Typically, year-end tax planning consists of accelerating deductions, delaying income, and maximizing contributions to tax-deferred accounts. While these ideas still may be beneficial for many people, the tax increases included in proposed legislation may cause some taxpayers to go a different direction this year.
Too often we find ourselves reading articles that predict financial doomsday or that have headlines designed to scare the reader into action or submission. In a world filled with non-stop news reporting and endless platforms to promote ideas, sell products, and gain attention, it can be very difficult to determine what is important and true.
The American Rescue Plan Act of 2021 provides a third round of stimulus checks, increases the child tax credits, and more. Learn more today.
Ohio unemployment compensation fraud is running rampant. The Ohio Department of Job and Family Services reported that for the week ending February 6, there were 44,000 potentially fraudulent unemployment claims out of 140,444 (31%). You may know a friend or family member that has been targeted in this identity theft scam or you may be a victim yourself.
Many acknowledge they are in need of an estate plan yet struggle to actually put a plan in place. In fact, a recent 2021 study by caring.com found that only 32% of adult Americans have a will or another type of estate plan in place. The study also points out that the majority of those that do have documents in place are 55 and older.
The SECURE act was a very impactful piece of legislation that would still be top of mind if it weren’t for the events and changes that have followed since its passage in December 2019. Among other things, the SECURE act increased the age of Required Minimum Distributions (RMD) to 72 from 70.5.
What a year it is has been so far, with the coronavirus pandemic throwing a wrench into our way of life. Social distancing from one another and wearing masks have become the new normal. Our nation has faced unprecedented times in terms of shutdown. Many businesses and schools have found themselves embracing technology in order to operate and move forward. Our government has taken several actions to provide relief to business and individual taxpayers, with the passing of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).
As many parents embrace summer and recover from a challenging stint of homeschooling their children, there is one aspect of education that will stay primarily our responsibility: teaching our children about money.
During times of market volatility, our team at Buckingham Advisors works diligently to identify opportunities to implement tax and financial planning strategies. While it can be very distressing to see account balances go down, it’s important to remember that stocks/equities are long-term investments, and pull backs and moments of fear are a part of economic cycles. In this article, I want to cover some basic financial planning principles to ease anxiety and discuss a few more advanced planning strategies to consider.