Don’t Fall Off the Fiscal Cliff!

fiscal cliffEven though the federal government seems to have found a solution to avoid the fiscal cliff for the time being, what about you personally? So much has changed in the tax laws, it’s nearly impossible to know which end is up. You practically need your own personal guide to determine which path to take when navigating through all the new regulations.

Even professionals can be confused about all of the ever-changing tax laws, but that’s their job, and the good financial planners and tax advisors make it their business to know how to make their clients’ money work harder for them. Accruing this knowledge requires constant education and reeducation, as well as regular consultations with clients to identify their needs and see if their plans have changed. In short, to stay ahead of the game and provide exceptional customer service requires commitment.

Did you know that the financial advisors at Eaton-Cambridge are qualified to speak with our clients about taxes? We include tax planning into the financial planning discussion because we know how vital it is to overall success. Too often, financial planners don’t have a working knowledge of tax laws and planning, so they either overlook the discussion or bring in other professionals, sometimes missing components that would be included without as many people on the team.

We create value for our clients by providing both tax and financial planning. We look at your portfolio from a comprehensive viewpoint and take into consideration all aspects of where your money is going, this year and into the future. We help you keep more of your money and put it into investments that make sense for your unique goals, whether those include a retirement fund, college planning, or the estate you intend to leave behind.

Contact us at Eaton-Cambridge to schedule an appointment and learn how a full base of knowledge can help you get a firm handle on your financial future.

Robert Korljan of Eaton-Cambridge Invited to Barron’s Top Independent Advisors Summit

Barron’s, America’s premier financial magazine, is where both professional and lay investors go to find out what’s new in the world of financial planning. Each year, the organization hosts an invitation-only gathering of the nation’s top independent financial advisors. This year, the summit takes place in Orlando, Fla., at the Ritz-Carlton, March 6–8, and Eaton-Cambridge’s Robert Korljan has been invited to attend.

Bringing together the best of the best in the business, the annual Barron’s Top Independent Advisors Summit enables financial planners to share best practices and industry knowledge about a variety of topics, including asset allocation strategies, investment themes, team structure, client communications, and winning wealth-management strategies.

Only a select group of planners is asked to join, and Robert Korljan is honored to be among them. He expects to learn new information and be inspired to even better manage his clients’ portfolios.

To learn more about the Barron’s Top Independent Advisors Summit, visit their website: http://www.barronsmag.com/conferences/Top_Independent_Advisors_Summit/overview?mg=inert-barrons.

‘Tis the Season for Tax Preparation

tax preparationThe end of the year is fast approaching, which means tax season isn’t far behind. Now is the time to review your position, begin your tax preparation, and make adjustments before the new year begins.

This year is a particularly difficult for making financial plans for the annual turn of the calendar. With the fiscal cliff looming and no resolution yet, there is uncertainty regarding the tax rules moving forward. Because of this limbo area in which we find ourselves, it may be even more important to review your situation to prepare for and respond to whatever changes may come.

Tax preparation is important for business owners as well as employees. During your annual review, you should take into account dependents, deductible expenses, capital gains, retirement accounts, current withholding, estimated taxes, and any other variables that can have an impact on your tax bill. A thorough approach will help you make a more informed decision if you have to act quickly.

Regardless of any changes that may be required in response to the fiscal cliff, are there things you need to change? Has your general status changed (e.g., married/single, employed/retired)? Do you need to adjust the number of exemptions on your W-2? What about the amount you are setting aside in flex accounts? How accurate has your estimation of quarterly taxes been?

By this time of the year, it is possible to estimate with good accuracy end-of-year numbers such as income, withholding, estimated taxes paid, and your probable tax bill. Do a dry run of your tax return and see if there are any changes that you can make between now and the end of the year that will affect your bottom line. This is where a tax professional can be of great help.

And if you find yourself looking at a tax refund, begin to think about the best way to put it to use. Perhaps you could pay down some debt. Or maybe invest it for the long term. Or have some fun spending it. Or even do all three.

Regardless of your situation, gathering information and getting ahead of the game for tax preparation is a good strategy. Tax preparation and planning are integral components of a wealth management plan, and as CPA-based financial planners, we understand this important aspect of your planning.