In show-business, few can claim that they are the much sought after triple threat. While many can sing and dance, or act and sing, few stars can sing, act, and dance exceptionally well. When it comes to tax-preferential savings there is one account that can sing, dance, and act above the rest. This ever elusive triple threat of the retirement savings world is none other than the Health Savings Account (HSA).
After much deliberation in Congress, the SECURE Act has made its way through and is likely to be signed into law this week. For those who missed it, we wrote a post back in June about the proposed changes to the retirement saving landscape. Now that the law has been finalized, we wanted to highlight some of the key changes and how it might impact you and your retirement savings.
It's a common misconception to believe that Social Security benefits are tax-free. While that is the case for some people, for many Americans, some or even most of their Social Security income will be taxable. When does Social Security become taxable? Read further to find out.
If you are married and your joint taxable income is between $170,000 and $320,000 you are in the 24% tax bracket. This means the wage income you earn between $170,000 and $320,000 is taxed at 24%. If your income will fall in between these limits for the foreseeable future, you should consider whether or not you think your marginal tax rate will continue to be as low as 24% over the next 0-10 years. Note that under current law, the marginal tax rate on that level of income is set to increase to 28%-33% starting in 2026. That’s a huge difference in taxes paid!!
Milestone Financial Planning is excited to announce that after months of hard work, we can finally call ourselves a B-Corp. For those who aren't familiar of B-Corporations, they are for-profit companies that seek to be a force for good by helping to build a more inclusive and sustainable economy. Milestone is the first B-Corporation investment advisor in New Hampshire and joins the ranks of other well-known B-Corporations
Americans are known for being some of the most generous people on Earth. In fact, according to the CAF World Giving Index, the US was the most charitable nation over the past decade. Since the stock market is near record highs, unemployment is low, and the US economy continues to grow; it would be expected for the giving trend to continue. However, at first blush this may not be the case