Parsec Blog
Your Financial Year-End To-Do List
It’s the end of the year, and your to-do list is a mile long. The last thing on your mind is your finances. Still, they deserve a good look before the close of the year. While we cannot help you with the cooking, cleaning and gift buying, we can help with your financial year-end to-do list.
Correlation Between Income Taxes and Medicare Premiums
When the time has arrived where a conversation includes both taxes and Medicare, often there are more exciting items to plan for such as visiting family, traveling, golfing, or diving into a life-long hobby you’ve always been interested in. Although those other interests often take precedence, it is important to understand the correlation between income taxes and Medicare premiums as there are a few planning considerations related to the Medicare Income-Related Monthly Adjustment Amount (“IRMAA”). IRMAA is an additional surcharge for Medicare that is payable based on your income level.
Tax Considerations for New Business Owners
Have you ever considered running your own business? Parsec Director of Tax Services Brad Burlingham outlines some key tax considerations.
A CPA’s Year-End Wish List
Normally, we do not make these requests until we are in the throes of tax season but let’s take a proactive look at steps you can take now via our year-end tax to-do list.
(Tax Loss) Harvest Season is Almost Here!
The kids are back in school, the leaves are changing colors, and pumpkin spice lattes – the age-old harbingers of harvest season – are everywhere. At Parsec, we are preparing for the harvest…of tax losses.
How To Evaluate Taking on “Fun” Debt
Personally, there is nothing more relaxing and exhilarating than being on a sailboat with a 15-knot wind on your beam (side), listening to the soft sounds of water splashing against the bow and using wind energy to propel the boat forward.
Tax-Loss Harvesting Amidst Market Turmoil
Market declines like the one we are currently experiencing present great opportunities to take advantage of cheaper asset prices. Almost everyone with a taxable account should be harvesting tax losses during times like these.
“What If” Contingency Planning
We want to ensure you are thriving, as living a healthy and successful life is truly priceless. Of all the steps that can be taken toward financial security and peace of mind, planning our own death and incapacity is the least popular. Life goals dominate our consciousness, and these goals are often about ourselves. Estate planning is not as much about us as it is about the people and things that we love.
The Expanded Portability for Estate Tax Exclusion
Recently we have filed several estate tax returns to take advantage of the portability of a deceased spouse’s unused exclusion (DSUE). The gift and estate lifetime exemption is $12.06 million in 2022 for each taxpayer. That means that a married couple will not pay tax on $24.12 million in 2022. Assuming no legislation is introduced, this amount will be halved starting on January 1, 2026.
Do You Need a Corporate Trustee?
Parsec has entered a strategic partnership with First Covenant Trust and Advisors LLC to offer you a full range of trust solutions while maintaining the relationship and investment advice you have built with Parsec. You don’t want to leave your loved ones with a call center to handle your estate. Instead, enable them to benefit from a boutique, high-service relationship with an assigned trust officer who personally knows you, your intentions and your family.
Creating a Care Plan for Aging Parents
Caring for aging parents can be daunting. What are the factors to consider? When should planning start? In this article, we’ll explore the importance of creating a care plan.
Why Your Money Isn’t Available Immediately After Selling Securities
When you need to withdraw cash from your investment account and you’re told the funds aren’t available, it can be a little unsettling, particularly when you know you have more than enough to cover the withdrawal. “What do you mean, the funds aren’t available? I can see them right there!”
Veterans Benefits: A Tool for Financial Planning
Many people are familiar with the basic benefits available to veterans, but did you know there are programs that could be beneficial tools in building a financial plan? In this article, we will discuss several programs, resources and benefits that are available to qualifying veterans that could become a piece of their financial planning puzzle.
7 Reasons to Consider a Prenup
There is nothing that can kill the romance of upcoming nuptials more quickly than your partner asking you to sign a prenuptial agreement (aka prenup). But do you know what can really kill the romance? Divorce!
What You Need to Know About Continuing Care Retirement Communities (CCRCs)
I fear that for many, myself included, continuing care retirement communities (CCRCs) are something that we don’t want to think about. At least not now. I’m healthy overall, working full-time and staying busy with my family. But our children are flying the nest and now might just be the time for me — and you — to start this dreaded, albeit crucial, planning. Moreover, it is important to know your options for aging parents or other loved ones who might be in need of more assistance.
