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The Estimated Tax Penalty Is at a 16-Year High
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
Read MoreWhat You Should Know About Estate Tax Limits
If you believe the estate and gift tax sunset might impact you, here are a few things to consider
Read MoreWorking Overtime? Take Advantage of Tax-Free Supper Money
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.
Read MoreThe Importance of Financial Planning Beyond Wealth Accumulation
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...
Read MoreNew 1099-K Filing Rules Delayed Again
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.
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New Beneficial Ownership Reporting Requirements
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).
Read MoreA Guide to Rolling Over Your 401(k) to an IRA
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)...
Read MoreAdjusting for the New Retirement Plan Catch-Up Contribution Rules
This article gives you the updated story on the SECURE 2.0 changes for catch-up contributions.
Read MoreMaximizing Your Impact: Effective End-of-Year Charitable Giving Strategies
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.
Read More2023 Last-Minute Tax Strategies for Marriage, Kids, and Family
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.
Read MoreNavigating Life's Financial Journey: The Essence of Financial Planning
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.
Read MoreNew 2024 Businesses and Rentals Trigger FinCEN Filings
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.
Read MoreEstate Planning 101
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
Read MoreWhy Some Business Owners Prefer Individual HSAs
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.
Read MoreFAFSA Revamped: A Must-Know for Parents and Grandparents with College-Bound Students
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!
Read MoreUnderstanding What an NUA is?
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.
Read MoreHiring Your Spouse
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.
Read MoreUnderstanding Equity Compensation
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.
Read MoreHow to Document Expenses During Business Travel
Are you looking for how to log your business expenses? Here’s some crucial information on how to document expenses during business travel.
Read MoreState Tax Benefits and Rebates for Electric Vehicles
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.
Read MorePreparing for College: 529 Plans and Tips for Recent HS Graduates
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!
Read MoreEstate Planning for the Rest of Us
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.
Read MoreSpend. Save. Tzedakah.
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.
Read MoreMake the RMD from Your Traditional IRA Tax-Free
Discover how to make the most of your traditional IRA and create a tax-free legacy that benefits both you and your favorite charities.
Read MoreUnderstanding FDIC Insurance
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.
Read MoreEducation Planning: What Parents can do to Save for College
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.
Read MoreThe SECURE 2.0 Act Creates New Tax Strategies for RMDs
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.
Read MoreUnderstanding Long-Term Care
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.
Read MoreSECURE Act 2.0: An Overview
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.
Read MoreYour 2023 Financial Goals: A Step-by-Step Guide
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!
Read MoreNew Law: New and Improved Energy Tax Credits for Homeowners
The President signed the Inflation Reduction Act into law and it contains some valuable tax credits for homeowners.
Read MoreYear-End Tax Planning: 4 Tips to Save You Money
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.
Read MoreThe Power of Gratitude: Teaching Children Financial Gratitude
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.
Read More2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
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.
Read MoreNew Retirement Contribution Limits for 2023
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...
Read MoreHandling the Loss of a Loved One: Financial Steps You Can Take
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.
Read MoreSocial Security: What You Need to Know
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.
Read MoreNew and Improved Energy Tax Credits for Homeowners
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.
Read MoreAn Introduction to Social Security Retirement Benefits
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.
Read MoreA Tax-Smart Way to Save for Health Care: Health Savings Accounts
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).
Read MoreSelf-Employment Tax Basics
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.
Read MoreTerm Life Insurance Planning
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.
Read MoreTax Strategies for Vacation and Second Homes
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.
Read MorePreparing for Retirement is Not Entirely Financial
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.
Read MoreDonor-Advised Funds: A Tax-Planning Tool for Church and Charity Donations
There are many benefits to donor-advised funds for the charitably inclined, and few drawbacks. Learn more.
Read MoreHow to Stop Living Paycheck to Paycheck
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?
Read MoreValues-Based Financial Planning: And Why It’s Important
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.
Read More5 Questions to Ask When Planning for Retirement
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.
Read MoreSchmerling Financial Group Recognized as Avantax Elite
Schmerling Financial Group has been recognized as one of the top affiliates of Avantax Wealth Management®, a leader in tax-advantaged financial planning.
Read MoreHabits and Goals
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.
Read MoreTax Tips for Property
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.
Read MoreA Business or a Hobby?
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?
Read MoreYour 4% Withdrawal Strategy May Not Be Enough
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...
Read MoreYear-End Financial Checklist: What Should You Consider?
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...
Read MoreMitigating Portfolio Risk: Understanding and Planning for Investment Time Periods
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...
Read MoreTax Planning for the Biden Administration
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...
Read MoreOur June issue is out, chock-full of valuable tax-saving strategies.
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...
Read MoreFebruary 2021 Tax-Saving Tips
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...
Read MoreNew Year, New Goals!
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...
Read MoreJanuary 2021 Tax Tips
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...
Read MoreIs your family protected?
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,...
Read MoreUnderstanding the CARES Act and its implications for individuals & businesses by our Putnam partners
Click here for a well-presented outline of the Cares Act by Putnam Investments.
Read MoreWhat can my Business do with the CAREs Act?
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...
Read Morewhat does the SECURE Act mean for you?
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...
Read MoreIs the World More Uncertain than We Think?
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...
Read MoreIs your financial house in order?
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,...
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