Retirement is a major life decision and the timing can affect more than just your finances. While having enough money is important, other factors—like your health, mental well-being, social life and the type of work you do—also matter. Some research shows that when you retire may impact how long you live as well as your… read more…
If the deceased was due to receive a tax refund, determining who is entitled to the money is a key issue for the surviving spouse, family members and estate representatives. In most cases, the IRS allows those legally responsible for the estate to claim the refund. The process depends on several factors, including the deceased’s… read more…
The term de minimis refers to a U.S. customs rule that exempts low-value imports—typically under $800—from tariffs. In 2025, the Trump administration eliminated this exemption for goods from China and Hong Kong. Shipments of up to $800 in goods from these regions now face a 54% tariff or a $100 flat fee. This policy change… read more…
Becoming a 401(k) millionaire represents a significant milestone in retirement planning. According to recent data, the average age at which individuals attain this status is 59 years old, typically after 26 years of consistent contributions to their retirement plans. The length of time typically required to become a 401(k) millionaire underscores the importance of long-term… read more…
A high-net-worth financial advisor specializes in serving individuals with substantial assets, typically offering personalized wealth management, including advanced planning strategies and more types of investments. These advisors may provide services such as tax optimization, estate planning, philanthropic structuring and access to alternative assets. Unlike general financial advisors who serve a broad array of investors, they… read more…
Rental income is taxable, but having a mortgage on the property can lower what you owe. You must report all rental income, but you can deduct expenses like mortgage interest, property taxes, insurance, maintenance and depreciation. These deductions can reduce your taxable income from the rental. A financial advisor could help you track these deductions… read more…
With the Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, tax policy is once again front and center. On May 22, 2025, the House passed a sweeping tax proposal, officially titled “One Big Beautiful Bill Act,” by a 215–214 vote. The bill aims to extend key provisions of the… read more…
A Trump-backed tax plan currently advancing through Congress proposes significant changes to the federal taxation of overtime pay and tip income. Passed by the House on May 22, 2025, the “One Big Beautiful Bill Act” includes provisions that could allow eligible workers to exclude certain overtime earnings and tips from their taxable income. However, on… read more…
The Trump-backed tax plan currently advancing through Congress could bring meaningful changes to how education expenses for homeschoolers are treated under federal tax law. Passed in the House on May 22, 2025, the “One Big Beautiful Bill Act” includes several provisions that indirectly benefit homeschooling families through expanded tax credits and savings opportunities. While it… read more…
The new Trump tax plan could significantly reshape how families are taxed, especially with the Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025. On May 22, 2025, House Republicans passed a major Trump-backed bill, officially titled the “One Big Beautiful Bill Act,” by a vote of 215-214. While the… read more…
President Donald Trump advocated for the elimination of federal income taxes on Social Security benefits during his 2024 campaign. However, the tax legislation recently passed by the House—known as the “One Big Beautiful Bill“—does not include this provision. The exclusion stems from Senate rules governing the budget reconciliation process, which restrict changes to Social Security… read more…
While some advisory firms may overlook clients with little to invest outside of their retirement plans, Matt Scarborough and Oak Wealth Partners see opportunity. Located 60 miles south of Washington D.C., Scarborough’s firm has found notable success serving mass affluent clients—many of whom are federal workers—whose wealth is largely concentrated in the Thrift Savings Plan,… read more…
California grants an automatic tax filing extension until October 15 for individual taxpayers, with no need to submit a formal extension request. However, this extension only applies to filing, not to payment. Taxpayers remain responsible for paying any owed taxes by the April deadline to avoid added penalties and interest. A financial advisor with tax… read more…
A New York State tax extension gives taxpayers more time to file their return, but it does not extend the deadline to pay any taxes owed. Most individuals can request an extension online using Form IT-370, which grants an automatic six-month filing extension, typically to October 15. However, they still must submit full payment of… read more…
An aggressive 401(k) strategy typically involves allocating a larger share of retirement contributions to stocks, particularly those with higher growth potential. This approach aims to maximize long-term returns by accepting greater short-term volatility. It’s often favored by younger investors who have more time to recover from market downturns. Asset choices might include small-cap funds, emerging… read more…
Balancing safety and growth is important when planning your financial future. If you’re nearing retirement or saving for a goal, you may want to protect your money while still earning some return. While no investment is completely risk-free, some offer lower risk and more stable returns than others. A financial advisor can help you weigh… read more…
Filing an extension gives you an additional six months to submit your tax return, but not to pay your taxes. There is no penalty for filing for the extension itself. However, if you owe money and don’t pay it by the original due date you may face fees and penalties. If you anticipate a balance… read more…
You generally need earned income—such as wages, tips, or self-employment income—to contribute to a Roth IRA, since these accounts are meant to support retirement savings from active work. If you don’t have earned income, you typically can’t contribute directly, though exceptions like spousal IRAs or indirect strategies may offer alternatives. A financial advisor can help… read more…
Homeowners insurance is usually not tax-deductible for personal residences, but you may be able to deduct part of the cost if you use your home for business or rent out a portion. Most personal expenses related to homeownership don’t qualify, so it’s important to understand the exceptions. A financial advisor can help you understand IRS… read more…
Equity compensation is often used by companies to retain and reward employees, with two common types being restricted stock units (RSUs) and restricted stock awards (RSAs). While both give employees a stake in the company, they differ in how they are structured, taxed and valued. A financial advisor can help you evaluate which option fits… read more…
Deciding between bonds and stocks depends on whether you need long-term growth or steady income. Stocks may suit younger investors seeking higher returns over decades, while bonds may fit retirees who want regular interest payments and lower risk. A financial advisor can help you determine a mix that reflects your time horizon, risk tolerance and… read more…
Rental properties and stocks are popular investment vehicles offering distinct advantages and challenges aligned to different financial goals and risk tolerances. Rental properties provide tangible assets that can generate consistent monthly income through rent payments while potentially appreciating over time. On the other hand, stocks offer liquidity and diversification and typically require less hands-on management… read more…
Determining the right balance between cash and investments in your portfolio plays an important role in financial planning. Holding too much cash can result in missed investment opportunities and diminished long-term growth. On the other hand, holding too little cash may leave you vulnerable during market downturns or unexpected expenses. Ultimately, striking the optimal balance… read more…
If you are approaching retirement and have savings in a 457(b) retirement plan, you might wonder which taxes you’ll pay on withdrawals after age 70. This is important when it comes to retirement planning. Otherwise, it could be hard to accurately estimate your future income and tax liabilities. While 457(b) plans offer unique benefits when… read more…
If you have to choose between a traditional or Roth deferral, you will have to decide whether it’s better to get a tax break now or in retirement. A traditional deferral lowers your taxable income today, while a Roth deferral offers tax-free withdrawals later. A financial advisor can work with you to determine which is… read more…