Mark is a CERTIFIED FINANCIAL PLANNER™ professional and his main responsibilities include managing and monitoring client portfolios, researching and monitoring our mutual fund investments, financial planning and reviewing portfolios with clients. Prior to joining our team, Mark was involved in portfolio and wealth management at Charles Schwab & Co. and Clarity Financial, LLC.
Mark earned a bachelor’s degree in Business Management from Central College.
Outside of my professional career I am passionate about: I am passionate about living life and fully engaging in many activities; tennis, pickleball, working out, family, yard work, photography, and football.
What drew you to the wealth management industry? What drew me into wealth management was being able to work in an industry that centered on investing and having your money working for you.
What is the most rewarding part of being a BFSG Team Member? The teamwork, collaboration, and being around great people.
The one word or phrase that best describes me is: The word that best describes me would be Disciplined.
What’s the best piece of advice you have ever been given and how might this apply to your role here at BFSG? Work hard and do the right thing even when no one is watching.
The first perk for those that itemize deductions, allows 100% of cash gifts (including by check, credit card or debit card) to be deductible in 2021 (this also applied for 2020). Normally the limit is 60% of adjusted gross income (AGI). So, a person with $200,000 AGI, can now deduct up to $200,000 if charitable gifting is made in cash, where normally they would be capped at $120,000 (60% limit). These charitable contributions CANNOT be used for Donor Advised Funds or 509(a)(3) supporting organizations.
For those that already maxed out your charitable gifting (up to $100,000) from your traditional and/or inherited IRAs by using Qualified Charitable Distributions (QCDs) and want to gift more to a charity, you may want to consider taking the remainder gift from your tax-deferred retirement account (if you are over age 59.5 to avoid penalties) which would increase your AGI since the distribution is treated as taxable income but simultaneously offset that income via the 100% deduction for the cash gift. This strategy would be especially effective if some of the IRA changes under consideration before Congress become law. Currently, in its Build Back Better legislation, Congress is proposing restrictions on so-called “mega IRAs” with balances over $10 million. The legislation would mandate required distributions of 50% of the amount exceeding $10 million and require distributions of 100% of the IRA balance exceeding $20 million—potentially creating major tax events for some individuals in the coming years.
The second expiring perk is the opportunity to deduct cash gifts to eligible charities of up to $300 for single tax-filers and $600 for couples against taxable income, even if you claim the standard deduction (great news for the 90% of households that take the standard deduction each year). Let’s say a married couple with an effective tax rate of 25% jointly donated $750 throughout the year. If they take the standard deduction, they’d be able to deduct the full $600, lowering their federal tax liability by $150. Keep in mind that donations made to individuals are not tax-deductible (i.e., GoFundMe campaigns).
Charitable giving provides you the opportunity to create a meaningful legacy and support the causes that are important to you. Consider speaking with your financial professional at BFSG for guidance around your philanthropic goals and assistance on the execution.
Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please see important disclosure information here.
*Please Note: Limitations. The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent. BFSG does not prepare legal documents or tax returns, nor does it sell insurance products. Please Also Note: Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.
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