Can You Claim Your Parent as a Dependent?

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return.  How Many Taxpayers Are Affected?According to the Pew…

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5 Ways Financial Advisors Can Help Start-Ups Succeed

Every business starts with a “seed” idea that germinates into a fledging business under the right conditions. The decisions that owners make when launching a start-up will impact its financial well-being for years to come. Here are five ways financial advisors can provide critical guidance at this phase of development: 1. Business Planning You’ll need money…

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Estate Tax Planning Tips for Single People

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and…

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A Bucket Plan Can Help Replenish Retirement Savings

It’s no secret that people are living longer these days thanks to medical advances and healthier habits. But longer lives can put stress on the sustainability of retirement assets. There’s no easy formula to make retirement savings last several decades. But a “bucket” approach may help provide you with greater security, no matter how long you live.…

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Key Tax Issues to Consider If You Lose a Loved One

When a loved one dies, taxes are probably not your first concern. But the IRS requires family members (or executors) to address unfamiliar and sometimes overwhelming tax considerations during this difficult time. Here are three important facts that you should know as you wind up a deceased person’s estate. 1. Inherited Assets Get a “Step Up” in…

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Are Health Savings Accounts the Cure?

Open enrollment for health care benefits has begun at many companies. If your employer lets you choose from a menu of health care plans, it’s important to review your options carefully. Medical costs keep going up. The average cost for a hypothetical family of four covered under an employer-sponsored preferred provider organization (PPO) plan is projected to…

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