Taxes
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
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
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
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
Donor Advised Funds are Getting Attention
Submitted by Mission Financial Planning on May 1st, 2020Does it make sense to do a Roth Conversion this year?
Submitted by Mission Financial Planning on April 27th, 2020How to Accumulate Wealth by Investing More Money into your 401k
Submitted by Mission Financial Planning on April 16th, 2020Tax Planning for Building Construction and Build-Outs
Submitted by Mission Financial Planning on March 22nd, 2019If 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.
Year End Financial Checklist
Submitted by Mission Financial Planning on October 16th, 2017It's the time of year to be thinking about year-end deadlines. Here’s a quick checklist – not all-inclusive, but hopefully helpful: