Financial planning is a huge part of what we do here at Creekmur Wealth Advisors, so it's no surprise that tax planning is one area we spend a lot of time working in. When I talk about tax planning I am not talking about filling out and submitting your tax return every April 15th. Filing your taxes is necessary, but it's reactive or backward-looking. Tax planning, on the other hand, is a forward-looking, comprehensive approach to reducing lifetime taxes and increasing overall after-tax wealth.
The topic of IRA's & Roth IRA's can certainly be confusing! But these investment tools are valuable in helping to set you up for the retirement that you envision.
Ready or not - here it comes! Tax filing can be confusing and stressful. Here's a few things you can do to make this process a little smoother.
Over the years I often receive questions from people who want my “great insight” about investing and financial matters. When someone finds out that I work in wealth management, they usually ask for my best “hot tip” – and to that I want to reply,
As tax time rolls around each year we all start getting the necessary documents for proper filing of our taxes. You're not alone if you find all of these important forms a little confusing! Besides the W-2 which is used to report wages, form 1099 is widely used for a variety of purposes. Here are the basics you need to know about this multi-functional form.
There are a number of reasons why a Roth IRA is a smart way to invest for retirement. For most investors, tax benefits rank #1 in their reasoning for investing in a Roth IRA.
Even the most seasoned investors are prone to their influence.
Investors are routinely warned about allowing their emotions to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices.
In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices when it comes to personal finance. It may actually "pay" to recognize blind spots and biases with investing. Here are some common examples of bias creeping into our financial lives.
“Do I have enough?” This is a question we hear all the time during our meetings with clients and prospective clients. While this question is often asked about retirement, we have heard it posed about countless other objectives clients are dreaming of and working towards: