In this month’s video, I explained a couple of the goals when we complete a tax projection for clients. For some taxpayers, a tax projection can have many moving parts making the assistance of a tax advisor essential. For others, this process can be completed without outside help. The main category of people that this would apply for is those with W-2 jobs. To help those folks out, here is a step-by-step guide to calculating whether you have the proper paycheck withholding. This is a good basic plan for anyone and can be tweaked for more complicated circumstances. Continue reading
What do you do with your retirement accounts when you change jobs? This is a common question on WCI, and the good news is that you have many options! What you choose to do depends, as always, on your goals, current situation, and priorities. Continue reading
Your Summary Plan Description (SPD) is the rule book for all retirement accounts offered to you by your employer. Sadly, many employees do not know how to read their SPD or its importance. In this month’s video, Michelle gives you important features to look for in your employer’s SPD.
Also read Johanna’s companion blog post, It’s Open Season!
Annual open enrollment for benefit plans typically begins on November 1. Everyone should spend 30 minutes annually on a review of your current and available benefits. If you hate waiting in an endless phone loop when you need an answer about your insurance or retirement, Continue reading
Do you own your own business/practice? Does your income vary during the year, or even from year to year? Would you like to know if you are going to have to pay in, or maybe get a refund, before your taxes are finalized? If you answered yes to any of these questions, this video about tax projections is for you!
[This post continues a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how the 199(A) deduction is different for a dual-physician couple than a single-income family. Continue reading
[This post starts a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how marital status impacts the 199(A) deduction for physicians who earn their income as 1099 contractors. Continue reading
Financial planning includes financial education. We believe that, for optimal investment results, an investor should commit to a chosen portfolio allocation. We refer to this allocation as a “well diversified, balanced portfolio”. Rebalancing is the process of bringing your portfolio back to the original asset allocations you have set for it. Continue reading
In my last Doctor Dilemma, How Should You Allocate Savings?, I discussed a different kind of investment strategy: taxation of withdrawals. Because we recommend allocating ~1/3 of investable assets to Roth accounts, we are regularly asked how that is possible for a high-income professional. Continue reading