As Benjamin Franklin once said, “. . . in this world, nothing is certain except death and taxes.” For good reason, few people like to talk about either of these topics. Nonetheless, in this article, I will focus on the latter, taxes. In retirement, taxes are coming...
Imagine for a moment you are on your way home from the store, and a dog jumps out in front of you. In a moment of surprise and quick reaction, you do your best to avoid the dog; however, you lose control of your vehicle and hit a tree. Thankfully, you survived the...
In 2004, a Harvard Business Review article argued that ambidextrous leadership was crucial to long-term business success. Ambidextrous was defined as a business that exploited existing market opportunities, displayed operational excellence, and mandated executional...
Fall is my favorite time of the year, and it is here. The leaves have begun to change, the temperatures are starting to cool off, and we are in the middle of college football season. Just like the weather has begun to change, the IRS has made changes that will affect...
The US legislature is required to raise revenue for bridges, armies, and social safety nets. The budget changes and the need for more income seem obvious. The tax code creates a rule book attempting to uncover the necessary revenue to run our country. Bear in mind...
Investments have varying characteristics. The most essential issues are volatility, taxation, and liquidity. Occasionally, assets have to be divided amongst children and spouses in the case of divorce. Picking and choosing assets to be exchanged or delivered to a...
Your Retirement Playbook with Joe Clark, CFP. In this segment we will cover: When you have an extra dollar, where should you put it? Do you have a checklist or process on how to make that decision? Join us as we break it down! Your Retirement Playbook” is an...
Your Retirement Playbook with Joe Clark, CFP. In this segment we will cover: Get out of the penalty box! You know I hate rules (or are the guidelines or the suggestions?). When I look at most people's financial plans, other people's decisions were actually made,...
Your Retirement Playbook with Joe Clark, CFP. In this segment we will cover: What in the world is a tax bomb?! Ed Slott's retirement Tax Bomb. I've been a part of Ed Slott's organization for the last 18 years (hard for me to believe), where we study taxes. This...
Consider This Program with Aaron Rheaume, CKA, and Grant Soliven, AIF. In this segment we will cover: Coming to the end of your working career can be both exciting and terrifying. How are you going to replace your standard of living without a paycheck? What are the 7...
As Benjamin Franklin once said, “. . . in this world, nothing is certain except death and taxes.” For good reason, few people like to talk about either of these topics. Nonetheless, in this article, I will focus on the latter, taxes. In retirement, taxes are coming...
Consider This Program with Grant Soliven, AIF, and Aaron Rheaume, CKA. In this segment we will cover: Tax Planning Show An in-service, non-hardship distribution is a 401k option that not many are aware of. What other options are wrapped inside of your 401k? Are you...
Knowing which basket to use is essential when engaging in activities like picking apples, or shopping at the grocery store. The same is true when evaluating your investment portfolio. The most common “baskets” used for investing today are mutual funds and their...
Consider This Program with Jamie Burton and Grant Soliven, AIF. In this segment we will cover: On this segment of Consider This Program, learn why the number one wealth eroding factor is not investment losses but Uncle Sam! Talking Points: 1. Tax Planning 2....
Consider This Program with Joe Clark, CFP, and Grant Soliven. In this segment we will cover: Knowing the difference between marginal and effective tax rates is important, especially going into retirement. Where do you need to focus your attention? Call 800-928-4001 or...
Consider This Program with Joe Clark, CFP and Grant Soliven, AIF. In this segment we will cover: Although we fear the dreaded tax audit, the IRS will not likely show up on our doorstep. However, if they did, would you have done the right things to protect your family...
Consider This Program with Joe Clark, CFP and Jamie Burton. In this segment we will cover: Knowing how to read your return can help you understand the IRS’s impact on your financial journey and can help create various strategies to mitigate unnecessary taxation. Call...
When saving for retirement, many factors determine the most efficient and effective way to save. Should I be saving my money pre-tax or after-tax? Should I also have a bucket of taxable money? What may feel good today is not always what is best for our future. A...
Consider This Program with Joe Clark, CFP and Grant Soliven, AIF. In this segment we will cover: Think of tax planning as Annie Duke calls a freeroll. A freeroll is a great decision-making tool because the downside cost is very minimal compared to the potential...
Consider This Program with Joe Clark, CFP, and Grant Soliven, AIF. In this segment we will cover: Many Americans wait until the last possible minute on April 15th to submit their taxes. Not only can that kind of delay put you in an uncomfortable position with the IRS....
Fall is on its way and brings about many changes. Autumn’s beautiful foliage arrives. Thanksgiving and Christmas approach. Another year begins to wind down. During this season of transition, the average family does not think much about taxes. Of course, you are not...
Consider This Program with Joe Clark, CFP and Jamie Burton. In this segment we will cover: We all talk about financial readiness, but are your beneficiaries prepared for what comes next? What do your heirs need to know about your assets and their future? Join us on...
Consider This Program with Joe Clark, CFP and Ben Smith, CPA, CGMA with Estep Doctor and Company, PC. Schedule your complimentary Next Steps meeting today! www.yourlifeafterwork.com 800-928-4001
Consider This Program with Joe Clark, CFP and Aaron Rheaume. In this segment we will cover: Tax Planning is different from Tax reporting. One takes place after the clock has run out. The other can at times be the difference between financial freedom or financial...
Consider This Program with Joe Clark, CFP and Aaron Rheaume. In this segment we will cover: Leaving a legacy with your IRA’s and 401(k)’s has changed. The SECURE act shifted the landscape, and your heirs need to be aware of the tax tsunami that could be coming....
Consider This Program with Joe Clark, CFP and Aaron Rheaume. In this segment we will cover: Reading your 1040 is simple; however, understanding how it impacts your future is not. We will provide clarity on the differences between marginal tax brackets and your...
Tax season ended this year on Monday, May 17, marking the second year in a row where the deadline was extended. Our office, as well as our CPA affiliates, found themselves working until the last possible moment. An unwritten rule says the longer you give yourself to...
Consider This Program with Joe Clark, CFP and Dean Huddleston. In this segment we will cover: Being charitably inclined is a testament to you and your family. Our hope with the Better Giver is not to make you a bigger giver per se', but rather a better giver. Helping...
The most common way for people to save for retirement is through their 401(k) or 403(b) plan. Most of you reading this know the drill – you meet with the plan advisor one or two times a year. The advisor tells you how your mutual funds have performed and uses software...
Consider This Program with Joe Clark, CFP and Aaron Rheaume. In this segment we will cover: Tax reporting is what we are all doing right now. Tax planning is what you did before the end of the year. Reporting tells the IRS the tax story of last year. Tax planning...
Many Americans believe that there are two U.S has two tax codes – one for the rich and one for the poor. Actually, there are two U.S. tax codes, but for the informed and the uninformed. Our team at FEG regularly meets mistakes – or at the very least missed...
Consider This Program with Joe Clark, CFP and Brett Spangler, cPA. In this segment we will cover: Though there never was a mention of a stretch IRA in the tax code, families counted on it in their planning. This is just one instance of the IRA changing the rules...
Consider This Program with Joe Clark, CFP and Brett Spangler, CPA. In this segment we will cover: Effective rates are a focus of accounting software where the computer tells you what tax rate you paid on the average dollar earned. It is a critical number during...
Consider This Program with Joe Clark, CFP and Aaron Rheaume. In this segment, we will cover: Kicking the can down the road" Imagine a cigarette salesperson saying, "Smoke these. They'll give you cancer in the future, and you won't need as much retirement savings." The...
You are on a financial journey. That trip will consist of complex decisions. One of the most challenging issues is determining whether to pay taxes today or defer taxation to a later day. No one wants to pay more taxes today, so the default is to delay the tax...
There are four critical days concerning your taxes every calendar year. April 15th is the typical day your taxes are due – 2020 was the exception, thanks to Covid. October 15th is when your final tax filing is due. The two other dates are apparent but often...
Host Joe Clark, CFP and Co-host Daren Hardesty In this week’s episode, we will cover: The three phases of finance for a 401(k) What to consider when creating a trust Do you really need a business plan? What to know before selling your business Why you should consider...
In this week’s episode, we will cover: The death of deferment End of year tax planning The questions you should ask yourself for tax planning What to consider at the end of your career Tips for giving a eulogy on Zoom Financial Tidbits “I use the Roth as a retirement...