On December 20th, President Trump signed into law the SECURE Act, which makes significant changes to retirement savings plans. The bill was signed into law with the intention that it would encourage individuals to save more since roughly one-third of the population does not meaningfully save for their retirement, according to

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, went into effect on January 1, 2020. The noteworthy provisions of the legislation are as follows:

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Qualified Charitable Distributions

Taxpayers experienced the effects of the Tax Cuts and Job Act these past few months when it came time to file their tax returns. One of the biggest changes the legislation caused was the doubling of the standard deduction. Now, many are better off using the standard deduction and do not itemize their deductions unless they have excessive medical expenses or make large charitable contributions.

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How To Fix Your 2019 Tax Bill Now

About two-thirds of Americans paid less income tax in 2018 under the Tax Cuts and Jobs Act of 2017 which went into effect last year. But many taxpayers were unhappy with their recent filing as they received a lower refund than they expected or even owed tax. People often count on their refund in order to fund a vacation, make a big purchase or use it for other purposes. Whether they notice it or not, they have actually made an interest-free loan to the government by letting them have more of their money during the year with tax withholding from your paycheck.

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Tax Planning Basics

For years it was assumed that tax planning was reserved for the wealthy. While wealthy individuals will see the most benefit from tax planning, with big changes looming for the 2018 tax year, even middle-income earners can reap the benefits of tax planning.  

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Are Advisory Fees Tax Deductible?

It’s tax season again, and a question we get from a number of clients after receiving their yearend statements is, “Are my investment advisory fees tax deductible?” And the answer is an equivocal, “It depends.”

Congress did grant a tax deduction for certain investment expenses, but with anything to do with the tax code, the devil’s is in the details. Not to worry though, we’ll use this opportunity to settle the issue no matter your situation. 

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Whole Life Insurance as a Tax Diversification Strategy

For many people, life insurance forms the security foundation of their financial plan. While most financial planners recommend that life insurance be purchased for its protection, and not as a primary savings vehicle, few would argue that cash value life insurance doesn’t have some fairly unique and attractive savings features. When these are considered in the context of a person’s overall savings and investment strategy, they may offer some advantages especially for providing additional tax diversification of income sources.

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