We often recommend and have clients doing a Backdoor Roth IRA contribution as part of their retirement planning. While our clients usually engage a CPA to prepare their taxes some prepare their own. If you are a turbo tax user this link may be helpful on how to handle the conversion for the federal return.
This is the time of year when many may be spending time with family and/or friends while enjoying the holiday season. It's also the time when people typically make New Year resolutions – often centered around physical health or financial health.
These are some Frequently Asked Questions I get for those thinking about their finances. Of course there is more to financial planning and investment advisory services than these limits:
By Philip Lee, CFP®
Are you a Massachusetts resident and saving towards college via a 529 Plan?
I’ve often recommended the Nebraska 529 plan or, more recently, the Utah 529 plan since they offer great investment options for college savers. Massachusetts didn't have a tax incentive to save in our state's 529 plan. Now there may be a reason to use the Massachusetts state plan!
Whew…... so, this current election cycle is over and soon there will be a new administration. In the past two weeks, I find clients who are overwhelmed with the election, the barrage of 24-hours news on social media and the radio, and have a multitude of questions or concerns about what may or may not happen with the markets. Might inflation start to flare? How many my taxes change? Will volatility increase?
By Philip Lee, CFP®
Last week my son asked me about charities and why or how people give to others. What a great conversation to have with a son – so I explained that I like to help others who have been less fortunate or need help during a transition such as a job loss or a divorce. Last year I helped to serve meals at a women’s shelter and gave away clothes that no longer fit to a shelter -- my son snagged a couple of clothing items before final delivery to the shelter.
There are a myriad of strategies for cutting your tax bill leading up to and during retirement. Philip Lee, CFP® is quoted in this recent The Fiscal Times article about the importance of asset location in investment portfolio designs: http://www.thefiscaltimes.com/2016/09/20/5-Ways-Cut-Your-Tax-Bill-Retirement
by Philip Lee, CFP®
As the summer wind-down begins it is time to start thinking about upcoming financial planning deadlines:
Sept. 15: Deadline for your Third quarterly estimated tax payment due
Oct. 1: FAFSA Submission Time-window Begins
If you (your child) plans to attend college from July 1, 2016 - June 2017 you can submit the Free Application for Federal Student Aid (FAFSA) form starting October 1st. This is a significant change from the past. More info.