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Tax Considerations When Hiring a Nanny / Tutor

Submitted by Mission Financial Planning on July 27th, 2020

With some schools expected to stay closed for a while, many families are considering hiring a nanny or tutor to help care for children while parents work and to help their kids keep learning.  Childcare is expensive.  Average childcare costs range from $17,193 per year in the South to $24,815 in the Northeast – not too different than a year at a public college, we've se

Tags:
  • Kids
  • Personal Financial Planning
  • Taxes
  • Read more

Tax Strategies for Next Year

Submitted by Mission Financial Planning on July 17th, 2020

With the tax-filing deadline behind us, many people are suffering tax-related sticker shock.  What would it take to have a better tax-season next year?  Here is a quick checklist of ideas; not all will apply, and of course there are caveats and limitations to almost every one of them.  We’ll get detailed and down in the weeds when strategizing with your personal situation i

Tags:
  • 401(k)s
  • Dental Practice Financial Planning
  • IRAs
  • Personal Financial Planning
  • Small Business Financial Planning
  • Taxes
  • Read more

Roth IRAs for Kids

Submitted by Mission Financial Planning on July 10th, 2020

There is no minimum age on Roth IRAs, only the requirement that a person needs to have earned income*.  OK, it’s true that babies have a hard time finding work, but as kids get summer jobs or are able to work in a parent’s business, a Roth is a great tool for savings. 

Tags:
  • IRAs
  • Personal Financial Planning
  • Roth
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Is Your Medicare Premium Too High?

Submitted by Mission Financial Planning on July 8th, 2020

When you turn 65 you become eligible for Medicare.  Part A is free, but Medicare Part B is based on the income reported on your tax return from 2 years ago.  But is that a fair way to determine the cost when your income level may have changed in the meantime?

Tags:
  • Dental Practice Financial Planning
  • Personal Financial Planning
  • Retiring
  • Read more

Should You Take the SBA's EIDL Offer?

Submitted by Mission Financial Planning on June 26th, 2020

Those who applied for the $10,000 EIDL Advance several months ago are receiving their SBA offers of the official EIDL loan and aren’t sure whether they should take it.

Tags:
  • Cash Flow
  • Covid-19
  • Debt
  • Dental Practice Financial Planning
  • New Dentist
  • Read more

How do you know if it's time to refinance?

Submitted by Mission Financial Planning on June 19th, 2020

I saw the lowest mortgage rates I’ve seen in a long time this week.  With rates this low, it’s time to check to see how much you could reduce your monthly mortgage payment or speed up your pay-off date. 

How do you know if it's time to refinance?

It's worth exploring refinancing if:

Tags:
  • Budgeting
  • Debt
  • Home Ownership
  • Personal Financial Planning
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14 Questions for Interviewing Estate Attorneys

Submitted by Mission Financial Planning on June 16th, 2020

Most people have some preferences about how they would like their life’s work and accumulations distributed or cared for, but many have avoided facing the sobering task of putting their preferences on paper. Whether you are updating an existing plan or creating a new estate plan, one roadblock to moving forward can be the process of finding an estate attorney. 

Tags:
  • Estate Planning
  • Interviewing Professionals
  • Personal Financial Planning
  • Read more

Making Decisions in the Time of COVID

Submitted by Mission Financial Planning on June 15th, 2020

Several times last week I was asked to evaluate big decisions.  Home purchases, selling a practice, buying a practice, hiring/firing and whether it’s time to invest, to name a few.

Tags:
  • Covid-19
  • Dental Practice Financial Planning
  • Financial Life Planning
  • Read more

Using Dividends for Retirement Income

Submitted by Mission Financial Planning on June 14th, 2020

While you are working, you add money to your investments to build a nest egg.  In retirement, it’s time to start taking that money back out.  The income goal in retirement is to mimic the paycheck you were receiving while you worked.  This new “paycheck” often comes from several sources, including Social Security and/or pension payments, and perhaps rental incom

Tags:
  • 101
  • Investing
  • Retiring
  • Taxes
  • Withdrawal Strategies
  • Read more

Belt Tightening when the Market is Down

Submitted by Mission Financial Planning on May 15th, 2020

When MFP builds financial plans, we usually create a model that assumes clients maintain their current standard of living throughout their life.  Our models adjust for: kids moving out, loans paying off, post-retirement projects, big purchases, and/or travel.

Tags:
  • Budgeting
  • Cash Flow
  • Retiring
  • Withdrawal Strategies
  • Read more
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Categories

  • 101 (3)
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  • Taxes (11)
  • Withdrawal Strategies (6)
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66205 United States

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