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Your Estate: Have You Looked at These Legal Documents Lately?
If you haven’t prepared certain estate documents, or the ones you have are out-of-date, your intentions could easily become a matter of dispute. The courts might have to make critical decisions regarding your medical care and finances or determine who will receive...
Your Business: Reasons to Keep Personal and Business Finances Separate
If you are launching a new venture, you may wonder whether it’s necessary to open a dedicated bank account for your business. Even if your company is established and already has separate checking and credit-card accounts, you may be tempted to pay business expenses...
Your Business: New Rules for Writing Off Restaurant Meals
A provision in the December 2020 stimulus bill allows businesses to deduct the full cost of food and beverages provided by a restaurant in tax years 2021 and 2022. The standard deduction for most business meals had been limited to 50% of the cost since the Tax Cuts...
Your Business: Minimum-Wage Laws in the Spotlight
In the November 2020 election, Florida voters approved an initiative to increase the minimum wage incrementally to $15 per hour by 2026. Eight states (plus the District of Columbia) have passed legislation to raise the minimum wage in steps to $15, but Florida will be...
Your Business: Could You Benefit from a Roth Conversion in 2020?
Converting traditional IRA assets to a Roth IRA is a tried-and-true strategy for creating a tax-free source of retirement income. The catch is that converted assets are taxed as ordinary income in the year of the conversion. The resulting tax bill could be painful,...
Working While Receiving Social Security Benefits
Social Security has some 2,700 rules, and one of the most confusing and misunderstood is the retirement earnings test (RET).1 Some people may think they can’t work — or shouldn’t work — while collecting Social Security benefits. But that’s not the case. However, it’s...
Will Social Security Retire Before You Do?
People have traditionally seen Social Security benefits as the foundation of their retirement planning programs. The Social Security contributions deducted from workers’ paychecks have, in effect, served as a government-enforced retirement savings plan. However, the...
Why Purchase Life Insurance?
We’ve all heard about the importance of having life insurance, but is it really necessary? Usually, the answer is “yes,” but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection....
Why Do People Buy Annuities?
Annuities are insurance-based financial vehicles that can provide many benefits sought by retirement-minded investors. There are a number of reasons why people buy annuities. Deferral of taxes is a big benefit, and so is the ability to put large sums of money into an...
When You Can’t Speak for Yourself
It’s not pleasant to think about the possibility of being unable to make your own medical or financial decisions. But taking the time to express your wishes in advance could help ensure that your health-care and financial affairs are handled as you wish and that your...
When Must Taxes Be Paid on IRA and Employer-Sponsored Retirement Funds?
Traditional IRAs and most employer-sponsored retirement plans are tax-deferred accounts, which means they are typically funded with pre-tax or tax-deductible dollars. As a result, taxes are not payable until funds are withdrawn, generally in retirement. Withdrawals...
What a Relief! Congress Acts Against Surprise Medical Bills
If you have ever been caught off-guard by a large medical bill, a long-running practice known as balance billing might be the reason. A balance bill — which is the difference between an out-of-network provider’s normal charges for a service and a lower rate reimbursed...
What Types of Bonds Are Available?
Bonds are issued by federal, state, and local governments; agencies of the U.S. government; and corporations. There are three basic types of bonds: U.S. Treasury, municipal, and corporate. Treasury Securities Bonds, bills, and notes issued by the U.S. government are...
What Tax Deductions Are Still Available to Me?
Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability. Taxpayers may be able to take deductions for student-loan interest, out-of-pocket...
What Tax-Advantaged Alternatives Do I Have?
A strong savings program is essential for any sound financial strategy. We take Benjamin Franklin’s saying to heart, “A penny saved is a penny earned,” and we save our spare cash in savings accounts and certificates of deposit. Investors who’ve accumulated an adequate...
What Stock and Bond Investing Alternatives Do I Have?
Many prudent investors may have at least some of their holdings in stocks, corporate bonds, or both. In fact, when most people think of “investing,” they think of Wall Street and the stock market. Many fail to realize that there are alternative ways to invest in...
What Savings Alternatives Are Available?
As an investor, you know it’s important to have a portion of your holdings in savings. Opinions differ, but most financial professionals agree that adequate savings should form the basis of any sound investment strategy. There are a number of savings alternatives that...
What Key Estate Planning Tools Should I Know About?
By taking steps in advance, you have a greater say in how these questions are answered. And isn’t that how it should be? Wills and trusts are two of the most popular estate planning tools. Both allow you to spell out how you would like your property to be distributed,...
What Is the Most Tax-Efficient Way to Take a Distribution From a Retirement Plan?
If you receive a distribution from a qualified retirement plan such as a 401(k), you need to consider whether to pay taxes now or to roll over the account to another tax-deferred plan. A correctly implemented rollover avoids current taxes and allows the funds to...
What Is the Gift Tax?
The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others (with the exception of a spouse) after a person’s death. The gift tax applies to the donor. The...
Meet John Browning
John Browning serves as the Chief Executive Officer for Guardian Rock and is the Amazon best-selling author of the book Build a Life, not a Portfolio: A Guide to Your Financial Future Based on Your Personal Values”
John leads the investment committee is directly involved in client service and portfolio decisions. You can get to know John more by listening to his weekly Building Your Life Podcast