In this edition of Next Nest, the Carlsons are preparing for their second son’s upcoming wedding, when COVID-19 strikes the country and brings along a multitude of uncertainties, including state and local taxation complexities for people now working remotely.
#RemoteWork #WorkingRemotely #COVID19 #COVID19FinancialImpacts #Tax #Taxes #HomeOffice #Unemployment #StayAtHome #IncomeTax #RealEstate #EstablishingDomicile #NextNest #FairmanGroup #FairmanGroupFamilyOffice
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Next Nest: Volume 4
Be aware that 'carried interest' will be taxed at a higher rate as part of the Tax Cuts and Jobs Act. Simply stated, carried interest is the right for the manager of a private investment fund to share a fund's profit. Learn more about the impacts of Internal Revenue Code Section 1061 in this article.
#CarriedInterest #TCJA #TaxLaw #Section1061 #ApplicablePartnershipInterest #CapitalInterest #CapitalGainIncome #FairmanGroup #FairmanGroupFamilyOffice
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Proposed Regulations on Carried Interest Taxation | Fairman Group
Fairman Group Family Office is excited to congratulate Jason McWilliams for earning his CFP® and welcome Eriona Howard, Matthew Ohenrich, Samuel Mullen, and Damaya Ennis to our team! Learn more about them: https://fairmangroup.com/congratulations-and-welcome-new-employees/
#CFP #CertifiedFinancialPlanner #CPA #FinancialPlanning #TaxPlanning #FairmanGroup
There are many factors to consider when saving for future education costs—time, risk tolerance, and individual tax situation. Read some of the most commonly asked questions surrounding saving for education and learn more about 529 Plans
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https://fairmangroup.com/five-frequently-asked-questions-about-saving-for-education/
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Learn More About 529 Saving Plans | Fairman Group
The July 2020 edition of Fairman Perspectives highlights several topics related to the current market surrounding COVID-19. Topics include speculative investments, performance benchmarks, retiree confidence, and other topics related to investing. Learn more!
#RetirementPlanning #COVID19 #InvestmentStrategies #Investments #Investing #MarketChanges #Stocks #COVID19Impact #FinancialPlanning #Retiree #FairmanGroup #FinancialAdvisors
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Latest News Affecting Your Financial Life | July 2020
This could be an opportune time to consider transferring wealth to future generations—by transferring assets (at lower values) and taking advantage of historically low interest rates. Click on the image below to read our top three suggestions for estate planning strategies.
#EstatePlanning #Tax #LowInterestRate #TransferringWealth #EstatePlan #Will #PowerOfAttorney #Donors #FinancialGifts #InterestRates #FinancialStrategies
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Estate Planning | Blog | Fairman Group
The Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
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IRS Announces Extension - Learn More
April 15th is not just Tax Day. It is also the deadline to file a protective refund claim for timely-filed 2017 tax returns.
Currently there is litigation pending in the Supreme Court challenging the constitutionality of the tax provisions of the Affordable Care Act (“ACA”). This litigation may not be decided until the summer. In the event the Court determines the ACA tax provisions are unconstitutional, taxpayers may preserve their right to a refund by filing a protective refund claim for taxes paid in tax years where the statute of limitations remains open, generally 2017 and after.
#TaxSeason #TaxReturns #AffordableCareAct
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April 15th Is the Deadline to File a Protective Refund Claim for Timely-Filed 2017 Tax Returns
When to claim social security is a very personal choice, so it’s important to consider not only your monthly retirement benefit, but also your overall financial picture.
#FinancialAdvisor #SocialSercurity #SocialSecurityBenefits #Retirement #RetirementPlanning #FairmanGroup
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Strategies for Claiming Social Security Benefits
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes. Learn more here.
#IncomeTax #StateIncomeTax #Domicile #Residency #COVID19 #RemoteWork #WFH #WorkingRemotely #FairmanGroup
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Residency & Domicile Tax Regs
At Fairman Group Family Office, we advocate for a balanced portfolio with equal exposure to both value and growth investment styles as the optimal long-term approach. Through a detailed look at both current and historical market environments, we aim to present a strong argument as to why balance in the portfolio is best.
#InvestingStrategies #Investments #FairmanGroup #StockMarket #Equity #InvestmentPortfolio #ValueStocks #GrowthStocks #ValueInvesting #GrowthInvesting
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Learn More About Growth Versus Value Investing
One adjective that describes this year is 'uncertain'. Regardless of what the future brings, proactive year-end planning is always essential. View our checklist of things to consider before the end of 2020.
#TaxPlanning #FinancialPlanning #EstatePlanning #CharitableGiving #DonorAdvisedFunds #EstatePlan #CARESAct #QualifiedCharitableDistribution #CapitalGains #RothIRA #529EducationSavingsPlans #EITC #OSTC #EstimatedPayments
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Things to Consider Before the End of 2020
