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Friday, June 14, 2024

One of the greatest tax benefits of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But fortunately, there is a way you can s

Saturday, June 1, 2024

We understand that despite all the careful planning in various aspects of your life, unexpected events can and do happen. Being prepared for these uncertainties is crucial, especially when it comes to the well-being of your family.

Friday, May 10, 2024

Section 529 college savings plans are a great way to help pay for a child’s or other family member’s college education. But now in 2024, you have yet another alternative: roll over the money into a Roth IRA for the original beneficiary.

Wednesday, May 1, 2024

If you’re receiving a tax refund, you may be tempted to spend all that cash on purchases that will meet your needs today. However, a lump sum tax refund is an opportunity to fulfill your needs of tomorrow and beyond. Before you decide...

Thursday, April 4, 2024

Whether you are planning to stay in a luxury resort in the Caribbean or you simply need to visit the in-laws two states over, you could save yourself a boatload in taxes when you turn your vacation into a business trip and deduct most or al

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Monday, April 1, 2024

Deciding between buying or renting a vacation home is a significant decision that requires careful consideration of your lifestyle, finances, and long-term goals. Both options offer unique advantages and potential drawbacks, making it...

Monday, March 4, 2024

The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by

Friday, March 1, 2024

If you believe the estate and gift tax sunset might impact you, here are a few things to consider

Wednesday, February 7, 2024

Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money.

Thursday, February 1, 2024

Financial planning and wealth management often suffer from widespread misunderstanding, and it's understandable considering the various contributing factors. One major factor is the lack of financial education in our upbringing...

Tuesday, January 16, 2024

If you sell goods and services and are paid through a third-party settlement organization (TPSO), such as PayPal, the IRS changed the likelihood of your receiving a 1099-K. Here’s what you need to know about IRS Form 1099-K.

Monday, January 15, 2024

As we progress into 2024, it is now mandatory for small businesses, private companies, and other entities to submit their Beneficial Ownership Information (BOI) to the Treasury Department's Financial Crimes Enforcement Network (FinCEN).

Monday, January 1, 2024

Now is the perfect time to revisit your financial strategies and explore ways to optimize your retirement savings. One important consideration is the possibility of rolling over your 401(k) into an Individual Retirement Account (IRA)...

Wednesday, December 20, 2023

This article gives you the updated story on the SECURE 2.0 changes for catch-up contributions.

Friday, December 1, 2023

In this blog, we will delve into the various financial benefits of charitable giving, highlighting how it can be a win-win situation for both donors and the recipients.

Friday, November 3, 2023

 If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business.

Wednesday, November 1, 2023

A term that’s often thrown around in the business world is “financial planning”, but not many people understand what all that entails. Our jobs are made up of many different parts, but our favorite is helping you and your family.

Monday, October 2, 2023

If, in 2024, you start a small business or buy a rental property using a new limited liability company (LLC), you can trigger the need to file new federal reports and keep them up to date.

Sunday, October 1, 2023

When people hear the words “estate plan”, most think the term only applies to people that are wealthy. This couldn’t be further from the truth. We are here to help educate and guide you through the process of setting up you and your family

Wednesday, September 6, 2023

HSAs offer valuable tax benefits, with deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses, making them a compelling option for those eligible to open one.

Friday, September 1, 2023

Changes are coming to the complicated form that students must submit to qualify for college financial aid, known as the Free Application for Federal Student Aid (FAFSA). Contact us today to see how we can best help you!

Thursday, August 3, 2023

You may find yourself with a range of choices when the time comes to take a financial distribution. It's worth considering the potential benefits of utilizing the net unrealized appreciation (NUA) tax treatment. Learn more here.

Tuesday, August 1, 2023

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.

Wednesday, July 5, 2023

Employers do what they can to foster a sense of ownership in their employees. If you stand to benefit from a company’s success, you’re more likely to do a great job for them, or so the logic goes. Learn more about Equity Compensation here.

Monday, July 3, 2023

Are you looking for how to log your business expenses? Here’s some crucial information on how to document expenses during business travel.

Friday, June 16, 2023

Eight states offer tax rebates or credits to residents who purchase or lease electric vehicles, two of which include Maryland and Pennsylvania. Learn more about the benefits at our blog.

Monday, June 5, 2023

Graduation season is in full swing, and whether you have a kindergartener or a college senior, this can be a busy and stressful time. For our HS graduates, we know there is no more exciting time than heading to college. Learn tips here!

Wednesday, May 17, 2023

Estate planning is essential for everyone, regardless of wealth. With a will and a living trust, you can ensure your assets are distributed according to your wishes, avoid probate, and maintain your financial privacy. Learn more here.

Friday, May 5, 2023

Teaching children the value of money can be a challenge, but by dividing money into three categories—spend, save, and Tzedakah (or charity)—children have a tangible depiction of their finances and can develop good money-making habits.

Thursday, April 13, 2023

Discover how to make the most of your traditional IRA and create a tax-free legacy that benefits both you and your favorite charities.

Tuesday, April 4, 2023

Wonder how a bank safeguards your money? Fortunately, the Federal Deposit Insurance Corporation (FDIC) insurance exists for this very reason: to help protect your funds once deposited. Explore its purpose, how it works & what's covered.

Monday, April 3, 2023

Saving for college can be a daunting task, but it's never too early to start planning. As a parent, there are several ways you can save up for your child's college education.

Tuesday, February 7, 2023

The government requires traditional IRA holders to pay taxes on their account balance via RMDs, based on age and mortality tables. The SECURE 2.0 Act extends the RMD start time and reduces penalties for non-compliance.

Thursday, February 2, 2023

Long-term care insurance policies can protect your assets and maintain your standard of living, but also come with a cost and complexity. We want to help simplify this for you so that you can make an informed decision.

Monday, January 23, 2023

In the final days of 2022, Congress passed a new set of retirement rules designed to facilitate contribution to retirement plans and access to those funds earmarked for retirement. The law is called SECURE 2.0.

Friday, January 6, 2023

With a new year underway, now is a great time to revisit your financial goals and set new ones for 2023. To set realistic and achievable goals, you can start by establishing your core values and foundation—let us help you get started!

Tuesday, January 3, 2023

The President signed the Inflation Reduction Act into law and it contains some valuable tax credits for homeowners.

Monday, November 28, 2022

The start of every new year marks the beginning of another tax season. Make sure you take the time now to plan so you can save a lot of money and frustration later.

Friday, November 4, 2022

Gratitude is an incredibly powerful tool when it comes to managing your finances. To practice gratitude with your finances, you can start by taking stock of all the things that you have in your life, both big and small.

Friday, November 4, 2022

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business.

Tuesday, November 1, 2022

The Internal Revenue Service has released new limits for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. We've condensed the...

Friday, October 7, 2022

Dealing with the loss of a loved one is never easy, and it is essential at times like this that you focus on making important decisions for you and your family. We are here to help you every step of the way, no matter what that looks like.

Monday, October 3, 2022

When it comes to retirement planning, Social Security is a recurring topic, yet many of us know very little about it. As many individuals approach retirement age, it is necessary to address the questions surrounding Social Security.

Tuesday, September 20, 2022

When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay. In other words, a $1,000 credit saves you $1,000 in taxes.

Thursday, September 1, 2022

We all have a vision for what we would like our retirement to look like, and Social Security is just one part of a holistic plan that could help us achieve our goals. Here is what you need to know to maximize your benefits.

Tuesday, August 2, 2022

Health care can be an expensive part of life’s journey, but with the right approach, you can minimize the impact and better prepare for the future. One powerful planning tool is a Health Saving Account (HSA).

Thursday, July 14, 2022

If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax.

Tuesday, July 5, 2022

While life insurance cannot replace you, it can be used to replace all or a portion of your earning power. Life insurance could play a role in your family’s finances, but first, you must determine how much life insurance you need.

Monday, June 20, 2022

If you own a second home, you have tax strategies to consider. Learn what you should be accounting for regardless of if your home is in the city, on the beach, or in the mountains.

Wednesday, June 1, 2022

These are the non-financial retirement questions that no pre-retiree should dismiss. Think about them as you prepare and invest for the future and let us know how we can help. We are here to plan and prepare for a life full of purpose.

Monday, May 16, 2022

There are many benefits to donor-advised funds for the charitably inclined, and few drawbacks. Learn more.

Monday, May 2, 2022

Research indicates that many Americans are living paycheck to paycheck and it’s nearly impossible for them to save or invest. How do you stop living paycheck to paycheck?

Monday, April 4, 2022

At Schmerling Financial Group, we understand that your values are the key to achieving your financial and life goals and we refer to them often. We believe that good financial planners use values-based planning.

Tuesday, March 29, 2022

Here’s what you need to know about IRAs for kids.

Tuesday, March 1, 2022

Learn more about real estate tax tips.

Tuesday, March 1, 2022

There are many income sources that contribute to your retirement fund. You may be wondering where do I even begin when it comes to retirement? What should I consider? Here are five questions to ask when planning for retirement. 

Thursday, February 17, 2022

Schmerling Financial Group has been recognized as one of the top affiliates of Avantax Wealth Management®, a leader in tax-advantaged financial planning.

Tuesday, February 1, 2022

Many people make New Year resolutions, but by the end of January, they abandon them. This occurs because they haven’t built habits into their daily life that help them accomplish their goals. Here are some of the steps I take.

Monday, January 31, 2022

When you use a home for both rental and personal use, regardless of that home’s location at the beach or in the city, you run into the tax code’s vacation home rules that make that home either a residence or a rental property.

Thursday, January 27, 2022

Monday, January 24, 2022

Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions?

Friday, January 7, 2022

YOUR 4% WITHDRAWAL STRATEGY MAY NOT BE ENOUGH Get the Tax Guidance You Need to Help Live the Retirement You Desire There’s a lot of concern among industry experts about whether the popular 4% withdrawal rule can provide enough income...

Monday, January 3, 2022

Friday, December 17, 2021

Wednesday, December 1, 2021

Year-end is a great time to establish an action plan for good financial health all year long. Evaluating your financial picture at the end of the year may reveal opportunities or areas for improvement that you hadn’t considered...

Wednesday, October 27, 2021

Understanding and identifying the risks that you face in developing a financial plan is the first step in building a solid financial future. The second step is being able to implement an effective plan to measure, monitor, and control...

Monday, September 27, 2021

Potential Strategies to Combat Increased Taxes Many individuals are stuck in a holding pattern as they wait to see what impact the Biden Administration will have on tax regulations. The President has shared what he’d like to see...

Tuesday, June 29, 2021

New Law: Time to Benefit from the Work Opportunity Tax Credit Learn more The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire...

Tuesday, February 16, 2021

Who Qualifies for First-Draw PPP Money Today? COVID-19 Relief Law Turbocharges Employee Retention Credit COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits Tax Extenders Passed with the COVID-19 Relief Law IRS Penalty...

Friday, January 29, 2021

The freshness of a New Year provides us an opportunity to dream again and expand our vision. As humans we naturally have a desire to be “bigger than ourselves” and accomplish big goals. Many of us may have made New Year...

Wednesday, January 27, 2021

New Forgiveness Rules for Past, Current, and New PPP Money Loan Proceeds Are Not Taxable Expenses Paid with Forgiven Loan Money Are Tax-Deductible Round 2: Additional Tax-Free PPP Money for You? New Chance for PPP Monies New Stimulus...

Tuesday, August 11, 2020

A little about Term life insurance policies. (free download at end of article!) ”Insurance is like a parachute. You have to have it before you need it.” -Unknown Is there anybody who depends on your income besides yourself,...

Monday, April 27, 2020

Click here for a well-presented outline of the Cares Act by Putnam Investments.

Friday, April 3, 2020

New information comes out daily so the below information is not final and may be subject to change. Please understand that additional information may be required by the US SBA when we get the official details of the Paycheck Protection...

Tuesday, January 14, 2020

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, enacted on December 20, you will find the Setting Every Community Up for Retirement...

Wednesday, December 26, 2018

By Joan Alexandre Investment Analyst, Investment Management Research Group at 1st Global December 2018 When What You See Is All There Is In 2011, Nobel laureate and research psychologist Daniel Kahneman published “Thinking, Fast...

Wednesday, December 26, 2018

The end of the year is fast approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider: If you're not retired, review your contributions to retirement accounts such as 401ks,...