Tax Planning

May Monthly Economic Update

Stocks rebounded sharply in April, fueled by a flattening pandemic curve and positive results from a clinical trial investigating a treatment for COVID-19. The Dow Jones Industrial Average, which dropped 1% in March, jumped 11.08%. The Standard & Poor’s 500 Index rose 12.68%, and the NASDAQ Composite surged 15.45%.

April Monthly Economic Update

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law, bringing relief to millions of Americans, most of whom are expected to be quarantined for at least another month. The White House has asked Americans to continue "socially distancing" during the month of April. Volatility continued in International markets, even as the COVID-19 (novel coronavirus) reached the United States...

March Monthly Economic Update

In February, anxieties about the novel coronavirus (COVID-19) rippled through stock, bond, and commodity markets. Stories about the disease dominated the news cycle, and concerns that a pandemic might occur hurt equities. The S&P 500 slipped 8.41% for the month, and foreign stock markets also retreated....

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you worried that you may not have paid enough federal taxes due to the new tax law?

By Steve Barrett, CFP®, AWMA®, AIF®, CPWA®
Vice President of Wealth Management

I am guessing most of you would answer “no”. In fact, I would expect everyone would like to pay less in taxes. However, the new tax law reduced many of the individual tax brackets only through December 31, 2025 (barring any action by Congress or the President). Therefore, it may make sense to pay taxes now in order to pay fewer taxes throughout your lifetime.

By Colleen M. Henes, CFP®, JD
Happy Tax Day! As tax season comes to an end, so do my weekly tax tips. I hope you have found them helpful and relatable. If you ever have a tax question, please do not hesitate to reach out to me at any time. No question is too small. Now it's time to celebrate!

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you employed and have a home office or significant unreimbursed business expenses such as travel costs, union dues, professional licenses/subscriptions, or continuing education fees?

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Do you know if you can contribute to a traditional IRA this year (or for 2017)? If you have taxable compensation and you are under age 70 1/2, then the answer is “yes”!

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you afraid that your tax preparer may file an extension for your taxes? Don’t be! Extensions are quite common and can be requested for any reason (in fact, you don’t even have to give a reason).

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

There have been a lot of changes in the tax code since President Trump signed the Tax Cuts and Jobs Act in December 2017. One of the most talked about is deductions.