Charitable giving is a great way to support the causes you care about while also getting a tax break. In 2020, Congress passed the Coronavirus Aid Relief and Economic Security (CARES) Act, which incentivized charitable giving by offering new rules for charitable deductions. As we move into the new year, now is the time to make sure you’re making your 2020 deductions properly and planning for your 2021 charitable giving. Here’s what you need to know: 2020 Tax Moves The CARES Act temporarily changed some of the rules around tax deductions for charitable giving in 2020 to encourage people…
Insights & Advice
Nichole Dupont
4 Smart Money Moves for 2021
With the new year in full swing, it’s a great time to take stock of your personal finances. From building a budget and saving for retirement to getting a jump on this year’s taxes, here are some of the smart money moves to consider to help brighten your financial life in the new year. 1. Build a budget Creating a monthly budget can help you better understand your spending and identify how much money you can put toward your financial goals. First, take your monthly salary or wages after taxes are taken out. Next, tally your necessary expenses for each…
Creating a Successful Business Succession Plan
An exit strategy helps business owners ensure the long-term success of their company A good succession plan creates a blueprint for ownership transfer as you exit your business. It helps you prepare for your retirement, ensuring you have the income you need. And setting a well-conceived plan into motion protects the people around you, including your heirs, employees, and customers by laying the groundwork for a smooth transition. Yet, despite these important benefits, many privately owned businesses don’t have a succession plan, leaving the business vulnerable to unforeseen circumstances. For instance, if the business owner dies or becomes incapacitated, there…
Understanding Your Retirement Income Plan
Manage cash flow in retirement with multiple income streams When you retire, you get to bid farewell to the working world. That’s the good news. The bad news? You’ll no longer have a paycheck coming in from your employer. To address that, you’ll need to piece together a steady stream of income from different retirement sources, such as Social Security, retirement accounts, and annuities. Each of these sources of income has its own benefits and tax treatments. Here’s what you need to know about how they might fit into your retirement plan. Social Security Benefits Monthly Social Security benefits provide…