Wealth Management | Plancorp | Taxes & Tax Planning (2)

It’s easy to ignore what we don’t understand – including something like an Health Savings Account. But plenty of professionals leave money on the table by not making the most of these tax-advantaged accounts. Read more…

My first opportunity to vote in a presidential election was the year 2000. Bush v. Gore. Hanging chads. A month of legal battles until we had a President Elect. I always wondered whether another election would surpass that chaos. 20 years later I have my answer. Read more…

The IRS announced the new limits for 2021 retirement savings and the amount that 401(k) participants, or participants in similar employer sponsored plans can save is staying the same. Read more…

When events such as COVID-19 occur, investors often feel at the mercy of wildly fluctuating portfolios. Investing in the market involves risk — your portfolio will go down. And according to the math of percentages, the more significant your losses, the more returns you’ll need to break even. Read more…

As we all learn to live with the impact the coronavirus is having on our daily lives, recent legislation and relief from the federal government seeks to alleviate the financial impact of COVID-19. The most significant piece of legislation is the Coronavirus Aid, Relief and Economic Security Act. Read more…

The Treasury Department and Internal Revenue Service recently announced that the federal income tax filing due date had been automatically extended from April 15, 2020 to July 15, 2020. Saturday’s release updated the notice issued on March 18th that payments could be deferred but not filing. Read more…

From a young age, I’ve enjoyed giving back. Almost every year of high school and college I participated in a mission trip. Since college I’ve had the amazing opportunity to travel to Uganda to help those in need. (See some of the life lessons I learned on this amazing trip). Each trip was unique, Read more…

“It’s the perfect opportunity to save taxes!” This is a statement that is typically only exclaimed by tax accountants, but as a CPA, this opportunity had me excited. I was able to proactively tax plan for two of my favorite people, my parents. After a 30+ year career, my dad was planning to retire Read more…

While the Tax Cuts and Jobs Act impacted both individuals and businesses, changes to the business tax scheme were comparatively more comprehensive and permanent. As a business owner, the magnitude of the changes may seem overwhelming. Instead of getting caught up in the details of every Read more…

The end of the year is traditionally a good time to tackle tax planning. You have an idea of what your total income will be, so you can make decisions with an eye on tax efficiencies. This year, the back-and-forth on tax reform has narrowed the window of opportunity a bit. Read more…