Blog by Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA

Income Tax Brackets for 2025

12/16/2024 03:24 PM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Income Tax Brackets for 2025
The IRS announced higher tax brackets and standard deductions for 2025. Contribution limits have also been increased for HSAs and FSAs.

Take Control of Your Financial Future with a Budget for the New Year

12/12/2024 10:18 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Take Control of Your Financial Future with a Budget for the New Year
Start the new year with a practical budget by understanding your income and expenses, using strategies like the 50/20/30 rule, and adjusting spending habits to achieve financial goals.

Building Tax-Free Wealth: The Mega Backdoor Roth Conversion

12/03/2024 10:29 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Building Tax-Free Wealth: The Mega Backdoor Roth Conversion
A mega backdoor Roth conversion is an advanced strategy that allows high-income earners to contribute significant after-tax funds to a Roth account, offering substantial tax-free growth potential but requiring careful planning and awareness of potential legislative changes.

Potential and Proposed Tax Changes to Watch For 2026 and Beyond

11/27/2024 10:00 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Potential and Proposed Tax Changes to Watch For 2026 and Beyond
The Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025, prompting potential changes in areas like SALT deductions, business deductions, and clean energy credits, with significant implications for taxpayers.

Universal Wallet Accounting is Coming to an End. What Does That Mean?

11/22/2024 09:31 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Universal Wallet Accounting is Coming to an End. What Does That Mean?
The IRS is ending universal wallet accounting for cryptocurrencies starting January 1, 2025, requiring investors to report transactions on an account-by-account basis, which necessitates more precise tracking and strategic tax planning.

Bitcoin Finally Really Did Reach a New All-Time High

11/13/2024 11:10 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Bitcoin Finally Really Did Reach a New All-Time High
Many are saying Bitcoin reached a new all-time high in March 2024. It didn't really, though. Find out why and how to determine when Bitcoin achieves a new all-time high.

Economic and Financial Planning Implications of President Trump's Second Term

11/08/2024 11:33 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Economic and Financial Planning Implications of President Trump's Second Term
The re-election of President Trump is expected to bring substantial changes to tax policies, trade, and cryptocurrency regulations, all of which will influence market volatility, interest rates, and financial planning strategies.

Understanding Business Owner's Insurance Policy (BOP): Protecting Your Business from Unforeseen Risks

10/31/2024 09:43 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Understanding Business Owner's Insurance Policy (BOP): Protecting Your Business from Unforeseen Risks
A Business Owners’ Policy (BOP) is an essential insurance package that provides comprehensive coverage for small to medium-sized businesses by combining property, liability, and business interruption insurance to protect against common risks.

Saving for Retirement vs Funding Your Children's College Education

10/24/2024 02:11 PM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA - Comment(s)
Saving for Retirement vs Funding Your Children's College Education
Balancing saving for retirement and funding a child’s education can be challenging, requiring thoughtful planning and discussion to address both goals effectively.
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