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Tag: Financial Advisor

IRS Provides Resources to Help Small Businesses with Taxes

The IRS offers small business leaders helpful information on taxes. Last year’s Tax Cuts and Jobs Act may have helped bolster revenue for many businesses, but understanding tax reform can be challenging.

Many small business owners may be able to take advantage of new 20% tax deductions on their qualified business income. To learn more, go to https://www.irs.gov/tax-reform.

The agency also provides detailed information on technical aspects of the tax law. The Tax Reform Guidance page provides a list of guides.

The drop-down articles provide some easy links to information and the Frequently Asked Questions answers common tax questions: https://www.irs.gov/newsroom/tax-reform-resources.

Publication 15, Circular E, Employer’s Tax Guide provides a more in-depth overview of employers’ tax responsibilities.

Tax Reform News has links to news articles and fact sheets about tax laws.

Other details may apply, and you can find more information on the IRS website.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

To learn more about CapSouth Wealth Management, click here.

Tip adapted from the IRS.gov[I]

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

[i] https://www.irs.gov/newsroom/irs-resources-can-help-small-businesses-better-understand-how-tax-reform-affects-their-bottom-line

What are the Final Estate Questions You Should Ask?

“Tis impossible to be sure of anything but Death and Taxes,” wrote Christopher Bullock in his 1716 book, The Cobler of Preston.

Putting your estate in order will ensure your assets go to your appointed heirs as opposed to the government determining where they will go.

Immediately following the death of a loved one, emotions generally run high, which can lead to confusion and chaos. Delaying making estate planning arrangements may cause unnecessary hardship and grieving survivors to lose portions of their inheritance in probate.

When the inevitable happens and your estate is not in order, circumstances can turn sour. Proper management of your estate may provide you with peace of mind now and give your family the security to manage their future in your absence.

Where is the paperwork?

You obtained life insurance to protect your family and to take care of family members’ needs. You may have arranged your investments and other financial accounts to help your loved ones live more secure futures.

Obviously, if something were to happen to you, your family would need access to your accounts and your documents. They would need to know where to go, what to do, and how to obtain the necessary information.

Prepare now for your family’s future by storing your financial information and your legal documents in a safe place. Inform designated loved ones where and how to access login information and passwords to online accounts.

Here’s a checklist:

  • Do you have a will?
  • Where do you keep it?
  • Where are your health-care documents?
  • What about your other financial paperwork?
  • Are the beneficiary forms accessible?
  • Is your life insurance adequate and is it the appropriate type?
  • Have you made arrangements to cover your estate taxes or other potential fees?
  • Do you have a written letter of instruction?

What about your memorial service?

Discuss with your family the type of memorial service you’d like to have. Ideally, you’d like one that suits your personality and reflects your life.

While the idea of talking about your funeral may seem uncomfortable, once finished, most families find these types of discussions comforting and reassuring.

Here are some planning tips to help you find the best funeral services for your circumstances:

  • Compare prices.
  • Get a quote. Funeral homes are required by law to provide written price information.
  • Resist the temptation—or the sales pitch—to buy services you don’t need.
  • Don’t let your emotions lead you to overspending.
  • Know your rights. States’ legal requirements vary.
  • Shop for memorial services in the same manner as you would with other major purchases.
  • Plan ahead, which allows you to comparison shop.

Where can you find help?

Financial professionals can provide you with insight, guidance, and information to help you overcome the obstacles and challenges that you may confront as you develop one of the most important plans in your life. While most financial professionals are not attorneys, they do work closely with experienced legal and tax professionals to give you the peace of mind to ensure your end-of-life concerns are put in order.

If you have financial questions or are making estate preparations, call us today at 800.929.1001!

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

Teach Your Grandchildren Important Lessons About Money

You may have dealt with money for more than half a century. You understand hard work, following a budget, saving money, and spending wisely. You possess a wealth of financial wisdom—at least in comparison to your grandchildren.

As a grandparent, you can provide your grandchildren with sound, sage advice. Will they accept and heed it? Yes, researchers say. In fact, a survey of more than 1,000 young adults found that most (85%) were receptive to financial discussions with their grandparents.[i] However, just 8% of grandparents said they actually talk with their grandchildren about finances.

Nearly a third of grandparents said they thought they could influence their grandchildren’s financial decisions. The study also indicated grandparents are able to shape grandchildren’s decisions more than grandparents realize. Nearly three-quarters of grandchildren said their grandparents’ financial advice would influence how they save and spend money.

So, how do you do it? How do you talk to your grandchildren about money? Here are several ways to engage in fruitful discussions:[ii]

Just say no to gifts (sometimes).

Giving gifts or investing in college funds is nice and may provide the catalyst for a bright future. But when money is tight, often the best approach is talking about the value of money. Discussions help develop the sense of money’s value and a good work ethic in your grandchildren. Moreover, you may “hire” your grandchildren to do chores or household projects; you can then pay them an hourly wage for the work, like they do it in the real world.

Story time: “In my day…”

You first must determine whether you have a captive audience. If your grandchildren are interested, tell them stories about how you earned money as a teenager, how you paid for your school, and how you saved money. If your audience’s attention doesn’t waver or wane, you can segue into goal setting and saving money for college. You may also delve into the difference between what they need and what they want.

Go to the store.

This would be a good time to discuss history. You can explain how prices have gone up on products and how selections have changed. A loaf of bread, for example, cost 25 cents in 1970.[iii] A pound of hamburger meat cost 45 cents in 1960. Those types of discussions give children a wider perspective on the role and value of money in our lives.

Go high tech.

Grandparents who live a ways from their grandchildren can use video chatting or other methods to keep in touch. This will enable you to keep the conversation alive and to continue conveying your wisdom.

Serve as an example.

Maybe having a conversation isn’t the best approach or it’s not the right time. However, grandparents’ life stories can provide compelling lessons on the value of money and responsible financial management. Your story—in a family novel, at family gatherings, in other settings, or through other formats—may serve as powerful lessons later in your grandchildren’s lives. Parts of your story may include getting your first job, your first car, or even your house. After all, the most important legacy you can leave to your grandchildren resides in your heart, not your bank account.

If you have any questions about money management or would like help reviewing your financial strategy, give us a call at 800.929.1001. We’re happy to talk. Visit our website here.

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

[i] https://www.tiaa.org/public/about-tiaa/news-press/press-releases/pressrelease512.html

[ii] https://money.usnews.com/money/personal-finance/articles/2014/09/24/grandparents-talk-to-your-grandchildren-about-money

[iii] http://www.thepeoplehistory.com/70yearsofpricechange.html

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