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What homeowners need to know about PMI tax deduction 
After months of searching, countless open houses, and endless deliberation, you’ve finally found your dream home. Like many homebuyers, your mortgage requires Private Mortgage Insurance (PMI). The premium will most likely be included in your monthly payment, and you may be wondering whether PMI is tax deductible.  Key points: Mortgage Insurance Premiums (MIP) or Private […]
A Beginner’s Guide to Tax-Efficient Investing 
Let’s be honest: none of us enjoys handing hard-earned money over to the IRS, but we’re all responsible for paying taxes. The good news is that taking advantage of tax-efficient investing and using tax-advantaged accounts allows you to retain more of your earnings and defer tax liabilities.  Why is tax-efficient investment important?  Taxes can eat […]
The latest retirement savings plan contribution limits 
Planning for retirement involves strategic financial decisions, which is why it’s important to understand the latest retirement savings plan contribution limits and what they mean for you and your ability to maximize your savings. Every year, the IRS sets new limits on how much you can contribute to different types of retirement plans. These limits […]
How Florida’s universal school choice bill may affect your financial plan
In a landmark move, Florida has taken a giant leap forward in expanding school choice options for students across the state. On March 27, 2023, Governor Ron DeSantis signed House Bill 1 (HB 1), a historic piece of legislation that eliminates financial eligibility restrictions and the enrollment cap for school choice programs. As of July […]
10 things you should be doing with your financial plan
In our last economic update webinar, we discussed the hot topics of inflation, market swings, and what’s ahead for our economy. We also covered ways to protect your savings and how to invest in uncertain times, which resulted in a list of ten things you should be doing with your financial plan. Review these items […]
IRA to Roth conversion: Should you change your retirement plan? 
Roth conversion (converting from a Traditional to a Roth IRA) can be an attractive prospect when the market is down; you can move your balance to the Roth IRA while the taxable amount is lower and then let it grow tax-free in the Roth account. There are various reasons to convert a Traditional IRA to […]
What a Financial Plan is NOT
Any financial planner worth their salt will not simply sell you financial products, review your portfolio, or conduct an insurance analysis or retirement assessment. Of course, these elements are essential parts of a financial plan, but by no means do they represent the whole. The core of your financial plan is you—not the products, services, […]
Student Loan Forgiveness Plans: What borrowers need to know now
IMPORTANT UPDATE: On November 10th, 2022, a court struck down the Biden-Harris Student Debt Relief Plan, and the administration has now stopped accepting applications for federal student loan forgiveness.  The department says it will hold the applications of borrowers who have already applied. For now, borrowers should sit tight and wait to see what happens. […]
Traditional IRA vs Roth IRA: Which is right for you?
When it comes to financial planning, saving for retirement is a top priority. When we picture our golden years, we hope to be able to enjoy financial freedom, live comfortably, and perhaps even provide for others after we’re gone. One of the most popular vehicles for people with earned income to save for retirement is […]
Tax planning opportunities when you’re in a pinch  
2022 not your year for earning potential? Many of us are still feeling the effects of the pandemic reflected in our income, AND we now have inflation to deal with. Perhaps you’ve been forced to take a break from work due to personal circumstances, or maybe your business just hasn’t done that well this year. […]
What you should know about estate planning with a family business
While building a successful family business takes a significant amount of time, effort and money, it can all come toppling down if you haven’t created a strong estate plan. According to PwC’s 10th Global Family Business Survey insights, family businesses make up more than half the world’s GDP and are massive contributors to social and […]
Inflation Reduction Act of 2022: What you need to know
After months of negotiations, the Inflation Reduction Act of 2022 has been signed into law by President Biden. This act is a massive climate, healthcare, and tax bill that has the power to drive some real changes in our economy in the coming years. Here’s what we want our clients to know now.  What is […]
7 factors to consider in your estate planning
“More than 50% of Americans think that estate planning is at least somewhat important, but only 33% have a will or living trust.” – Nobody likes to think about what will happen when they’re gone, but ensuring your estate is in order will help to prevent unnecessary family squabbles and reduce the tax burden […]
Your quick guide to safe harbor 401(k) plans
For companies looking to provide their employees with the tax benefits as a regular 401(k) plan without all the hassle, setting up a safe harbor 401(k) means they can skip the onerous annual testing requirements and expenses associated with nondiscrimination tests typically required for a traditional 401(k). In this article, we discuss the problems a […]
What to know if you’re selling your home this year
Your home is probably one of the most significant purchases you’ll ever make in your life. It’s also one that comes with a lot of pride and emotion. Now, it’s time to sell. Of course, you want to make a profit, but what about the tax implications? Here’s what you should know if you’re selling […]
The ABCs of 529 college savings plans
Given that the average annual cost (tuition, fees, and room and board) of college has increased 11% at public colleges and 14% at private colleges (over and above increases in the Consumer Price Index), it’s no surprise that college expenses can be overwhelming. In the 2021-2022 year, the average total cost of attendance for in-state […]
Your quick guide to inflation and interest rates
U.S. inflation continues to make headlines, with the most noticeable impact on the costs of real estate, fuel, and food prices. With inflation on the minds of consumers, our goal is to empower you to make informed decisions about your finances. Here is a quick primer on inflation, interest rates, and ways to safeguard your […]
If Denis Phillips was a financial planner…
Every Floridian knows when the hurricane tracker tells you you’re in the “Cone of Uncertainty”, it’s time to read Tampa area Chief Meteorologist Denis Phillips’ seven hurricane rules. But what if Denis Phillips was a financial planner rather than a meteorologist? What would he say about the market? I imagine a calm, Denis Phillips-like financial […]
Don’t Miss Out on Tax Deductions in 2022 
All too often, we see people missing out on great tax-saving opportunities because they simply don’t know about them. And with tax laws changing every year, it’s not always easy to keep up with the latest tax deductions, credits, and exemptions.  Our list of frequently missed tax breaks may help you uncover money-saving opportunities this […]
Inflation and the Bear Necessities: Q1 of 2022 Economic Update Webinar
We are still dealing with COVID. We’ve seen empty shelves and inflation. We’ve watched Build Back Better drift from headlines to the dusty recesses of media memory. We’re staring down a bear market. As a result, our team has had many clients looking at their portfolios, watching the headlines, and raising questions about their investments. […]
Critical life lessons for the family office 
While the family office concept has been around for decades, it has seen significant growth in the past 10 years. We attribute this to many of the factors driving other changes in the business world: greater home connectivity and access to information, as well as the tremendous amount of change and upheaval in the wealth […]
Should you migrate to the Sunshine State?
“Join me in inviting @elonmusk to move @Twitter to the freest state in the nation! Florida would benefit the company as a whole—we have no state income tax and the perfect business climate. It’s time to book a one-way ticket,” said Florida CFO Jimmy Patronis in a tweet after it was announced that Elon Musk […]
More 2022 tax changes that may affect you
Last week’s blog covered some of the 2022 tax changes that may cause your tax situation to be quite different than it was in 2021. Here are some additional changes that may impact your return for the next filing season. Standard Mileage Rates Mileage Type  2021 2022 Standard mileage rate for business driving/mile 56¢ 58.5¢ […]
The 2022 Tax Changes You Need to Know
Although filing your 2021 tax return may still be top of mind, there’s no better time to start planning for the tax changes coming in 2022. Every year brings with it a long list of tax law changes that can affect your bottom line, so it’s important to familiarize yourself with what’s new and what’s […]
Rules to know if you’ve inherited an IRA
Saving for retirement is a top priority when it comes to financial planning. We all hope to reach financial freedom and enjoy our golden years, live comfortably, travel, and spend time with loved ones. Looking past our own needs, many of us also have family members we wish to provide for long after we are […]
Retirement planning at every age
Your golden years should be spent doing the things you love, enjoying life to the fullest surrounded by those that you hold dear. Unfortunately, the majority of Americans have fallen short on retirement savings, leaving them in a bind financially. If your retirement years are looking less-than-relaxing based on your current savings, it’s not too […]
Review your finances with our year-end checklist
As 2021 comes to a close, it’s an ideal time to assess your finances and set goals for the new year. We recommend reviewing your current financial situation, identifying money moves to make before year-end, and determining any adjustments needed for 2022.  For a comprehensive review, consider the following: Retirement accounts Since there is no […]
Year-End Tax Planning: 10 considerations before the end of 2021
With the 2021 tax season right around the corner, now is the time to act on your tax planning strategies. Don’t forget any last-minute contributions or purchases that will benefit either your personal or business return. Below are some of the items we’re reviewing with clients in our year-end tax strategy meetings. 1. Charitable contributions […]
What are the benefits of hiring a CPA firm?
The average taxpayer goes searching for a CPA at tax time and often realizes that there are benefits to hiring a CPA firm throughout the year. CPAs provide valuable time and money-saving services to individuals and business owners. Whether you’re looking to save on your taxes, better understand your investments, plan for retirement, create an […]
Donor-Advised Funds can offer Tax Benefits for Charitable Givers
If you’re looking for ways to maximize the tax benefits of charitable giving, donor-advised funds might be a great option. Donor-advised funds are accounts that are maintained and operated by a section 501(c)(3) organization. Donors can give money or assets (stocks, bonds, real estate) to a nonprofit sponsor to then be disbursed to various charitable […]
How Gen X can get on track for retirement
Gen X has seen a lot of economic swings: the tech bubble, the great recession, and now the global pandemic. Many are caring for their Boomer-generation parents while supporting their kids through college, which in many cases has spread their finances thin. How do you ensure financial stability in retirement while taking care of business […]
10 Year-End Tax Planning Recommendations
With all of the changes we’ve experienced in 2020, we strongly recommend reviewing your tax documentation and other financial information before the end of the year. We conduct year-end tax planning meetings with many clients, and these give us the opportunity to look through the nuances of individual finances. However, there are certain points that […]
5 ways to teach money management skills to the next generation
We all want our children and grandchildren to grow up to be financially stable, to make smart financial decisions, and to be confident in managing their money. Early, consistent teaching about finances is critical—and it’s never too early to start with your own kids and grandkids! Here are 5 tips to help you teach money […]
Investing in Turbulent Times
When big drops in the stock market start to make major news headlines, investors tend to get nervous. The steady gains of the past few years have lulled many people into a feeling that the market can only keep going up. That sudden barrage of media notifications that the market is “crashing” makes it seem […]
Getting started with saving and investing
You probably know you need to save for your future. Hopefully you even have a goal in mind. If your new year’s resolution has you putting your finances in order, here are some pointers to help you get started with saving and investing. Solidify your strategy Regardless of whether you’re a seasoned investor with a […]
Four things savvy savers do differently
Have you heard about the invisible rich? These are the people whose lives are anything but flashy—they drive older cars, pack their lunches, live in a modest home, etc. At the same time, they’re making five-figure donations to their churches and sending their children to college without borrowing any money. Just how does this happen, […]
3 common misconceptions about estate planning
No one enjoys conversations addressing our own mortality. The reality is that avoiding the topic is one of the most damaging decisions that will continue to reverberate long after your inevitable passing. If you don’t have a Last Will & Testament in place at the time of your passing, the state will determine how your […]
How secure is your retirement plan?
Let’s be honest: nothing in life is a given (except for death and taxes, of course). Planning for retirement includes elements of art and science, and a qualified financial advisor can be a figurative goldmine when it comes to making the right decisions for your retirement plan. Here are some of the common misconceptions about […]
Tax Planning and The Tax Cuts and Jobs Act
Tax Planning and The Tax Cuts and Jobs Act The tax year 2018 is quickly ending. The Tax Cuts and Jobs Act (TCJA) makes tax planning more challenging this year, but certainly not impossible. Over the following weeks, we will be discussing various aspects of the TCJA, which must be considered to maximize the tax […]
Who is MyRA and why is Everyone Talking about Her?
In his recent State of the Union Address, President Obama introduced America to MyRA (or, “My Retirement Account”) for people who lack employer-sponsored retirement plans. He signed a presidential memorandum in Pennsylvania to make America’s new Savings Sweetheart official. The concept behind a MyRA is relatively simple: Taxpayers can sock away up to $15,000 into […]
IRS Offers Affordable Insurance Safe Harbor Under Affordable Care Act
Under the Affordable Care Act, a company with fifty or more employees must provide them with affordable health insurance, meaning the employee’s share of the premium cannot exceed 9.5% of the employee’s household income. Although that may seem relatively cut-and-dry, putting it into action will be challenging to say the least.  One of the biggest […]
Form 5498 for IRA Contributions
Taxpayers who contributed to an IRA in 2011 are starting to receive their Form 5498, IRA contribution forms.  You may receive this form even if you made a contribution in 2012 for 2011. The form is primarily for information purposes, and does not have to be sent in with your tax return.  If we have […]