Financial Planning For High-Income Earners
Reduce Taxes • Invest Smarter

Prepare for the Enhanced Child Tax Credit

Starting July 15th, monthly Child Tax Credits (CTC) will go out to U.S households. The American Rescue Plan increased the credit from $2,000 to $3,000 for children aged 6 to 17 and $3,600 for children under 6. Per the IRS website, they will pay half the total credit...

Why You Should Have an HSA

Health Savings Accounts (HSA) are an underutilized saving vehicle for current and future health care costs. HSAs are a tax-advantaged savings account available to individuals who are part of a high-deductible health plan (HDHP). Below are key facts and just a few...

Focus on Your Net Worth

Net Worth = Assets - Liabilities Three Truths and a Belief: Truth 1: A High Income ≠ A High Net Worth Your income doesn’t drive your net worth; what you do with it does. During the ‘what are your intentions’ conversation with my future father-in-law, he told me a...

3 Ways Tax Loss Harvesting Can Reduce Your Tax Bill

Key Takeaways You can use realized losses to offset realized gains and/or reduce up-to $3,000 of earned income in a tax year.Knowing the holding period of your investments is very important. Short- term gains have the potential to double your tax liability compared to...

Active vs Passive

What is better, active management or passive investing? Those in the financial industry will debate this as ferociously as most arguments involving politics and religion. Active management implies owning mutual funds, while passive investing refers to owning an index...

An Ultramarathon on the Midstate Trail

I've been enamored by ultramarathons for the last few years. Done with being a spectator, on Jan 1, 2020, I signed up for a 50k and 50mi race. Knowing I was in uncharted waters, I chose to hire a coach. I was introduced to Joe McConaughy. Joe's not only a great person...

3 Year-End Tax Planning Ideas

For most, tax planning becomes a focal point at the end of the year, if it happens at all. The most effective tax planning starts before the next tax year. Meaning, 2021 tax planning usually begins in the last quarter of 2020. That said, the three tax planning...