Savant offers perspective on a variety of topics. Entries range from current events to timeless insights in the world of finance and investments.
Gen Xers range from 35 to 49 years old, sandwiched between the Boomers and Millennials, who factor in to create the Gen X Jam.
As a Gen Xer myself — one who works in the financial services industry to boot — I feel the pressure of what I call the “Gen X Jam.” How will I support my retirement years and help my aging parents? What about my kids’ college education?
Read MoreBeginning in 2018, many individuals and families lost the ability to fully deduct charitable donations as an itemized deduction. This is due to the doubling of the standard deduction and the limitation of many itemized deductions as part of the Tax Cuts and Jobs Act of 2017. For those over age 70½, a qualified charitable distribution can be a great way to make a charitable donation in a tax-efficient manner.
Read MoreFinancial planning revolves around what is in our control. For example, we can’t control stock market returns, tax rates, or unexpected events, but we can plan to mitigate these risks through diversification, tax planning, and insurance. Of all the areas in financial planning, we probably have the highest degree of control over our income, expenses, and savings, making it extremely important to create a workable budget. Let’s review the five keys to creating a budget you can stick to.
Read MoreFor most individuals, income often comes in the form of salary, commission, tips and other job-related earnings. What many do not realize is that there are other, more creative ways one might find themselves with income, and Uncle Sam has made it his mission to attempt to capture all of them within the tax code. One such type of income we tend to forget about is income generated when an individual acquires prize winnings.
Read MoreDoes your financial planner advise you on the tax impact of your financial decisions as well as help you with tax saving strategies? If not, you should consider finding one who does. Here’s why your tax advisor should be your financial advisor.
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