Most people are not taking full advantage of HSAs -Contribute the fully tax-deductible max -Make payroll deductions to avoid SS/MC tax (401k's don't do this) -Invest dollars for the future tax-free -Pay today's bills tax-free HSAs are tax juggernauts when used to their full…

Tax withholding -> Amount of federal tax sent to the IRS by your employer Form 1040 Total Tax -> Your final tax bill after all income items are accounted for The amount your employer withholds is not necessarily your 1040 total tax amount This is why you may owe taxes or get a

A good financial planner helps: - Organize your financial life - Inform you of what needs to be changed - Most importantly, drives you to action

One of the most insane golf moments I have ever witnessed!

Unbelievable!!

Bonus income is taxed NO differently by the IRS Your company's payroll team will withhold additional tax on bonus income since it's supplemental BUT the IRS will tax it the same way as salary This could lead to a refund when you file your tax return

BUSINESS OWNERS Please use separate bank accounts for business and personal This will help you: - Track cash flow more easily - File taxes quicker - Budget better - Protect personal assets - Lower stress levels

Do you and your spouse know your WHY? Far too often I see couples making financial moves with no purpose A few reasons it's important to know your WHY: - You'll invest appropriately - You’ll spend intentionally - Your marriage will have more clarity

Money conversations with your spouse are essential You will view some things differently - You may want to vacation more - Your spouse may want to retire early Listen to each other and figure out how to accomplish both It should be an equal partnership of decision-making

Financial planning has become a convoluted term that means different things to different people It shouldn't be that way Understand a financial advisor's process before signing up You shouldn't leave an initial meeting more confused than when you showed up

Does your income change every year and you never know how much to pay in fed'l taxes? You need to know about safe harbor withholdings This rule allows you to withhold: - 90% of this year's tax or - 110% of last year's tax By doing so, you will not owe any penalties for too

As an advisor, I see stress levels drop when savings are automated - Know how much you should save - Send cash to IRA straight from your paycheck - Send cash to brokerage from your paycheck You now have freedom to spend what hits your checking account since you've already saved

Goal collection is foundational to financial planning We need to know what you care about so that the plan is yours, not ours These goals could be: - When to retire - Kids' college - Starting a business - Exiting a business - Charitable giving - And so on

Don't give cash straight to charity when receiving a windfall Instead, do this: -Gift stock with long-term gains to a donor-advised fund -Re-buy the stock with your cash Your stock's cost basis gets reset and you avoid cap gains tax on the gift

It feels good to give away highly appreciated stock and pay no taxes - A client's stock was up 12,700% - He gave some to his donor-advised fund If he sold the stock, his tax would have been ~$15K Instead, he paid ZERO cap gains Being strategic pays well

As a financial advisor, I come across many people that want to save on taxes Most of them think a lot about saving taxes today, but forget about the future Proper tax planning will make sure you save the most on taxes over your entire life

Why is a 529 account good for college savings? -Tax-deferred growth -Tax-free withdrawals when used for college expenses -Easy to automatically save into Parents who start saving for college early in their kids' lives have a much easier time paying for school

An important truth: When receiving a raise, you make more money even though your tax bill increases Don't let taxes keep you from wanting to increase your income

Being a good investor requires discipline Will you: - Stay invested when everyone is selling - Keep buying when the world is chaotic - Avoid get-rich-quick schemes Doing these will put you ahead of the masses

You don't need to reinvent the wheel to have a great investment portfolio So many people believe their portfolio needs to include assets that have a WOW factor The truth is, most millionaires get there by keeping things simple