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When you are busy running a company, it may be difficult to think about your taxes. Proactive tax planning helps you to avoid an unexpected tax liability when you file. These helpful strategies may offset your tax liability and might...

Social Security benefits are critical to retirement planning. These monthly benefits provide a financial safety net for millions of Americans. But you must navigate the system strategically to get the most out of your Social Security...

The newest generation of upcoming retirees is facing a more unique and prominent dilemma than past generations have experienced: caring for family members at the same time they’re preparing for retirement. There are plenty of...

Planning for early retirement is great, but planning for healthcare coverage at the same time is sometimes more difficult. Healthcare costs are high, and finding ways to bridge the gap between the age you retire and the time you are...

In the world of investing, the eternal debate between growth and value continues to captivate the minds of investors. As we navigate through 2024, the question looms large: Will growth once again reign supreme over value, especially in...

When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer...

What is an estate tax return? When you die, you will leave behind all your property (everything you own) and debts (everything you owe). All this is called your estate. After the debts have been paid, the various items left in your...

Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024.ow much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a...

Asset management and financial wellness can help develop long-term confidence when wealth transfers from generation to generation. Understanding and implementing financial wellness techniques is essential for effectively sharing wealth...

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck. But what happens once you’ve...

There are only 24 hours of separation between the last day of the year and the first day of the new year. Nevertheless, choosing the official calendar date of your retirement to be in one calendar year over another is not a trivial...

The new year is fast approaching, and it is the perfect time to set up resolutions for your business. Whether you want to increase your sales, gather a more extensive customer base, or just accomplish needed business improvements,...

In 2024, LPL Research believes markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflation is going down. The risk of a recession is...

It's a new year and the time of year when you want to make resolutions about your personal life, business life, and finances. It is the perfect time for couples to get together and set their own financial goals for the upcoming year....

As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income...

As age 73 nears, it is critical that you begin considering how you want to handle the required minimum distributions (RMDs) you are obligated to withdraw from your tax-advantaged retirement accounts, including 401(k)s, 403(b)s, 457s,...

The cost of long-term care can vary widely based on location (both city and state) and level of care needed. However, one thing is for certain: with 7 in every 10 people requiring long-term care at some point, preparing for this...

As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often...

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax...

The holidays are nearly upon us – a time of giving, goodwill to others, and embracing traditions. For many people, giving to a charity or organization that aligns with your values provides a sense of fulfillment. If you itemize...

In the realm of estate planning, the ripple effects of our oversights often linger long after we're gone, impacting the lives of those we leave behind. It’s the uniqueness of this area of planning that makes it paramount to get...

The murkiest part of estate planning is to discuss when and how to distribute your assets to your heirs. This process requires a series of considerations and trade-offs to avoid emotion-laden family problems. For many, focusing on the...

Americans donate billions to charity annually. If you give to charity, you need to know about one of the best tools to facilitate generosity: Donor-Advised Funds (DAFs). DAFs date from the 1930s but did not become popular until the...

It's generally a good idea to review your employer-sponsored retirement savings plan at least once each year and when major life changes occur. If you haven't given your plan a thorough review within the last 12 months, now may be...

A 401(k) plan is one of the most popular and effective techniques for saving for your retirement. A company will automatically withdraw and contribute money from each paycheck to your 401(k) plan. Some employers will even match a...

Managing money may seem stressful at times. Unexpected expenses, changes in employment, and changes in family or lifestyle may all lead to money issues. Making sure you have money saved up for the unexpected is crucial. Here are some...

Discussing charitable giving with family members helps them to understand how meaningful it is to you, the importance of altruism for the betterment of society, and how participating in philanthropy as a family can help bring everybody...

With the cost of college expensive for many, receiving a tax break from the IRS for college-related expenses may be appealing. 529 Plans and Coverdell Education Savings Accounts (ESAs) offer tax-advantaged withdrawals when used for...

Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment...

Having a solid life insurance policy in place is crucial for any adult who has assets, a business, or a steady income. While most adults know that having a life insurance policy is a vital piece in their financial puzzle, there are...

Medicare policies are the health insurance benefits you have worked toward throughout your life, and having the proper policy is critical as you are likely to face more health problems as you age. While these policies can provide you...

Tax filing season can be a stressful time for many individuals. Dealing with the IRS and ensuring compliance with tax regulations can seem daunting. However, with proper preparation and a proactive approach, you can navigate the tax...

For the second time in the nation’s history, the U.S. debt rating was downgraded by a rating agency, Fitch Ratings, from the highest rating, AAA (Exceptionally Strong), to AA+ (Very Strong). The last time this occurred was in...

In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on...

You can learn a lot from those who have come before you. For individuals interested in investing, especially those new to it, learning and applying the wisdom from people that have found techniques that worked for them is a great...

If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves...

Financial freedom is a state of being in control of one's finances, covering expenses easily, and saving for future goals. Financial freedom enables you to choose how you spend or interact with your money and have the choice to decide...

Our 2023 investing outlook started with a theme of returning to normalcy. Considering 2022’s market volatility and the aftereffects of the pandemic, the idea of finding balance was certainly a welcomed change. It’s a theme...

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will...

What does the term "financial freedom" mean to you? For some, it means freedom from a particular workplace or industry. For others, it means the opportunity for an early retirement or the ability to start a long-desired business....

Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A...

In tax lingo, your principal residence is the place where you legally reside. It's typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the...

What are the ownership issues of life insurance? In estate planning, life insurance is purchased for several reasons: (1) to provide cash to the insured's family for daily living expenses, (2) to provide cash for potential death taxes...

With the signing of the Omnibus Appropriations package into law, both employees and employers can take advantage of more than 90 new provisions aimed at creating opportunities to create or modify workplace retirement plans and...

If you have always thought estate planning was just for those nearing retirement or already retired, think again. If you own a home, it is important to have a plan in place. Without a will or other arrangements that allow your home to...

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little...

In an era characterized by high job turnover, it is more important than ever for employees to carefully manage their retirement savings. With a significant portion of Americans withdrawing money from their 401(k)s when they change...

Many people know that life insurance is important to have, and yet not enough actually get it. Some decide they’ll get it later in life while others feel it’s a waste of money because they don’t have any health issues...

Spring is a time of renewal and rejuvenation, as the world awakens from its winter slumber and new life begins to bloom. As the saying goes, "April showers bring May flowers", and this sentiment can also apply to your financial life...

As a physician, you've devoted a lot of time to educating yourself, building a career, and providing top notch care that enriches your patients lives, and in the midst of all that, it can be easy to overlook your finances. To ensure...

As a physician, you understand your medical specialty inside and out, but at the same time, you also need to be able to handle the financial challenges associated with your industry. That may include juggling a lot of student and...

The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an...

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is...

When people think of “myths,” they often think of such stories as Pandora’s Box (the woman who took the lid off of a jar releasing all of the world’s ills upon the world, were taxes one of them?), or the Tale of...

When it comes to estate planning, women have unique concerns. The fact is that women live an average of 5.0 years longer than men. That's important because it means that there's a greater chance that you'll need your assets to last...

For many women, working toward financial independence is more difficult. Obstacles women face include having a longer life expectancy than men which will require more savings for retirement, spending fewer years in the...

As an entrepreneur, there are multiple demands on your time and matters that require prioritizing. But while you're juggling strategic planning decisions for your business, don't forget about one of the most important factors of its...

Determining how your income impacts Social Security (SS) taxes is important for tax planning. Factors that determine how much SS tax you pay, depending on your circumstances, include:

At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. That's why it's particularly important for women to factor in the cost of health care, including long-term care...

If you're thinking about working in retirement, you must consider a few things before making your decision. As you get older, the question of when to collect Social Security retirement benefits and how your monthly payment may be important.

No matter what time of year it is, staying on top of your tax preparation is always a good idea. Here are 7 tips to keep in mind as you prepare for tax filing.

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key infor

Spring cleaning doesn’t have to be a dreaded time of year. If you’ve added decluttering to your list of spring cleaning tasks, this seven-day challenge will get your home tidy and organized in no time—and with little to no added stress.

Financial wellness is living a healthy economic life for yourself and feeling good about your financial situation. It is also an essential part of taking care of yourself and those around you.

Are You Fiscally Fit? 5 Ways to Check the Health of Your WealthJust as it is important to be physically and mentally fit, it is also important to be fiscally fit. Fiscal fitness is not only about how much money you earn or the...