The wealth management team at Schultz Financial Group (SFG) conducts annual year-end tax planning throughout the fourth quarter. This year has been a year of uncertainty in the markets, and yet we have experienced a market rally. While some uncertainty remains around what the future holds once the Tax Cuts and Jobs Act of 2017
As the year draws to a close, individuals and businesses alike are gearing up for the holiday season and reflecting on the year gone by. Amidst the festivities, it is crucial not to overlook the significance of year-end tax planning. Strategic tax planning can have a meaningful impact on financial well-being, and taking proactive steps
An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that allows employees to own shares in the company they work for. This article provides an overview of what an ESOP is, its benefits for both employers and employees, and its treatment upon an employee’s retirement. What is an ESOP? An ESOP is a
Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may
Qualifying medical expenses include preventative care, treatment, surgeries, dental care, vision care, psychologists, psychiatrists, prescription medications, and appliances such as glasses, contacts, false teeth, and hearing aids, among others.
Taxpayers can make charitable gifts using cash or property. Examples of property commonly donated to charities include appreciated stock and other marketable securities. The type of asset gifted could affect the amount of the taxpayer’s deduction. This article explains various aspects and planning opportunities for donating cash and property. Understanding Cash Donations Cash donations to