When working with a Registered Investment Advisor (RIA), investors may have heard the term “custodial relationship.” This refers to a partnership between the RIA and a financial institution that acts as the custodian of the client’s investment assets. For example, Ballast Advisors uses Charles Schwab as custodian for client investment assets. However, recent events involving … Read more
Reducing your tax liability can literally save you thousands of dollars Tax season can be a stressful time for many people, especially if you’re not fully prepared. However, with some advance planning and preparation, you can take steps to reduce your tax bill for the upcoming year. Here are 7 things you can do now … Read more
The concept of your domicile is very different from that of your residency Domicile is an important concept in determining one’s residency status for tax purposes. Simply put, a domicile is a person’s permanent home and the place to which they intend to return whenever they are away. The failure to abandon one’s domicile can … Read more
Once you have provided for your own personal expenses and retirement, it may be time to consider how your money could benefit others.
Giving away some of your money is a great way to support the people and organizations you love. But choosing the right strategy is essential for minimizing your taxes and meeting your personal goals.
Introduction After a rough year in the market, it’s rare an investor didn’t experience losses. How you treat those losses come tax time can mean a lot in the long run of your financial plan. “Good portfolio management focuses on after tax rate of returns,” says Ballast Advisors Managing partner Paul Parnell. Tax harvesting is … Read more
What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different categories, such as “Filing Status” or “Employee Matters,” for ease of reading. When year-end approaches, it might be wise to review each suggestion under … Read more
Market downturns, like the one through the first half of 2022, could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future. Taxable accounts you hold longer than a year incur long-term capital gains taxes … Read more
Legislation that could benefit people with individual retirement accounts (IRAs) and workplace retirement plans is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have … Read more
Homeowners who live in areas affected by hurricanes know that the damage incurred by such storms can be significant. In these stressful times, having access to personal financial, insurance, medical and other records is crucial. For more helpful financial preparedness tips, download the Emergency Financial First Aid Kit (EFFAK) to plan ahead. LINK: Emergency Financial First … Read more
“Money makes money. And the money that money makes, makes money.” Since the beginning of the year, economists and pundits seem united in the belief that economic growth will continue to contract, propelling inflation and interest rates to levels that we haven’t seen in years. When the Federal Reserve lifts the fed funds rate … Read more
