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Information provided on this page is informational only. Nothing posted here should be considered investment advice. Please review your financial situation with a qualified financial professional before taking action. For more information please see our disclosure.

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Getting Ahold of Your Finances – Creating a Spending Plan for the New Year

There is a question that people in the fitness community frequently ask: What is the best diet and exercise program? The answer . . . the one you can stick to. I could tell you that you should eat broccoli because it’s one of the most nutritious foods on the planet, but if you gag the second it touches your tongue, or worse, if you’re allergic, that’s going to be terrible diet advice. In the finance realm, much the same can be said about budgeting, or as we like to call it, a spending plan. The best spending plan is going to be the one you can stick to. Each person’s goals and values will differ, and because of that, their spending and savings will be unique as well.

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Time to Reflect on the Upcoming Year - Our Top 5 Financial New Year’s Resolutions

Setting New Year’s resolutions is a common practice for millions of Americans. Although we all know the stats about how frequently we fail to live up to them, it doesn’t mean we shouldn’t try. If we don’t set goals, then there is a 100% chance we won’t meet them. With that in mind, we have some typical, and not so typical, financial New Year’s resolutions to consider adding to your list for 2022.

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Last-Minute Tax Planning for 2021

Where has the time gone? Another year came and went. Although we are beginning to draw the curtain on 2021, that does not mean there aren’t some last-minute tax planning considerations before we close out the year. With the clock winding down, there are some final tax moves you should consider before year-end. However, for others, you may have until early 2022, or even the tax filing deadline, to make final decisions that will impact your taxes in 2021. Here are some things to review before the year is out.

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The Importance of Retirement Tax Planning – Why Tax Planning in Retirement Is Just as Important as When You’re Working

In financial media, there is significant chatter about saving for retirement and utilizing ways to reduce your taxable income during your working years. But what often gets neglected are the discussions surrounding taxes in retirement, which, in many cases, are even more complex than when you’re working. With Medicare premium surcharges, Social Security brackets, estate taxes, required minimum distributions, and withdrawal decisions from tax-deferred, tax-free, and taxable accounts, juggling all these different items can be incredibly challenging.

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Contribution Limits for Retirement Accounts in 2022

As financial planners, we obviously adore retirement accounts and saving for the future. What makes these accounts so great are the tax rules associated with contributing money to them. You can either get a tax deduction today (but pay taxes later when you withdraw the money), or you can skip the deduction now and know that the money invested will grow tax free going forward. The tax benefits are so appealing that there are contribution limits to these various retirement accounts. Every year, the IRS reviews these limits, and financial planners everywhere wait with great anticipation to see whether these limits will increase in the coming year. Well, the numbers for 2022 are out....

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What to Know About the Healthcare Exchange Open Enrollment and Tax Credit for 2021

Health insurance open enrollment comes around the same time every year. Last week, we wrote a post about open enrollment for those people who are already on or who are going to soon be on Medicare. This week we’re going to review open enrollment for the health insurance exchanges. Having adequate health insurance is a foundational part of any complete financial plan. Many people are offered health insurance coverage through their employer or, if they are old enough, from Medicare. It gets a little more complicated for self-employed people or for those who are currently out of a job.

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Holiday Shopping in 2021 — Supply Chain Troubles, and Why You Should Be Getting Your Gifts Now!

Although the leaves have just turned and started to fall and the first snow of the season has yet to arrive, economic experts can already hear the Christmas bells in the distance. Last year, we wrote a post about the holiday shopping season starting earlier, and it appears that 2021 will be much of the same, if at least partially for different reasons. If you haven’t started thinking about getting gifts for the holiday season, although it’s only October, now is probably a good time to start. There are significant supply chain issues that are already impacting retailers, and those who start their shopping earlier are likely to come out ahead this year. Here’s what you should know about the holiday shopping season and the headwinds facing retailers in 2021.

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End of the Backdoor Roth? New Tax Law Proposal Aims to Quash This Powerful Retirement Savings Move

An incredibly wise man, Benjamin Franklin, once said, “In this world nothing can be said to be certain except death and taxes.” While there isn’t anything we as financial planners can do about death, one of our main goals is to help our clients reduce their total lifetime taxes paid. One of the best ways to accomplish this is to contribute money to a Roth retirement account (either a Roth IRA or a Roth 401(k)). The trouble with this is that not everyone is eligible to contribute to a Roth IRA directly or has an employer that offers a Roth 401(k) option. In these instances, another avenue to pursue is evaluating whether it makes sense to do what’s called a backdoor Roth contribution instead.

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Honey, They Shrunk the Package Size – What Shrinkflation Is and How It’s Plaguing Grocery Store Shelves

Does it feel like what you are getting at the grocery store isn’t going as far as it used to? When you buy a bag of chips, do you have the sneaking suspicion that it’s filled more and more with air, and less and less with the crunchy goodness we desire? If you’ve had the hunch that your money isn’t going as far as it used to, you wouldn’t be wrong. If you’re someone with kids, you may wish that you could reduce the size of your children like they did in the ’80s cult classic Honey I Shrunk the Kids, if only to reduce the amount of your food bill.

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