Financial Planning

Whether you are concerned about taxes, maintaining your lifestyle or ensuring that your financial legacy survives long after you do, we are here to help guide your financial decisions with insight. We follow the CFP Board guidelines for financial planning.

Three Income Tax Misconceptions

Summer is here. Tax season has come and gone and even those of us that extend can probably ignore our taxes for a few months. However, I thought I would take this ignoring of taxes issue head on with a discussion of income taxes. Over the years, I have noticed that typically, my friends, family, acquaintances and clients have at least a few misconceptions of income taxes. Three Misconceptions: Marginal tax rates generally don’t apply to all income Deductions and income tax credits aren’t equally beneficial Itemized deductions often have less impact than expected First things first. The United States has a progressive income tax system which means higher levels of income are taxed [...]

Health Savings Accounts might be the best savings vehicle available

Health Savings Accounts (HSAs) I have spent many hours discussing the relative advantages and disadvantages of Roth 401(k)s versus Traditional 401(k)s. The answer in that debate? It depends ... but what if you could have the best of both? While Roth plans generally give you tax-free distributions, you pay taxes prior to contributing dollars to the plan. Conversely, Traditional plans allow your contributions to avoid current taxation, however you pay taxes on your distributions. So the IRS gets you on the way in or on the way out. However ... HSAs generally allow you to take a tax deduction on your contribution (like the Traditional) and gives you tax free distributions (like the Roth). The [...]