Plan With John CFP

🌟 Why Review Your Tax Plan Now? 🌟

📊Understand Impact: TCJA changes to tax brackets, deductions, and credits are significant.

💡Optimize Tax Strategy: Pros help tailor tax approaches to maximize efficiency based on your unique circumstances.

📝Plan for Transition: As TCJA ends, potential tax rate changes could impact you. Financial planners and CPAs offer personalized advice, aligning with your goals.

🏢Business Considerations: Business owners, these changes affect operations.

How the TCJA Tax Law Affects Your Personal Finances Here's how the TCJA changes the taxes you file from 2018 through 2025.

Is a CERTIFIED FINANCIAL PLANNER™ Right For You? The CFP® certification is considered one of the most prestigious and respected certifications in the financial planning industry.

Why Renting is Killing Your Net Worth | "The average homeowner's net worth is 40 times higher than the average renter's net worth." (Federal Reserve's Survey of Consumer Finances)

Why Renting is Killing Your Net Worth Potential According to the Federal Reserve's Survey of Consumer Finances, the average homeowner's net worth is 40 times higher than the average renter's net worth.

5 Ways To Jumpstart Kids Financial Future and maybe get some tax breaks too!

1. College Plan (529):
State specific tax advantages. Indiana for example gives a tax credit of 20% up to $1,000 maximum credit.
Has the benefit of tax-deferred growth.
As a result of the SECURE Act 2.0, requirements on using the funds have become more relaxed and can be used for primary school, secondary school, colleges, student loans, educational related expenses, vocational and trade schools.

2. Limited Pay Whole Life Insurance:
Cash Value & Death Benefit protection for life.
No premium payments after 10-20 years.
Has the benefit of tax-deferred growth.
Not included on FAFSA

3. Roth IRAs:
Create tax-free retirement savings by investing in their Roth IRA.
Requires your child to have 'Earned Income' up to the amount contributed.
Gains are taxed/penalized if withdrawn before the IRA owner reaches 59.5 years old.
Contributions can be withdrawn at any time without penalty or taxes.
2023 contribution limits are $6,500/year.
Has the benefit of tax-deferred growth.
NOTE: You can make a Roth IRA contribution for the previous tax year all the way up to the tax filing deadline, which is April 18th this year.

4. Health Savings Account:
Offering a triple tax advantage - tax-deduction, tax-deferred growth, and tax-free distributions if for applicable health expenses.
Can be used for any member of the family.
Eligibility requires a HDHP, and limits for 2023 are $3,850 self-only and $7,750 for family.

5. Tax-Advantaged Investment Account:
Non-retirement account that can be used for any purpose without restriction.
Does not have the benefit of tax-deferral, thus will incur capital gains and/or dividends tax annually.
Very important to have a 'tax-advantaged' management plan and investment strategy focused on reducing unnecessary taxes.

Do You Have Enough To ? Schedule your review today!

PlanWithJohn | Reach Your Summit | Certified Financial Planner™ For Retirement, Investments, & Taxes As a CFP® with a fiduciary duty, I provide honest and simple advice that is in your best interest. Invest with confidence and plan your retirement with John today! For a limited time, we are offering complimentary reviews. Find our online calendar to schedule your certified review.