Just like Goldie Locks - you want to get the withholding on your taxes "just right". If you withhold too much, you're giving the Government an interest-free loan. If you withhold too little, you'll get hit with a big tax bill when you file your taxes.
Now that the Tax Cuts and Job Act - AKA Tax Reform is now signed into law, what does that mean to you?! Check out this video clip of James' interview on FOX4's morning show where he summarizes the big impacts of the new tax laws and what this could mean to you.
How will tax reform affect you and your retirement?! Tax reform is on the agenda in 2017 and be aware of its impact to your retirement savings. At this time it appears that the 401k deduction of up to $18,500 is safe. Make sure you maximize your 401k for tax savings and maximize your employer match too. How much will I need to save for retirement to keep the life-style...
Tax Planning Tip: Required Minimum Distributions (RMD) are mandatory IRA Distributions starting at age 70 1/2. The IRS enforces this rule with a hefty 50% penalty for non-compliance! One option to consider to minimize your tax obligation is to have your RMD paid straight to a registered charity. Of course you'll want to verify that your intended recipient is, in fact, properly registered with the IRS via one of these...
The most important December “to do” list may not be related to shopping or parties. Checking your financial list twice could be the best gift you give yourself and your family. Financial professional James Gallagher talked with FOX4 about what we should all put on our year-end “to do” list. 1. Health 2. Wealth 3. Taxes 4. Debt: Click HERE for a debt worksheet to get organized 5. Dream
Parents need to discuss family finances with their adult children. Financial professional James Gallagher talked with FOX4 about how to start that conversation and what topics should be covered: 1. Legal 2. Healthcare 3. Income & Expenses 4. Financial Records Click HERE for a checklist of important financial information that you should make sure to discuss with your adult children. Remember, knowledge now will prevent headaches later.
Young or old, rich or poor, there is one part of financial planning that most people are missing- estate planning. 55% of Americans die without a will or an estate plan. James Gallagher talked with FOX4 about estate planning basics. Estate Planning 101: Financial Power of Attorney Health Care Power of Attorney Living Will Click here to learn more and start your own living will. Guardian for Children Update Beneficiaries
Expecting a tax refund? Before the money hits your account, you want to have a plan! Financial Professional James Gallagher talked with FOX 4 about 5 ways to put your tax refund to good use. 1. Build it Up 2. Cut it Down 3. Stretch it Out Click here <http://www.irs.gov/Individuals/IRS-Withholding-Calculator> for a tax withholding calculator from the IRS 4. Pay it Forward 5. Split it Up
We call this process The Journey.