tax strategy

By Ann D. Blakey, CFP®

Just thinking about “Spring Cleaning” seems exhausting.  Putting winter items away.  Cleaning out closets. Bringing the sparkle back to windows. Refreshing landscape beds …. You get the idea.  

This year, spring cleaning can take on a whole new meaning – with permanent positive effects! Spring is an ideal time to review your finances and better position yourself to grow your wealth. Here we review the top 4 spring cleaning tips related to your personal finances.  Onward to financial organization! 

By Ann D. Blakey, CFP®

Determining your Adjusted Gross Income ("AGI") has never been more important than for tax year 2020.  This is because your AGI is used as the "ceiling" against which many benefits available from recent Covid-19 assistance legislation is measured.  

Specifically, the latest round of up to $1,400 per person stimulus checks is only fully available to individuals with AGI lower than $75,000 and for couples filing jointly with AGI lower than $150,000. 

By Ann D. Blakey, CFP®

By Todd I. Youngdahl, CFP®

Roth IRAs remain great savings vehicles for many reasons. They can be a tax-free income source in retirement. They don’t have required minimum distributions when you reach age 72 as with most other tax-advantaged retirement plans.  And, they have flexible inheritance rules that will benefit your children and grandchildren.

By The CFP® Team at Washington Wealth Advisors

Can you believe it is already February? How are your 2021 New Year’s resolutions going? If they’re already a thing of the past, not to worry. We’ve created a financial to-do list to help you get your financial life on track in 2021.

January and February: Review Your Situation and Investments

After a year like 2020, it’s probably time for a solid financial checkup. Write down the answers to questions such as:

By Todd I. Youngdahl, CFP®

If you are a full-time employer and are offered enrollment into a 401k as one of your job benefits, you should definitely take advantage of this opportunity, especially if you plan to retire one day.

Here are the basics about 401k plans as well as a slew of reasons to take advantage of them.

By Ann D. Blakey, CFP®

As the crisp air of winter begins to take its hold, financial advisors spend time on year-end wrap up activities and preparations for 2021 with our clients.  Some of the important factors affecting our thinking are the key numbers published by the IRS for 2021 limits and deductions.  It allows us to plan for our clients and develop strategies to support the best ways to help them succeed financially. Here are some of the key numbers that the IRS has released for 2021.

By Todd I. Youngdahl, CFP®

You may have heard about the benefits of utilizing various tax-advantaged medical savings accounts to save for medical, dental, prescription, or vision expenses. Many employers offer more than one type of these accounts, leaving employees with questions about which one to choose. Read on to learn about three options, and the benefits of each.

By Maura Schauss, CFP®

Summer is sailing along, and you’re catching up on your to-do list. As you browse through your list, there’s one item that catches your eye: Get on Top of Taxes. It’s a dreaded to-do item that seems to occur every single year. If you feel like you’re always hit with a tax bill, it may be because of one of these four reasons: