Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in time for Open Enrollment, 2023 Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year....
If residents filing jointly made $500,000 or less in 2020, they could be eligible for a refund check of up to $1,050 with a dependent or up to $700 without a dependent. Here is a table outlining the exact amounts. Check it out to see if you’re eligible – if you are, California will be sending payments between October 2022 and January 2023! Disclosure: BFSG does not make any representations or...
October is the kickoff month for financial aid. That's when incoming and returning college students can start filing the Free Application for Federal Student Aid (FAFSA) for the next academic year. The FAFSA is a prerequisite for federal student loans, grants, and work-study, and may be required by colleges before they distribute their own institutional aid to students. How do I submit the...
By: Michael Allbee, CFP®, Senior Portfolio Manager There are many tax strategies available for business owners, but it requires proper planning throughout the year. Here are some things to consider as we approach the year-end to minimize your tax liability. Take advantage of the expiring “Tax Cuts and Jobs Act” (TCJA) bonus depreciation In 2017, the TCJA made it so business owners could...
We wrapped up September and boy was it one to remember but for all the wrong reasons. With fears of central bank over-tightening, the S&P 500 index dipped to a new 2022 low. The U.S. 10-year Treasury yield surpassed 3.8%, marking the quickest re-rating in daily yields since 2009. A 60/40 balanced portfolio of U.S. stocks and U.S. bonds is now down -20.2% year-to-date through September 30th,...
September is National Preparedness Month, part of an effort by the Federal Emergency Management Agency (FEMA) to raise public awareness and inspire disaster readiness. Most communities could be impacted by some type of natural disaster, whether it's a wildfire, hurricane, tornado, earthquake, or flood. Here are some tips to help keep your family safe in an emergency and allow you to leave...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner Most people look forward to the day that they can have independence and no longer have to work 9 - 5. In my experience, while everyone wants to retire, most are truly not ready to retire. I am not referring to having the financial ability to retire but most are not emotionally ready for retirement. Retiring before you are emotionally ready...
By: Henry VanBuskirk, CFP®, Wealth Manager New parents in any country all share a common goal – to have their kids be better off than they were. In America, we colloquially call it ‘The American Dream’. In some respects, the dream is alive and well. In others (budgeting, debt management, and financial literacy in general) it looks more like ‘The American Nightmare’. My goal today is not to...
One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met,...
The Inflation Reduction Act, signed into law on August 16, 2022, includes healthcare and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is also provided to the IRS. Some significant provisions in the Act are discussed below. Medicare The legislation authorizes the Department of Health and Human...
The S&P 500 index experienced its worst August in seven years as traders weighed the prospect of more aggressive action from the Federal Reserve (the Fed) on interest rates to rein in inflation — even if that means some pain for households and businesses. Here are 3 things you need to know: The unemployment rate in August backed up to 3.7% (from 3.5%) driven by a huge increase in the...
By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 4 of a four-part estate planning series) In the previous posting, we discussed how Mark Zuckerberg of Meta Platforms, Inc. had the same strategies available, that you have available in order to reduce or possibly eliminate your estate tax bill. In this final part of the estate planning series, we would like to review how gifting...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 3 of a four-part estate planning series) In part 2 of this series, we discussed strategic ways that you can get assets out of your estate. In this post, we would like to go over how you can capitalize on minimizing your estate tax, while your heirs enjoy the appreciated value of your asset, and how you are able to have some benefits...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 2 of a four-part estate planning series) In our previous installment in this series, we discussed what Estate and Gift Taxes are and why they exist. In this installment, we will discuss strategies that can help reduce your overall income tax burden from the estate tax. The most logical way to lower your taxable estate is to get...
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