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Taxes

Maximizing Tax Benefits for Charitable Giving

Submitted by Mission Financial Planning on December 8th, 2020

With the increase of the Standard Deduction, many clients found that they weren’t itemizing anymore, and discovered they were missing out on the tax benefits of making charitable contributions.  Charitable Stacking is a way to fix that.  

Tags:
  • Charitable Giving
  • Personal Financial Planning
  • Taxes
  • Read more

Year-End COVID Tax Check Up

Submitted by Mission Financial Planning on November 20th, 2020

We’re doing a lot of year-end tax checks with clients; it’s a regular November/December activity, but a tax check is even more important this year.  It’s been an unusual year - some clients have more taxable income than usual (unemployment, PPP, HHS/Cares Grants) and others have lower-than-usual income (missed paychecks, skipped Required Minimum Distributions).  We&r

Tags:
  • Dental Practice Financial Planning
  • Personal Financial Planning
  • Small Business Financial Planning
  • Taxes
  • Read more

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

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

Donor Advised Funds are Getting Attention

Submitted by Mission Financial Planning on May 1st, 2020

Donor Advised Funds have received a lot of attention lately.  A quick primer: They let you make a tax-deductible contribution into designated investment accounts which can grow until you make distributions to charities of your choice.

Tags:
  • Charitable Giving
  • Financial Life Planning
  • Personal Financial Planning
  • Taxes
  • Read more

Does it make sense to do a Roth Conversion this year?

Submitted by Mission Financial Planning on April 27th, 2020

When investments are down, one financial strategy is to convert your traditional IRA to a Roth while the value is reduced so you pay taxes on the decreased value. If and when the market rebounds, that rebound will be in the Roth’s tax-free environment.

Tags:
  • IRAs
  • Personal Financial Planning
  • Retiring
  • Roth
  • Taxes
  • Read more

How to Accumulate Wealth by Investing More Money into your 401k

Submitted by Mission Financial Planning on April 16th, 2020

If you do a quick Google search to find out how much you can contribute to your 401k, you’ll usually find that the most you can defer from your salary is $19,500*. In reality, the maximum that can go into a 401k is $57,000*.

*If you’re over 50, add $6,500 to both of these numbers.

Tags:
  • 401(k)s
  • Dental Practice Financial Planning
  • Investing
  • Retiring
  • Roth
  • Taxes
  • Read more

Tax Planning for Building Construction and Build-Outs

Submitted by Mission Financial Planning on March 22nd, 2019

If you have recently remodeled your dental practice, built out a leased space, or constructed a new building for your practice, you might want to consider having a Cost Segregation study done to maximize the tax benefits related to the project.  

Tags:
  • Taxes
  • Read more

Year End Financial Checklist

Submitted by Mission Financial Planning on October 16th, 2017

It's the time of year to be thinking about year-end deadlines.  Here’s a quick checklist – not all-inclusive, but hopefully helpful:

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  • Taxes
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