- Tax PlanningTax planning between now and the end of the year can have a significant impact on how much tax you have to pay next April.
- Charitable GivingAct now to save money on 2022 taxes. Key takeaways Retirement savings plans such as 401(k)s and 403(b)s have a December 31 deadline for contributions through payroll deductions. If you itemize, consider charitable contributions and accelerating medical expenses…. Read More
- Estate Taxes
- Tax ServicesIncome tax management. A good place to start is to work with a tax professional to file your taxes and maximize deductions and credits, especially if you own a business or your investments or finances are more complex. Then, educate yourself on tax fundamentals, such as differences in tax rates between ordinary income (such a paycheck) and capital gains, and understanding your tax bracket. Your tax bracket is the rate at which the “next dollar” of income you might earn or gain from the sale of investment will be taxed. This is important, and helpful, to know when working with a wealth advisor.
- Roth IRATax-smart account selection. Congress and the IRS give investors the opportunity to choose, and use, a range of options, including tax-advantaged accounts such as 401(k)s, IRAs, Roth accounts, Health Savings Accounts (HSAs), and 529 plans to reduce, defer, or eliminate taxes on saving for retirement, healthcare, or college. Consider using them wisely. Every investor employed by a company that provides a 401(k), ideally, should contribute from their paycheck at least enough to receive the full employer-matched contribution (a feature of most employer-sponsored plans). Then, boost other tax-advantaged contributions, including maxing out your 401(k), adding an IRA or Roth IRA, and contributing to an HAS, if you’re eligible.
- Tax DeductionsIf you don’t take the standard deduction on your taxes, then itemizing cash donations on your return could help you take advantage of tax deductions up to certain limits.
- Income TaxWhen taking withdrawals from an IRA before age 59 1/2, you may have to pay ordinary income tax plus a 10% federal penalty tax.
- Capital Gains TaxesOnce you start drawing down from your nonretirement accounts, think about taking all income produced from your investments (dividends, interest, and capital gains) and moving it to a money market account—rather than reinvesting it—so you don’t end up paying taxes twice. If you reinvest the income produced and then sell the shares for a gain, you’ll owe taxes on the income produced and capital gains taxes on the appreciation. A strategy like this is one way I make sure my clients keep as much money in their pockets as possible.
- Investment ManagementIn 2024, we suggest investors continue to focus on setting clear goals. Traditional investment planning has generally focused on two topics: Can you pick the “right” investment to outpace markets today? And, are you on track for retirement? For most investors who have wealth or are building it, this approach is likely too simple. That’s because most investors have multiple goals, objectives, and priorities for investing. Growing wealth over time is important, but so is preserving and preparing a portion of investments for when they’re needed. Time horizon, in volatile markets particularly, is the “wider lens” we suggest investors take in investment planning.
- Mutual FundsChoosing investments with built-in tax efficiencies, such as index funds—including certain mutual funds and ETFs (exchange-traded funds)—is one way to minimize the tax drag on your returns.
- Bonds
- Wealth ManagementWe are paid only by the clients we serve. As such, we have a fee-only compensation model. We recommend that the fee be calculated as a percentage of assets under management, however, a flat-fee arrangement may be implemented, depending on a client’s particular situation. The agreed-upon fee is inclusive and covers all wealth management services offered to the client.
- Money Market FundsCash and short-term investment management, we believe, will remain important in 2024, particularly if the Federal Reserve follows the path Chairman Powell laid out in the Fed’s December 13 meeting to a “turning point” in interest rates and begins to cut, rather than pause or hike, short-term interest rates in 2024. This has potential implications for markets and the economy, but also for managing money needed in the shorter term that investors may be holding in higher-yielding cash investments, including money market funds, CDs, and other short-term investments.
- Accounting ServicesUltra-affluent families and individuals often establish Family Offices to manage their wealth. These organizations typically hire professionals in various disciplines, including taxation, estate planning, accounting, bookkeeping, and investing. Collectively, these individuals manage budgeting, insurance, charitable giving, family-owned businesses, wealth transfer, family governance, reporting and data aggregation.
- Cash Flow Analysis
- Bookkeeping Services
- Financial PlanningIf you don’t have a written plan, then a qualified financial planner can help you prioritize your goals, Folkes says. “A planner will have objective, unbiased opinions and see things that you do not. You can even stress-test different good and bad scenarios that could happen before and during retirement.” The Financial Planning Association (FPA) offers a list of certified financial planners to choose from.
- Retirement PlanningEric is committed to helping clients discover and implement strategies to elevate their financial well-being. He believes that an effective investment strategy should be integrated with proper planning, so that resources are optimized and all client objectives are fully addressed. As head of operations, he directs all aspects of system development and application, ensuring that the firm always fulfills its commitment to the clients it serves. He has earned the Certified Financial Planner designation (CFP®) and is a member of The Columbus Foundation Professional Council. He credits his Denison University professors with helping him become a lifelong learner. Today, he continues to take advanced classes in tax, investment, estate and retirement planning. Get In Touch
- Long Term CareProtecting both current and future assets is crucial to effective wealth management. Our analysis extends beyond evaluating the sufficiency of traditional insurance protection such as life, disability, long term care and liability coverages. Utilizing the proper business structures, trust techniques, and ownership registrations can significantly impact the viability of your plan. We do not sell any product, but we do have the expertise to guide you through the process.
- Asset ManagementFollowing the guidelines set forth in your Investment Policy, we construct a customized asset allocation strategy, diversified across market sectors, paying particular attention to tax efficiency and the impact of legacy positions. Within the framework of the allocation strategy, securities are then selected, based upon the long-standing fundamentals of Value Investing, in search of superior, risk-adjusted returns.
- Living Trusts
- Gifting StrategiesFor these and other tax-aware gifting strategies, work with a financial planner, wealth advisor, or tax, trust, and estate specialist. And ultimately, work with a qualified tax professional who has the appropriate training and insight into your complete financial situation before pursuing more personalized or complex tax-aware strategies.
- College Funding
- Mortgage RefinancingIn 2024, home improvement projects are expected to decline due to housing market issues, such as stalled home sales and mortgage refinancing. Rising labor costs and continuing supply chain issues plague the home improvement industry. Per JCHS, home improvement revenues peaked in the third quarter of 2022 and will start decreasing in 2024. JCHS is still optimistic about some revenue growth, projecting a market increase to $485 billion by the end of 2024.
- Asset Protection