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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
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Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
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Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
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Study Shows Most Americans Do Not Have Financial Advisors
Many people opt not to hire financial planners as they get closer to adulthood. In fact, a recent study completed by Northwestern Mutual shows that even though 6 in 10 Americans recognize they want to improve their financial planning overall, only around 1/3 will seek the help of a professional financial advisor.
Have you hired a financial advisor to help you accomplish your goals and connect all your insurance, retirement plans, emergency savings, and investments? If not, now might be the time. Our firm enjoys working with people who need assistance in developing comprehensive financial strategies to address their unique needs now and in the future.
The Covid-19 pandemic has awakened some people’s interest in using outside professional help since 1/5 of people who did not have an advisor prior to the pandemic plan to hire one or already have one. Gen Z and millennials are more likely to work with financial advisors. Working with a financial advisor and other estate planning professionals can be extremely important for accomplishing your goals.
Many people who work with a financial advisor use this outside insight to improve their financial outcomes. For example, 80% of respondents who got help from a financial advisor were able to grow their savings over the course of the pandemic whereas among those who did not have a financial advisor, only half were able to save more.
Working with a financial advisor and other professionals on your financial team could be extremely important for helping you with your next steps. This helps to identify your overall goals and gives you a roadmap for what to move forward with.