A Consumer’s Guide to Finding a Financial Planner

Field guide to finding a financial planner

A philanthropic life puts wealth to good use around the world

By John S. Davis Around the dinner table recently, we were discussing the “outrageous” level of compensation among corporate leaders. It had just been announced that Lloyd Blankfein, chairman and CEO of Goldman Sachs Group Inc., was expected to receive a $25 million bonus on top of his $19 million annual salary. A family member […]

Tax diversification made easier by new tax law

Our article entitled “Potentially Higher Tax Rates During Retirement Pose Risks” discusses the benefits of “tax diversification” with your retirement savings – owning both pre-tax and tax-free savings in an effort to hedge against the risk of tax changes in retirement. The Roth IRA is a great way for many people to build up tax-free retirement […]

Potentially higher tax rates during retirement pose risks

For many years, defined contribution plans, such as a 401k or 403b, have flourished based on the assumption that pre-tax savings would result in substantial tax benefits in retirement. The assumption in this case is that participants would make pre-tax contributions while working, reducing their income taxes in a period of presumably higher marginal tax […]

Required minimum distributions from IRAs

Severe penalties may apply if you don’t take IRA distributions when required You are probably familiar with the tax benefits of putting money into a traditional IRA. And you may know about the 10% penalty for taking an early withdrawal. But did you know about the enormous penalty for not taking out required amounts? Generally, […]

For some, ‘AGI’ means ‘AGH!’

There’s a little number at the bottom of Page 1 of the federal 1040 tax form that we’re obsessed with this time of year. It’s AGI (adjusted gross income), and it seems innocuous, just sitting there – it doesn’t really even determine tax liability. But it can be as dangerous as a cobra waiting to […]

Do you know about the EFTPS?

The Electronic Federal Tax Payment System (EFTPS), created by the U.S. Treasury, provides an easy way for individuals and businesses to make virtually all federal tax payments. EFTPS accepts tax payments for any IRS tax form, online or by phone, 24 hours a day and 7 days a week. Tax payments are debited from your […]

How tax planning can put more $ in your pocket

Judging from some of the tax returns we see, many people seem to be of the opinion that it’s a good idea to give the government an interest-free loan every year. They withhold more from their wages than they need to, then get a big refund in April. No law requires wage-earners to withhold more […]

Tough retirement years ahead for Americans

Many Americans are heading for delayed or difficult retirements, and may not be able to maintain their current standard of living. A new poll conducted by Harris Interactive for the American Institute of CPAs found that there is a significant gap between reality and what the public thinks regarding their chances of achieving their retirement […]

Retirement can be golden when proper plans are laid

I say this because people who quit work to enjoy their golden years seldom live the lifestyles they would choose unless they have invested substantial thought and action in planning for financial independence. It’s not through luck that your neighbor was able to quit work at age 60 to travel, golf and learn to juggle. […]

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