Many taxpayers opt to prepare and plan their own taxes. While this would suffice for those who only have their W-2s to worry about or those with just a few assets, the rest should consider acquiring the services of a tax preparer. Because, more likely than not, they need professional guidance for managing their IRA, 401(k), and other assets.
Here are some of the things to check on tax professionals or institutions:
Qualifications: Federal regulations require all certified tax return preparers to register for a PTIN (Preparer Tax Identification Number), so those looking for tax services should check for it. Additionally, they could confirm whether the preparer is in good standing with the Better Business Bureau, state boards of accountancy for CPAs, and the IRS Office of Enrollment.
Service fees: There are tax preparers who take advantage of their clients by charging them based on a certain percentage of their refund. Clients should ensure that any refund due them is transferred to them directly, and not to the bank account of their preparer.
Auxiliary services: When choosing a tax preparer, one should obviously consider his wants and needs. But some preparers offer additional services for free, such as custodial reviews, annuity check-ups, IRA strategy guidance, and planning services.
Barry Bulakites is a renowned innovator in the financial services industry. One of the platforms he is responsible for is America’s Tax Solutions™, which specializes in tax, financial, and retirement planning. Read more about it by visiting this website.
A lot of professionals are skeptical about working with financial advisors, who are thought as mere salespeople of insurance policies, or hourly paid consultants. This undermines their real function, which is to assist individuals toward financial stability. Here’s how financial advisors work.
A financial advisor is a personal money planning partner. Together, they set realistic financial goals and think of ways to turn them into reality. For example, a millennial might want to start saving so he or she can retire at the age of 55. Financial advisors help them accomplish this by making a plan that will lead to the fulfillment of that goal.
Financial advisors also work as educators. It is part of their job description to help individuals understand their financial health and how they can make it better. Things like tax payments, budgeting, and saving are often involved in sessions with financial advisors.
While financial advisors clarifies financial decisions for others, it is still up to the clients to follow their advice or not. Not all financial advisors provide the same level of service, too, and it is always best to look for someone who understands personal needs.
Barry Bulakites is known in the financial world as an innovator and resource speaker. He is the president, chief distribution officer, and co-founder of Table Bay Financial Network, Inc. Visit this page to learn more about him.
Current generations can learn a lot from previous ones.For instance, many GenXers and millennials who’ve just started out in their careers should look towards their financial goals.A great reference point would be the generation of baby boomers. Here are some helpful tips everyone, no matter the age, should remember when it comes to IRAs and retirement.
Dates are crucial when it comes to IRAs. The required beginning date (RBD) of the required minimum distribution (RMD) is April 1 of the first year the IRA owner reaches 70 years and 6 months of age.
Retirees with qualified plans can choose whether it’s April 1 after reaching 70 years and 6 months of age of the first April 1 after retiring.
Employees who are not 5% owners choosing to work beyond 70 years and 6 months may transfer funds from a company to an IRA. There are a few guidelines, though, when it comes to deferring retirement plan payouts.
When it comes to deferring taxes, indexed universal life insurance plans are great plans to look forward to.
Anyone with an IRA plan can request that distribution be postponed for a year. Plan holders, however, should not assume that the amount they will receive is based on the amount in plan from the year before.
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In bear markets, investors see huge chunks of value shaved from the securities they own. While many investment strategies are equipped for weathering the losses incurred throughout the business cycle, they cannot always hedge against downturns as large as bear markets.
Shares that lose value too much, too soon during a bear market can be costly for investors. A drop of more than 40% of a share’s value, for instance, would require a rise in value of 67% to recoup the losses. The turnaround cannot always be counted on even when markets recover. Typically, investors often must cut their losses during a bear, which means dropping poorly performing investments before they hemorrhage value.
For many average investors, prevention is the key to surviving a downturn as big as a bear market. The adage of putting eggs in more than one basket is in play. A diversified investment portfolio ideally shouldn’t just consist of stocks, not even during more bullish times when the gains from shares are intermittently more lucrative.
Investment products that make great hedges against bear market include fixed-income annuities, which provide no loss of principal while providing ways to track and lock in gains. Although their growth potential isn’t as high, they provide a good hedge against abrupt market fluctuations.
A widely-regarded innovator in the field of financial services, Barry Bulakites is co-founder, president, and chief distribution officer for Table Bay Financial Network and is one of the industry’s most sought-after speaker. Learn more about his company and its services from this website.