Carson Wealth

DECEMBER 28, 2022

While everyone has different financial goals and objectives, one smart strategy can be to reap the benefits of tax-advantaged accounts to help mitigate your tax burden, whether for today or down the road. What Are Tax-Advantaged Accounts? . There are two types of tax-advantaged accounts: . Tax-Deferred Accounts .

Accounting 98

Accounting Taxes Retirement Planning 98

WiserAdvisor

MARCH 13, 2024

Investment planning also plays a crucial role in tax optimization, enabling you to minimize tax liabilities and maximize after-tax returns. Additionally, tax-loss harvesting, and other tax-optimization strategies can further improve the tax efficiency of your investment portfolio, thereby enhancing overall returns.

Retirement Planning 105

Retirement Planning Retirement Planning Estate Planning 105

MarketWatch

JUNE 21, 2023

A group of medical associations filed a suit in Texas Wednesday alleging that the price setting provisions in the Inflation Reduction Act are unconstitutional. NCIA CEO Brian Nyquist said that his organization favors lower costs for patients, but noted that infusion providers have no control over the price of medications they administer. “he

Medical 40

Medical Pharmaceutical Compliance Manufacturing 40

James Hendries

JANUARY 22, 2023

Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we’ve listed some key information you need when preparing this year’s taxes.

Taxes 52

Taxes Medical Retirement Education 52

Ballast Advisors

NOVEMBER 27, 2023

Here are some things to consider as you weigh potential tax moves between now and the end of the year. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. Doing so may enable you to postpone payment of tax on the income until next year.

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Taxes Retirement Planning Distribution Retirement 40

Nerd's Eye View

MAY 3, 2024

Also in industry news this week: Large asset managers offering hybrid digital-human advice services are eating into the market share of purely human advisors, signaling that a smaller firm's ability to offer a differentiated value proposition could be a key to success in the coming years A recent study indicates that tech-forward advisory firms not (..)

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Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning. Filing status and dependents.

Tax Planning 52

Tax Planning Taxes Planning Retirement Planning 52

Million Dollar Round Table (MDRT)

JUNE 4, 2023

If you meet someone and tell them you’re a financial advisor who works with medical professionals to help them avoid taxes in retirement, you’re engaging in direct marketing. You’re talking about your brand to someone who doesn’t know it.

Medical 87

Medical Financial Services Financial Advisor Retirement 87

Talon Wealth

OCTOBER 26, 2023

Consider early retirement tax planning. Retirement accounts like 401(k)s and IRAs provide the advantage of tax-deferred growth, saving you significant amounts of money in taxes over the long term. Also, consider a Roth IRA, which doesn’t offer tax-deferred growth but does allow for tax-free withdrawals after retirement.

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Retirement Planning Retirement Planning Medical 98

Advisor Perspectives

NOVEMBER 27, 2023

I'll share the impact healthcare costs have on financial plans, the critical healthcare information to include (such as medical tax deductions and IRMAA), how to budget for costs in a world of variables, and tangible strategies to implement during open enrollment and beyond to ensure clients are on the optimal coverage.

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Planning Healthcare Medical Budgeting 75

Nerd's Eye View

JANUARY 8, 2024

is the projected future direction of medical care, where, instead of taking a reactive approach to disease and illness, healthcare practitioners instead invest more energy focusing on preventing illness and maintaining good health in the first place through more personalized plans for patients. Specifically, Financial Advice 3.0

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Financial Advice Medicine Financial Planning Estate Planning 180

James Hendries

SEPTEMBER 25, 2022

If you’re retiring after age 65, you may qualify for Medicare—government-sponsored healthcare coverage available to those who have paid FICA taxes during their working years. If you’re retiring before age 65, you may be able to continue your employer’s medical coverage through COBRA for up to 18 months after retirement.

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Retirement Medical Healthcare Budgeting 98

Ballast Advisors

AUGUST 16, 2023

An HSA is a tax-advantaged account that enables you to save money to cover health-care and medical costs that your insurance doesn’t pay. The funds contributed are made with pre-tax dollars if you contribute via payroll deduction or are tax deductible if you make them yourself using after-tax dollars.

Accounting 52

Accounting Numbers Medical Taxes 52

Integrity Financial Planning

MAY 12, 2023

1] Home health covers things such as: Physical therapy Occupational therapy Speech therapy Skilled nursing services Medication management Medical social work services Home health services must be ordered by your doctor because they are all medical services. 5] Now what?

Medical 93

Medical Financial Guidance Financial Planning Insurance 93

Nerd's Eye View

NOVEMBER 4, 2022

We also have a number of articles on taxes and end-of-year planning: The importance for advisors of understanding current RMD rules to ensure their clients take the proper distributions (and avoid a 50% penalty in the process!). ” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely.

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Financial Planner Financial Advisor Retirement Planning Medical 164

MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. Documents such as tax returns, receipts, bank statements, or pay stubs can also be kept in a safe deposit box or simply a locked file at home. This will be helpful if you claim a loss or a bad debt deduction. Why should you keep some items permanently?

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Certification Taxes Medical Electronics 98

Getting Your Financial Ducks In A Row

JUNE 13, 2022

While there are many reasons that it may be in your best interest to pay tax and convert funds from a traditional IRA to a Roth IRA, there are a few situations that you might want to keep in mind as you consider converting. Under current tax law, you are allowed to deduct medical expenses to the extent that the expenses exceed 7.5%

Medical 52

Medical Taxes Distribution 52

Cornerstone Financial Advisory

APRIL 29, 2024

.” – Ambrose Bierce IRS Program Helps Seniors Prepare Taxes The IRS has a Free File tool, which facilitates online tax preparation, direct deposits of refunds, and electronic filing choices, designed for taxpayers on a fixed budget, including seniors and retirees. Free File has most of the necessary forms when filing your taxes.

Marketing 52

Marketing Marketing Taxes Economics 52

Carson Wealth

NOVEMBER 2, 2023

It varies, depending upon your total income from the 2 nd prior tax year (2022 Income for 2024 Part B premiums). Is medical underwriting required to qualify for a Medigap policy? No, during the initial enrollment period for Medicare Part B, medical underwriting is not required to qualify for coverage.

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Insurance Medical Planning Accounting 143

Integrity Financial Planning

MAY 23, 2023

There are different types of trusts, such as revocable and irrevocable trusts, and they can help you avoid probate and minimize estate taxes. This person, known as an agent, can manage your finances, pay bills, and make medical decisions for you.

Estate Planning 95

Estate Planning Planning Healthcare Medical 95

The Big Picture

APRIL 13, 2023

Bloomberg ) • Hospital ‘Black Boxes’ Put Surgical Practices Under the Microscope : Hospitals have begun to use the technology to help reduce medical errors and improve patient safety. Corvette is already planning one. ( Now the process is working in reverse.

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Medical Engineering Taxes Media 130

Your Richest Life

SEPTEMBER 14, 2023

These accounts offer tax benefits for putting money aside for qualified expenses. These accounts cover similar medical and care costs, but there are some differences. Here is an overview of those benefits: Health Savings Account (HSA) – HSAs are savings accounts funded with pre-tax contributions.

Insurance 59

Insurance Medical Accounting Taxes 59

WiserAdvisor

MARCH 28, 2024

It offers tax-deferred growth and, in many cases, matching employer contributions. IRAs offer similar tax benefits as 401(k)s, high contribution limits for those aged 50 and older, and help accelerate your savings growth. Contributions to tax-deferred retirement accounts like 401(k)s and IRAs offer the advantage of tax-deferred growth.

Retirement 59

Retirement Financial Advisor Medical Healthcare 59

Gen Y Planning

SEPTEMBER 1, 2023

Because many of these benefits are paid for using pre-tax dollars. That means the more you can pay using pre-tax dollars, the lower your tax bracket and the more money you’ll save. Cosmetic surgeries are a common type of exclusion because they are not deemed medically necessary. This includes any company contributions.

Insurance 52

Insurance Planning Medical Healthcare 52

Cornerstone Financial Advisory

MARCH 18, 2024

You must include all capital gains in your income, and you may be subject to the Net Investment Income Tax if your income is above certain amounts. Consult a qualified tax expert for help. If your total net capital loss is more than the limit you can deduct, you can carry it over to next year’s tax return.

Marketing 90

Marketing Marketing Taxes Economics 90

Fortune Financial

FEBRUARY 28, 2023

When we look at projected healthcare costs for an average retired couple in 2022, the amount needed to cover healthcare expenses approaches approximately $315,000 after tax. It could cost more than the projected amount if all retirement funds are in a pre-tax account. What Is A Health Savings Account? That isn’t the case with an HSA.

Retirement Planning 52

Retirement Planning Retirement Planning Healthcare 52

WiserAdvisor

DECEMBER 1, 2023

Financial advisors for medical professionals can offer a tailored approach to managing unique financial landscapes. However, physicians are often consumed by the demands of a rigorous medical career, and as a result, they can easily overlook this essential step. It also puts physicians in the upper slabs of federal tax brackets.

Financial Advisor 59

Financial Advisor Medical Insurance Education 59

WiserAdvisor

NOVEMBER 14, 2023

It isn’t merely about having sufficient funds to cover everyday expenses; it’s also about ensuring resources are available for unforeseen circumstances, including medical costs that become more common with age. Tax efficiency A savvy retirement strategy also involves optimizing tax implications.

Retirement Planning 52

Retirement Planning Retirement Planning Healthcare 52

Harness Wealth

JUNE 23, 2023

Furthermore, estate planning includes aspects such as tax minimization strategies, asset protection, and charitable giving. As you navigate the complexities of tax and financial planning for estate planning, a wealth manager or financial planner can offer invaluable assistance to optimize your financial strategy for future generations.

Estate Planning 52

Estate Planning Financial Planning Planning Taxes 52

Carson Wealth

DECEMBER 27, 2023

By Ryan Egolf, EA, Senior Tax Planner As the New Year quickly approaches, it’s time to put a bow on your 2023 financial plan. In some cases, those payments are tax-free. One of the greatest things about insurance is the liquidity it provides when needed most and tax efficiency.

Planning 89

Planning Retirement Planning Insurance Taxes 89

BlueMind

FEBRUARY 15, 2023

Disability Tax Credit (DTC) The Disability Tax Credit was introduced by the federal government in 1988 due to the fact that a broader definition of disability became necessary and relief was required for the handicapped and those suffering from mental illnesses as well.

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Financial Planning Clients Planning Financial Advisor 97

The Big Picture

JUNE 28, 2023

New York Times ) • It’s almost like the House GOP never cared about deficits after all : Unlike most kinds of government spending, each dollar spent on the IRS leads to much more than a dollar flowing back into government coffers, especially when the IRS would use that funding to collect unpaid taxes.

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Media Government Medical Assets 141

James Hendries

SEPTEMBER 18, 2022

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. You can deduct only the part of your medical and dental expenses that exceeds 7.5%

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Medical Taxes Financial Advisor 52

Abnormal Returns

OCTOBER 23, 2023

on.ft.com) States are looking to pay for roads as EVs drag down gasoline taxes. wsj.com) Dogs What the rising use of canine anti-anxiety medications tells us. EVs Solid-state batteries would upend the EV calculus. wsj.com) How the war on the 'war on cars' became a rallying cry. theatlantic.com) The downsides of cloning a dog.

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Food License Financial Advising Transportation 221

Random Roger's Retirement Planning

APRIL 2, 2024

There is literally no medical condition where low carb diets haven't been studied. One final point back to both articles was the same quote by the Northwestern chief strategy officer about most people not realizing their withdrawals could be taxed at "20-30%." This is important, moreso if you live in a state with high income tax.

Retirement 75

Retirement Taxes Numbers Accounting 75

James Hendries

OCTOBER 11, 2022

Medical Power of Attorney- Commonly, spouses list each other as medical power of attorney, but you have the full authority to list anyone you choose. A Medical Power of Attorney makes medical decisions for you when you’re incapacitated to do so for yourself. A Trust Document is a crucial element in estate planning.

Estate Planning 98

Estate Planning Planning Medical Assets 98

Random Roger's Retirement Planning

NOVEMBER 13, 2023

Another driver of sentiment here is the fear of making it to some old age and then needing care or treatment that is very expensive and if you have a pile of money at 90, you can cover that sort of medical circumstance. Having to go out of pocket for a $100,000 medical issue kind of early on probably will be plan altering.

Retirement 74

Retirement Retirement Planning Commission Medical 74