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Tax Time Readiness Check

As the calendar moves toward the inevitable April 15thtax deadline, we’ll gather all the documentation we’ve acquired over the past twelve months and head to our CPA’s office or sit down at the computer to determine this year’s final tally. Whether you use tax software or rely on a tax professional, there are a number of important items to think about prior to filing. Consider whether the following items apply to you before submitting your return:

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Charles Schwab CEO Visits SYM Financial Advisors

Charles Schwab President and CEO, Walt Bettinger,visited the Winona Lake headquarters of SYM Financial Advisors on Friday. Walt spent time with the SYM owners to solicit feedback and ensure that Schwab is meeting the needs of SYM clients. Bettinger assumed the role of President and CEO in 2008 when founder, Charles R. Schwab, stepped down.

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IRA Distributions to Charity

The fiscal cliff has been addressed. Reading through the articles and summaries of the legislation last week, you might be led to think it only had to do with tax rates. However, as is most often the case, when you stop reading, you can miss out.

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Golden Opportunity . . . Expiring Soon

In late 2010 Congress handed wealthy tax payers a golden opportunity to shift millions of dollars out of their estate with no transfer tax liability. To the extent not already used, this golden opportunity allows individuals ($5.12 million) and married couples ($10.24 million) to gift from their estates without incurring any transfer tax. Without an act of Congress, this unique planning opportunity is set to expire at the end of 2012 when the current law sunsets and lifetime gifts will again be limited to $1 million per person, $2 million per couple.

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Game Plan

game plan: noun

 

  1. A carefully thought out strategy for achieving an objective.

The voting is over. The ballots have been counted. Barack Obama has another term as president. Half the population is celebrating and half the population is a bit more fearful. In the US stock markets the initial reaction has been to sell. As long term investors we knew the outcome of the presidential election was only one of many worries ahead of us.

 

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