A health savings account (HSA) provides a tax-smart way to confront the growing burden of healthcare costs while providing other unique tax advantages. Here's what you need to know towards making a lifetime of health & medical expenses tax-deductible (including most Medicare expenses).
Uncover your Financial Elements with a quick, powerful, and private financial health assessment available to clients and friends at www.openwindowFS.com/financialelements.
Tax savings can be significant by targeting the “Valley of Opportunity” that appears during lower-income tax years. Life tends to present these valleys as predictable opportunities, occurring at certain times and even at specific ages. Make sure you’re prepared to act by “filling up the valley” to avoid leaving your future self, or your beneficiaries, with higher effective tax rates.
How much of your recent efforts to file this year's taxes went towards confirming last year's actions? Over the years, all that backward-looking tax reporting adds up. You can bet that the IRS is keeping track. So, if you want to come out ahead on taxes next year (and in the years to follow), make sure you're being just as forward-looking about your money as the IRS is. Here's how.
A tax-focused understanding of your finances is a crucial component of preserving and growing wealth. With tax rates set to rise in 2026, a tax-focused financial strategy is now even more crucial, regardless of your age or income-level. Here are a few tips to get around the myths we see tripping up high-earners and good savers.
Whatever your reason for giving this year, it’s important to be intentional. With a little strategic planning, your existing charitable contributions can go further, while creating tax benefits for both you and your chosen charity. A donor-advised fund can supercharge your existing giving. Here's how.
Were you surprised to receive a Medicare IRMAA letter from the Social Security Administration? You're not alone! Beware that certain income levels can increase your 2023-year Medicare premium by 47%, 119%, 191%, 262%, or 286%. And yet, some people might still pursue a higher premium and be glad they did!
Roth accounts offer tax-free growth and tax-free withdrawals. But these benefits can be hard to come by, especially for high earners. Should you consider a tax-free Roth? We’re discussing what you need to know below.
There are three certainties in life: death, taxes, and change. Here is an in-depth review of the tools and techniques we use to reduce one of those certainties: your lifetime tax bill (or beyond, through a tax-efficient transfer to heirs).
A summary of recent tax legislation, much of which was expected to be enacted in 2021, before stalling in Congress. While the final language remains uncertain, many of the proposals could become law. Ask us to show you your potential impacts in a personalized "what if" proposal.
After a tumultuous 2020 election season, inauguration day is almost here. If you are a high-earner, here are some challenges that could arise during a Biden administration.
With a new administration comes new policies. Should you make changes to your finances based on the perceived implications?
Good tax planning is not about finding a loophole. It's not an aggressive or risky set of tax strategies. Good tax planning is simply knowing the financial rules that affect you and fairly abiding by them.
We've been following the candidates' tax policy proposals. Here is what we've learned.
The tax filing deadline was recently extended to July 15, 2020 amidst the COVID-19 pandemic. We've rounded up everything else you need to know before filing your taxes this year.
While you may have chosen to save using a traditional retirement account, you have the option to switch to a tax-free retirement account at any time. This switch is called a Roth conversion. Who should consider a switch, and who should stay away? We've got your biggest questions answered.
The IRS has released the 2020 tax brackets, ranging from 10% to 37%. Find out where you'll fall and what changes have been made.
You’ve likely heard that getting married can mean big tax breaks in your future, but the truth is you need to do your math and research carefully before filing.
As you and your partner prepare to tie the knot, you'll want to take time now to discuss your future finances.