Along with important criteria relative to integrity, credentials, experience, education, services offered, and fees, we suggest that you ask the following 5 questions to gain valuable insight into the quality of relationship you can anticipate and how it will impact your overall financial health.
If you are ready to retire, entering a second career, caring for aging parents, or have adult children, you won’t want to miss our series about the financial implications, opportunities and gotcha’s regarding life challenges. In our last story about James, age 60, a VP and Director at a publicly-held company in Radnor and his wife, Jeanne, age 58, owner of a small Public Relations firm in Wayne, we focused on the pros and cons of remodeling their Main Line home vs. moving to Center City. Now the Carlsons are about to become grandparents and are considering all the financial consequences for themselves, their children, and future grandchildren.
While the TCJA drastically changed several tax provisions, many year-end planning tactics remain. Managing taxable income is important not only for the new QBI deduction, but also for the additional Medicare tax and Net Investment income tax. Lowering your taxable income may also enable you to claim credits and other tax breaks that are phased out over varying levels of AGI.
Entertainment expenses are no longer deductible; however, meals remain deductible and are still subject to the 50% limitation. For example, if you take a client to a baseball game—and purchase tickets, hot dogs, and drinks—the cost of the ticket is not deductible, but the hotdogs and drinks are allowed as a deduction subject to the 50% limitation.
Investment advisory services are offered through The Fairman Group, LLC. The Fairman Group, LLC is registered with the Securities and Exchange Commission under Section 203(c) of the Investment Advisers Act of 1940.
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