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Dear Friends,
One of the keys to financial success is to pay close attention to change. Whether or not you have seen a lot of change to your personal circumstances lately, factors from the outside environment may warrant action by you to better address your long term financial security. That's why we recommend seeing us for a brief plan update at least annually.Taxation is an area that warrants special attention today.The old saying goes that the only two things certain in life are death and taxes.Well, the old saying still holds true, but today there is very little certainty around how tax laws will change and how this will impact individuals and families. To date, there is no agreement in Washington about how to deal with the coming sunset of the 2001 tax law.Tax rates are at the center of a political battle. Washington may decide to extend the 2001 tax rates for everyone, no one, or only some taxpayers. If the rates are extended, this could be permanent or temporary.In the current tax environment planning is difficult, but there are a number of steps you can take that could lower your tax bill. Our first topic this quarter is year-end steps which you may wish to consider in your tax strategy. If these ideas sound like they apply to you, give us a call and we will be happy to help.Our second article was featured in the Portland Press Herald this week. It addresses the complexity and inflexibility which can be found in "little known rules" within the tax system. Karen Elise wrote a cautionary tale which suggests that it is a good idea to get professional advice when taking actions with qualified funds like IRA's and 401k's.Lastly, you will find our recent quarterly investment commentary which offers our perspective on personal investing today.Thanks again to our clients who make what we do possible. We take pride in the fact that our practice has grown primarily by word of mouth. If you know someone who could benefit from our services, please help introduce us! Best,
Michael G. Donahoe, CFP®, MBA
Karen Elise Kilbride, CFP®, CPA |
| Don't Overlook Year End Tax Planning Opportunities | |
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For the last several years, since Congress passed numerous tax reductions in 2001 and 2003, American tax rates have been remarkably low. That may be about to end, and with less than two full months remaining in 2010, now is a good time to think about the impact tax changes can have on your personal tax situation and consider personal tax strategies.
Read the full article |
| Watch Those IRA Rollover Rules! | |
A little planning advice could have prevented a $400,000 IRA rollover mistake. Have you ever heard of the "once per year" IRA rollover rule? Recently, an IRA owner lost more than $400,000 from his IRA because he violated this rule. To top it off, there appears to be no relief from the IRS for this IRA rollover error so there is no fix!
Read the full article |
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Investment Perspective
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Each quarter we publish our investment commentary, which is sent to our investment advisory clients and posted to our website.
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