As we begin 2019, many of us are taking a fresh look at our goals and the things we want to accomplish in 2019. According to Fidelity Investments’ 10th Annual New Years’ Resolutions Study, almost one-third of Americans are considering making a financial resolution for 2019, with the top three resolutions being to save more, pay down debt, and spend less. Research has shown that there is a connection between financial wellness and happiness. So, if you can start this new year by making resolutions and taking some actions to improve your finances, I believe that your long-term financial wellness and happiness will increase. Below, are six actions for you to consider implementing in 2019:
Author: Rick Henderson, CPA, CFP®, AIF®
In last month’s newsletter, we announced that we have made an important change to better serve our clients by becoming an independent Registered Investment Advisor (RIA). We are excited about the future and the benefits this change will bring for you, our clients. We have been making great progress with our conversion to the new platform.
How to Get a Georgia State Income Tax Credit and a Charitable Contribution Deduction at the Same Time. It is not often that you can get both a Federal charitable tax deduction and a credit against your Georgia income taxes at the same time. In Georgia, there are now two ways that taxpayers can make this happen.
As a business owner, planning for your future can be difficult because of the many twists and turns that can happen both in business and in life. When you encounter situations, either expected or unexpected, you may need to make decisions that can have a major impact on you, your family, and your business. How you approach those situations can be critical to your long-term success.
It’s Time to Review Your Will and Estate Plan – When the Tax Cut and Jobs Act of 2017 was signed into law, the estate and gift tax exemption, which is the amount you can pass to your heirs estate tax free, was raised to $11.18 million per person ($22.36 million per couple), increasing annually with inflation. The good news is that because of this change, most people’s estates will now be estate tax-free.
Over the last 20 years, many people have used 529 plans as a way to save for their children’s or grandchildren’s college education on a tax advantaged basis. Basically, if you put money into a 529 plan and invest it, you can reap the benefit of the growth on the money in the plan tax-free if it is used to pay for qualified higher education expenses for the beneficiary of the 529 account. Those expenses typically include college tuition, room and board, books, computers, software, and other items.
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