Advisor Helps Client Slash Taxes on Inherited Assets

From: rethinking65.com

After spotting red flags on a prior-year tax return, the advisor, an enrolled agent, dug deeper to find more tax-efficient solutions.

Like most financial advisors, Seth Thompson of Forward Financial Planning LLC prefers not to prepare tax returns for his clients. But by providing complimentary reviews of tax returns to onboarding and existing clients, he has uncovered tax issues missed by their outside…

Daniel Crosby: Can Money Really Buy Happiness?

From: www.morningstar.com

On The LongView podcast, Daniel Crosby, author and financial psychologist, discusses his new book on money and meaning, plus the challenges of spending in retirement.

Daniel Crosby is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has…

New Rules for Retirement Savings Taking Effect in 2025

From: www.kiplinger.com

Many employees will be able to contribute more money to tax-advantaged workplace plans.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, enacted in late 2022, contained a long list of provisions that are scheduled to roll out over several years. Here’s a look at how the legislation could affect your retirement savings in 2025.

Larger catch-up contributions for those in…

Read More

Is Medicare mandatory?

From: www.medicalnewstoday.com

Medicare is not mandatory, but opting out means losing
Social Security benefits and facing a penalty for late enrollment. People with employer-based insurance may be able to delay enrollment in Medicare without penalties.

Medicare is a federal benefit that people contribute toward through taxes while they are working. A person is eligible to enroll in Medicare when they are 65 years old or have certain disabilities or health conditions.

Original…

Year-End Financial Moves for Homeowners

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

As 2024 comes to a close, it’s the perfect time for homeowners to make strategic financial moves to maximize savings and prepare for the coming year. Here are some year-end financial tips to consider:

Maximize Your Mortgage Interest Deduction
If you’re a homeowner with a mortgage, you likely know that the interest you pay on your home loan is tax-deductible….

By Ted James

Entering the empty nest phase is a pivotal moment that invites self-discovery and the pursuit of new passions. As children venture into their own lives, parents are presented with the opportunity to redefine their own paths. This period can be a time of personal growth, where one can explore interests that may have been set aside. Whether it’s through education, volunteering, or social engagement, the empty nest phase offers a chance to…

Deadline: 5 Tax Tactics to Embrace Before 2025

From: rethinking65.com

Implementing these five tax-planning strategies by year end can better equip clients for the coming 2025 tax season.

With the end of 2024 less than two months away, it is time to set your clients up for a successful Tax Day 2025 by offering opportunities to take advantage of any tax savings available.

The following strategies can make an impact on tax planning goals…

David morgan speaks on stewardship at Ormond Beach Presbyterian Church, along with the “First Thigns First” sermon from 11/3/24. Click below to access the video and skip to the 9:45 minute mark to see David’s talk.