One of the significant changes in the tax reform bill signed by Governor Reynolds on March 1, is the eventual elimination of federal tax deductibility for determining taxable income. Iowa was one of the few remaining states that allowed taxpayers to deduct federal taxes to determine their state income taxes.
Sometimes headlines are right, but remember they are created to get your attention, not necessarily to provide you with helpful information.
I’ve found some fun benefits to budgeting outside of the normal spend less, save more mantra.
It is the taxpayer’s responsibility to keep records of distributions made to charity and contributions to their IRA and account for those on their tax return.
I certainly would argue that building a business is more than just a dice game, but both involve risk. How you fill out your scoresheet in Yahtzee is a good example of what business owners might decide to do with their business profits.
What is true wealth? That’s a question we ask our clients at Foster Group. It’s a question we ask ourselves. I’d like to share a story that reminded me of what this means to me.
While executive benefits such as stock options, other equity compensation, and deferred compensation can be powerful accumulation tools, knowing how they fit into your overall financial picture can be challenging.
Barbells work great at the gym because they put weight on a bar in such a way that it’s balanced, leaving room in the middle for someone to use it to workout. We often see portfolios that are designed like a barbell at the gym: lots of risk in one account and lots of cash or very short-term securities in another. In aggregate, it might produce some balance, but the reality is that it can create some real challenges.
At Foster Group, we focus on what we can control and embrace uncertainty. So, when it comes to your financial plan, what are the areas we can help you control?
Many industries use acronyms. Financial services are no different: QCD, RMD, DAF, and IRA to name a few. They each have their own rules and guidelines. We enjoy working with clients on a daily basis to help make sense of these terms.
Is your financial plan ready to weather a storm? Will you be caught off guard, as we were just weeks ago, or are you prepared? One of the advantages of working with a Financial Advisor is that he or she will build a plan that takes into account the inevitability of future storms.
What if my spouse is gone tomorrow? What if I live to 110? What If I want to retire as soon as possible? What if I have a Long-Term Care event? Where do you seek guidance, clarity, and understanding on your financial plan to help address these questions?
Over the years, I have found it helpful to hire experts to do things or guide me through areas of life which are too difficult or time consuming. Hiring a financial advisor may be just what you need in 2023.
