Choosing a Retirement Plan for My Small Business
As an employer, you can play a vital role in helping your employees save for their retirement. Most people will need between 70 and 90 percent of their preretirement income to maintain their standard of living in retirement. These days, retirement can be 30 years or longer. By establishing a retirement plan, you can help […]
Pros and Cons of Buying vs. Leasing a Vehicle
With the ever-changing landscape of automobiles, we are seeing more and more questions regarding buying vs leasing vehicles. The answer to the question is not cut and dry, as there are pros and cons to both choices. Each individual must weigh the different options to come to the proper conclusion. In this blog, we will […]
Do I Really Need to Buy Life Insurance?
The answer to this question is probably yes if you are 30 something, are growing your family or have recently bought a house and you really have not addressed your life insurance death benefit since you took your first job!! Insurance, in general, is viewed as somewhat of a necessary evil, so many people avoid […]
IRS Form 1099-K – The New Reporting Rule
Unless Congress acts this year to change the rule it enacted with the adoption of the American Rescue Plan Act of 2021, more information reporting will be required of certain third-party payment networks. Beginning this year, payment card companies, payment apps and online marketplaces such as PayPal, Amazon, Venmo and eBay, must file IRS Form […]
Is Leverage Good?
Leverage is a powerful force that is deeply rooted in our society. It has facilitated the build-out of communities, contributed to the expansion of businesses, and led to countless booms and busts in the economy. While there are many places where leverage has done good, that doesn’t tell the full story. What Does Leverage Mean? […]
HSA Planning: Drawdown and Estate Planning
The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What […]
Compound Interest: The Eighth Wonder of the World
Would you rather have one million dollars in cash or one dollar that doubles for 20 days straight? At face value, you might think “Why would I not take the one million dollars over one dollar right now?” Thinking this way would be short-sighted because, with a little bit of patience, you would be awarded […]
Long-Term Care – To Insure or Not to Insure?
In our work with pre-retiree and retired clients, we often get questions surrounding the applicability of long-term care (LTC) insurance to their particular financial situation. LTC insurance is, in many cases, viewed as this mysterious box of unknown benefits and costs and often clients are even afraid to inquire about the topic. So, let’s take […]
Average Returns are Anything but Average
Today, we will deconstruct a common myth about market returns. Before I get started, I recently addressed some common investor mistakes and how to avoid them. If you missed them or would like to reread them, you can do that by simply clicking here, here, and here. Do you know what the average price return […]
Cryptocurrency Taxation
Do I have to pay income tax on my cryptocurrency (“Crypto”) transactions? Will my Crypto transactions be reported to me? Over the past couple of years, we have heard these questions, and others like them, quite frequently. If you disposed of your Crypto during the year from a taxable account, the short answer is yes. […]