Bryant Taylor, EA, CFP, CHFC Wealth Management Advisor

03/08/2024

Bryant earns his EA Designation!

I'm Happy to announce that I have recently attained the Enrolled Agent (EA) IRS Designation, the highest credential awarded by the IRS. Enrolled Agents are the only federally licensed tax practitioners who specialize in taxation and also have unlimited rights to represent taxpayers before the IRS.🧑‍🎓
With this knowledge I will be able to better guide my clients with tax focused/tax aware financial planning strategies 😁

How can this strengthen our financial planning relationship?

1. In-depth tax knowledge:
Tax laws are intricate and ever-changing, posing a challenge for individuals seeking to navigate the complex world of taxes. Enrolled agents possess comprehensive knowledge in tax planning, and have an in-depth understanding of tax codes and regulations. By having an EA as your financial planner, you gain access to a wealth of tax-specific knowledge that can significantly impact your financial decisions.

2. Year-round support:
While many individuals only think about taxes during the annual filing season, tax planning is a year-round endeavor. Enrolled agents can provide continuous support and guidance, helping you make informed financial decisions that have annual tax implications. By working with an EA as your financial planner, you'll have a partner who can offer valuable insights on tax-efficient investment strategies, retirement planning, estate planning and more. Their proactive approach to tax planning ensures that you are well prepared for tax obligations and can take advantage of any available tax-saving opportunities.


Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.
Integrated Financial Concepts and LPL Financial does not offer tax advice or tax preparation services.

07/13/2023

The current market rally has lasted roughly nine months, about the length of the market's downtrend in 2022. While the Standard & Poor's 500 remains well below the high, the downtrend and the uptrend are starting to look similar. The first quarter gross domestic product expanded at a 2% rate, and the job market appears in good shape. Meanwhile, the stock market, considered a lead indicator, rallied in the first half, catching some by surprise. Those in the "just a matter of time before a recession" camp point to the yield curve. It remains inverted, with the interest rate on 2-year Treasury notes higher than on 10-year Treasury notes. Historically, an inverted yield curve has signaled a recession. Remain focused on your investment strategy, which reflects your goals, time horizon, and risk tolerance.

04/17/2023

Are recession fears fading? Investors may still be cautious but it appears that CEOs are markedly more optimistic. During quarterly earnings calls for Q4 2022, the mention of a recession has dropped to just 12%.

04/13/2023

Leaving your employer soon? Just retired? Expecting a one time Unique Large check?

When your leaving an employer for whatever reason and you are ready to receive The last check?

The BIG one…

Severance / the last Bonus Check / Time Due / unused vacation or sick pay, Etc.

This check could be HUGE! Could put you in a new tax bracket, especially if you also worked a full year, OR it might not land until the next calendar year. Either way, be aware of it and when it’s coming because once the check has been paid out, you’ve lost some options.

Know there are potential BIG planning opportunities so be sure to Consult your financial planner (Me 😊) for ideas.

It’s typical that the employer allows this check to be saved into the retirement plan at work OR HSA (Health Savings Account) even if the check comes after you’ve left the job! If your company matches the 401k, you might be eligible for match too…

Consider A few Scenarios:
1. If you just retired,
a. does this check BUMP you into the next bracket; maybe you need tax relief (consider maxing out retirement accounts HSA’S IRAs & prtax 401ks) to reduce your taxable income.
b. Not worried about your tax bracket : You could max out all ROTH opportunities for tax free growth as opposed to letting it land in NON-retirement accounts and letting annual tax drag slow you down.
2. Maybe the check lands in the new calendar year… well, that’s one MORE year you can contribute to HSA’s IRA’S AND the 401k with the full deferral limits and tax benefits. This could be your last opportunity to save in retirement accounts as you will no longer have earned income.
a. You could put it in PRETAX and save federal and maybe state taxes on the contribution. (this could be a slick option even if you don’t want to invest for the long term because if you pulled the money back out immediately from the 401k or IRA and met the rules to avoid penalties, you would still have saved Illinois taxes 😊 since Illinois gives you a tax break when you save PRETAX but doesn’t tax distributions. This is true in some other states too. (Sorry Illinois)
3. If you’re on Medicare or will be in the next 2 yrs… does this additional income affect your IRMAA Brackets (could cost you additional Medicare cost because your income was too high)? We might be able to help.
4. HSA’s –This allows you potentially federal and state deduction and we could use this money for medical care throughout your retirement and more tax free growth in the interim.

Want to review your retirement Game Plan? Lets set up a meeting!

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your own needs, such advice services must be obtained on your own separate from this educational material.

Securities and advisory services offered through LPL financial, a registered investment advisor, Member FINRA/SIPC.

04/09/2023

Wishing you and your loved ones a Beautiful Easter Sunday!

04/06/2023

Beneficiaries!

Update your beneficiaries on everything! Anything without a
beneficiary is subject to Probate, which is not fun for beneficiaries,
and could cost them time and money.

Bank accounts ( many people don’t have beneficiaries here… you
just have to ask the bank to add them)

Retirement accounts ( Have you remarried...don’t forget to get
your ex-spouse removed as beneficiary, your current spouse would
not like that…. We’ve seen it more than you would think! Are your
kids listed as contingent beneficiaries?)

House?
1. If you have a trust you can consider moving the deed of your
house to the trust ( consult your attorney)
2. OR you can call your local county clerk deeds office and ask
them for their form to add beneficiaries (legal term -- “Transfer
on Death”), then file with the county. If your in Illinois and they
say they don’t have a form, I might be able to help.*
*There is a cost for this
Group and Personal Life Insurance (Make sure they are updated
too)

Are your beneficiaries Minor Children? You could still name them as
beneficiaries, but you might consider having a trust OR at least
language for a “Custodian” someone with the power to manage the
monies for them until age 18.
** if you don’t name someone, the court will! And it may not be the
same person you had in mind!

If you want to review your big picture, lets chat!

03/30/2023

2 ways to get more tax benefits for
your Annual Charitable Giving

Here are two ways that may help you get
tax benefits while being so generous!

IF your OVER 70.5 years old
1. Consider using your Traditional IRA (This is money that would be
taxed as income when you take it directly)
If you’re 70½ or older, donating directly from a traditional
IRA is “usually the best way to give,” Since that donation
doesn’t show up as income to you. You’ll still be getting a
tax break, even if you don’t itemize deductions!
1. A Qualified Charitable Distribution is where you send money at your leisure, tax free from your
Traditional IRA directly to a charity ( rules and limits apply)
OR
2. If your already taking “Required Minimum Distributions”
RMD’s, you are paying taxes on the income as you receive
it in your current Tax bracket…
1. Instead, You could send ALL or a Portion of the
taxable RMD directly to the foundation/charity and let
that be your gift. This way you would NOT pay taxes
on the money that was sent to directly to the
foundation
AND it counted toward your RMD for the year
AND the money got OUT of your estate

If your UNDER 70.5 years old
1. Consider a Donor Advised Fund to “bunch” your gifts for a few
years at a time. Many people think their charitable donations
are giving them tax relief, when in many instances they are not.
They don’t help with taxes unless you itemize deductions &
exceed the standard deduction.
The current Married Filing Joint Standard Deduction in 2023
is $27,700. You would have to have itemize
deductions/charitable contributions in excess of this
number for charitable gifts to give you any deduction
Example Standard Deduction $27,700
Property Tax +State and Local Taxes paid not to
exceed 10k
Mortgage Interest 10k
Charity 5k
Total itemized 15k DOESN’T WORK
BUT if you give 20k to charity, then you beat standard
deduction by $2,300
Which means the charitable contribution would give
you at least a little tax relief.
You could do 20k every four years instead of 5k per
year, or if you have the cash you can even bunch
more years
How does a Donor Advised Fund work - You put the money in a
Donor Advised Fund, charitable investment account. Its an
irrevocable transfer with the specific intent of funding charitable gifts
to one or multiple charities/foundations/non profits in the future.
You immediately receive the maximum tax deduction allowed
by IRS
You get to control this account and support multiple worthy
charities as they see fit to you and at the time of your choosing
You get to name successors to run your foundation in the event
of your passing
Funds can grow tax free
You Organize your philanthropy

This information is not intended to be a substitute for specific
individualized tax advice. We suggest that you discuss your specific
tax issues with a qualified tax advisor.

Do you want to review your gifting strategies! Reach out to me for an appointment!

03/27/2023

FDIC insurance was designed to protect your deposited funds, but do you know how?

FDIC insurance was designed to protect your deposited funds, but do you know how? This article answers that question.

03/24/2023

Umbrella Policy -- Extra Liability Protection!

One of the more overlooked items I see when reviewing with higher income
clients, is a lack of an Umbrella Policy. Especially important if you have
significant assets to lose!
Do you have one or multiple rental properties? What if there is an
injury on the property?
Could your minor children be sued personally for any reason?
Do you have a business that's owned in your name and not
technically an LLC or other entity?
These are just a few of the reasons you might consider an Umbrella
policy. Should you find your self in a lawsuit, your personal assets
might not be protected.
You can inquire about an umbrella policy thru your Home and Auto
Agent.
Typically, they are extremely affordable and offer significant
additional liability coverage in the event of a personal lawsuit!
You might also consider putting your properties into an LLC to help
limit your liability as well.
Please call to discuss or consult an attorney!
Here’s a good website that talks more about Umbrella policies!

If you want to review your big picture, lets chat!

Liability insurance protects you and your family’s finances when you cause major disasters, such as a lawsuit against you over a large car accident. For example, if you crash into someone else, liability car insurance pays for their medical bills, their property damage, and your legal defense cost...

11/03/2022

Just a thought: (Group Life Insurance?)

I’ve met many clients and friends over the years that have had health issues that prevent them from getting the appropriate amount of life insurance they need. If this applies to you or someone you know, Don’t forget to explore Group Life Insurance options that you might have at work. Its open enrollment right now!! Many times you can get significant amounts of coverage on yourself via your own benefits or EVEN your SPOUSES with limited or no medical questions. Check both!

10/31/2022

Happy Halloween Everyone!

09/22/2022

A few strategies that may help you maximize your Social Security income.

There are other ways to maximize Social Security benefits, in addition to waiting to claim them.