Which Clients are a Good Fit for On-Going Comprehensive Financial Planning Service?

Submitted by John Cooney on May 7, 2019

Financial planners and the services they offer continue to evolve.  In the current financial planning environment, there are three main ways a financial advisor gets paid.  They can be paid a commission on a product they sell; they can be paid a fee based on a percentage of the assets they are managing for you (referred to as Assets Under Management or AUM); or they can charge a fee for comprehensive financial planning.  This last fee can be

fee-only financial planner, retirement, Taxes, personal finance, investing

What Does Your Financial Planner Do For You?

Submitted by johnnyc2id on Mar 28, 2019

There are no shortage of people calling themselves financial planners or financial advisors, so as a consumer it can be tough to decide which one is right for you. In this article, I will talk about the different kinds of planners that are out there, why I chose to be a fiduciary, and finally what I as a financial planner can do for you.

fee-only financial planner, retirement, fiduciary, Taxes, investing, estate planning, risk management, insurance

Fixing Excess IRA Contributions

Submitted by John Cooney on Dec 17, 2018

As we move towards the end of the year, you should have a good idea of what your income for the year should be.  For those who have contributed to an IRA or a Roth IRA throughout the year, you will want to make sure that your final income does not make those contributions ineligible.  For the 2018 income phaseout limits for both traditional and Roth IRAs and the rules around them, please take a look at a

IRA, Roth IRA, Taxes, retirement

Why the QBI May Make This A Good Year for You to Complete a Roth Conversion

Submitted by John Cooney on Oct 8, 2018

A key provision of the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A, commonly referred to as the Qualified Business Income (QBI) deduction, allows non-C Corp business owners the opportunity to deduct a percentage of their net business income to lower their overall taxable income.  This deduction, when combined with the lower tax brackets put in place by the TCJA could make this the right time for you to do a Roth conversion.

Taxes, retirement, Roth IRA

What is an Enrolled Agent and Do You Need One?

Submitted by John Cooney on Aug 7, 2018
Have you heard the term Enrolled Agent and wondered who these people are and what they can do for you? If you are concerned about your tax situation, or are looking for advice on tax planning to ensure you are operating within the IRS Code while at the same time maximizing the amount of income you keep, then you may want the services of an Enrolled Agent.
Taxes, Enrolled Agent

Is a Deployment the Right Time For You to Do a Roth Conversion?

Submitted by John Cooney on Apr 5, 2018

It is always a jarring time for you and your family when you get notified that you will be deploying.  As your mind races about your job, your family, and your mission, it can seem like there are thousands of things for you to do, and often there actually is!  A deployment can also be a time of opportunity, for you personally and financially.  One of the benefits afforded to you as a servicemember deployed to a combat zone is that the income you earn as a member of the military in the combat zone is excluded from income taxes (you still pay social security and medicare taxes).  The tax-free

Roth IRA, deployment, retirement, Taxes

3 Ways to Take Advantage of the New Tax Law

Submitted by John Cooney on Jan 29, 2018

The Tax Cuts and Jobs Act (TCJA), passed just at the end of 2017, made some of the most significant changes to the tax code in decades, and you have probably heard numerous takes on how good or bad the legislation is.  This is not going to be a discussion of the merits of the bill, but instead, I will highlight three changes that taxpayers can use to their advantage starting as early as 2018.  Just one big note, this is for 2018 taxes, due in April 2019.  For your 2017 taxes, due in April of 2018, the old tax rules still apply.

 

Taxes, Roth IRA, Donor Advised Funds, 529 Plans, Education, retirement
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