financial planner is to help you and your family figure out how to best save earnings, retain value, grow holdings and meet long-term financial goals. Planners should provide short- and long-term expectations with the same portfolio, which can be quite an undertaking. The value of the planner is that he or… Read More 6 Questions You Should Be Asking When Hiring a New Financial Planner
1. Review Realized Gains & Income to Date Understanding your earnings from work is usually straightforward, but tracking what’s happening in your investment portfolio can be more complex, especially for busy professionals. Ideally, it’s wise to monitor your portfolio throughout the year to stay on top of potential tax liabilities and determine if estimated taxes… Read More 5 Year-End Tax Planning Strategies for High Income Earners
Compared with other forms of compensation, incentive stock options (ISOs) can provide executives and other employees with substantial tax breaks. If held for a certain period of time, shares purchased as ISOs may escape all taxes other than the relatively low long-term gains rate of 15%. But as many “paper millionaires” discovered during the most… Read More Exercise Caution When Exercising Incentive Stock Options
There are strategies out there that could save you thousands of dollars in taxes, but you probably won’t ever hear about them unless you work with an experienced professional. The Deferred Sales Trust is one of those. It isn’t well known, but it should be. Here’s how it works. We sometimes have clients who own… Read More A Real Estate Exit Strategy That Can Save on Capital Gains Taxes
Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying this tax season. Build Your Team of Professionals You might build a team for any number of pursuits, from organizing a baseball team to putting together people to… Read More Tax Strategies for High Earners
You know preparing and saving early is key to reaching your retirement goals—but as someone who makes six figures or more, you might have encountered some roadblocks. High-income earners face several financial hurdles when it comes to preparing for retirement, as their income can actually limit them from utilizing certain tax-advantaged retirement savings strategies. If… Read More High-Income Earners May Have Trouble Saving For Retirement: Your Guide to Overcoming Some Surprising Roadblocks
Keith Weiss CFP® 