Keeping Businesses Here: Carrots and Sticks

All walls are barriers, but not all barriers are walls. Barriers don’t have to be physical in nature. The Biden administration wants to discourage U.S. multinational corporations from shifting investments, production, and profits overseas. Their plan is to create barriers, such as regulations and taxes, in their attempt to keep businesses home. Oh, and incidentally, while they squeeze dramatically higher taxes out of all corporations.

“When other countries see us lower our rate, they lower theirs to undercut us,” Treasury Secretary Janet Yellen said last Wednesday. “The result is just a global race to the bottom.” Bottom of what? Competing international corporate tax rates, that’s what. Instead of old-fashioned competition, which is a “carrot” approach, the current Administration proposes taxes and penalties, using the “stick” disincentive.

According to the Treasury Department, corporate tax revenue in the USA is at historic lows. But, the unspoken reason corporate tax revenues have been running lower is COVID-19, and that is quickly reaching an end. Corporate tax collections are rising quickly, and are projected to continue rising for a decade.

First of all, the government cannot “pay for” anything until it stops running an annual deficit. Before any new spending is proposed every year, we will have already borrowed over $1 Trillion (12 zeroes) to fund the current budget deficit. Balancing the budget would allow us to consider new expenditures and how they would be funded. Printing money and spending has already caused a huge spike in the inflation rate. It will only get worse.

In 2017, President Trump spearheaded a change, slashing the maximum corporate tax rate from 35% to 21%, thus encouraging companies to return money and production to our shores. Immediately, factories began reopening domestically, new ones were built, and jobs were returned to the U.S. (along with hundreds of billions in cash). Barriers had been lifted. The Trump “carrot” worked. No “stick” is needed.

Among other provisions, Biden’s corporate tax proposal encourages other nations to join a global agreement to enact a minimum global tax. Many countries will play along to curry favor with the U.S., which can be very generous in return. Other countries won’t join, as they would rather compete in the business market.

The Biden Administration’s proposed 15% minimum tax on book income (rather than taxable income) of large companies ignores several facts. Aside from basic competition, a minimum tax overrides the U.S. Tax Code. Some companies (notably Amazon) use legal provisions of the Code to reduce taxable income by making legal investments and acquisitions. In so doing, they benefit employees and customers alike.

Last week, President Biden announced a $2.2 trillion proposal to upgrade the nation’s roads, bridges, broadband, and clean energy infrastructure. He wants to “pay for” most of the sweeping overhaul by raising the corporate tax rate from 21% to 28% and encouraging other countries to enact a global minimum tax. Global taxes, dictated by the United States? Be afraid, America, be very afraid. Personal income tax increases cannot be far off.

“It changes the game we play,” Yellen said of the blueprint. So, Janet Yellen apparently thinks that this is all a game. How many of you get seriously scared when you hear that?

Van Wie Financial is fee-only. For a reason.

We first wrote about the SECURE 2.0 Act in November of 2020, when it looked as though it would be easily passed by year-end. SECURE 2.0 addressed remaining issues from SECURE 1.0, and had bipartisan support. Post-election Congressional squabbling prevented the 2020 version of SECURE 2.0 from getting passed. The revised Bill has now been passed out of Committee by unanimous voice vote, and is headed to the floors of Congress.

2020 was not a complete legislative bust, as the Trump Administration was able to pass both the CARES Act and SECURE 1.0. SECURE 1.0 addressed provisions for owners of Retirement Accounts, and the CARES Act addressed the sudden lack of income from employment, as the country shut down from COVID-19. Both of these sweeping Bills were passed with huge bipartisan majorities. Many significant changes were made in each, and most people were affected by some of those changes.

Certain items from the 2020 Bill were updated and renegotiated into the 2021 version, ostensibly to save money (government money, not yours). Consequently, not all changes were as user-friendly as last year’s failed attempt. That said, it was not all bad, either.

• Repeal of Age Limits for IRA Contributions. There was no change in this part of the Bill. However, changes will affect some future contributions, as described below.
• Required Beginning Date for Minimum Distributions (RMDs) from age 70-1/2 to 72 for people born after June 30, 1949. The proposed Bill from 2020 would have raised the RMD age from 72 to 75 after 2021. Instead, the 2021 Bill would raise the RMD age over 10 years as follows; in 2022 the RMD age will be 73, in 2027 it will become 74, and in 2032 the RMD Age will become 75.s
• Proposed Catch-up Contributions – the Good. Retirement savers over age 49 have long had the ability to make supplemental, or Catchup, contributions to their accounts. Under SECURE 2.0, contribution limits for ages 62, 63, and 64 would be increased to $10,000 annually. Also, starting in 2023, Catch-up Contributions would be indexed to inflation.
• Proposed Catch-up Contributions – the Bad. Apparently, all Catch-up Contributions would have to be made on a Roth basis (not tax-deductible). This remains uncertain at this moment, and we will report once the Bill is finalized.

Researching SECURE 2.0 provisions leaves uncertainty to those of us who are not attorneys. We will keep you posted as clarifications or reconciliation changes are made. For now, at least, passage appears imminent.

Van Wie Financial is fee-only. For a reason.

Frequently heard in our office, “I’d like to retire early, but I can’t figure out how to continue affordable health insurance until Medicare.” In the absence of a beneficent employer, there is little one can do, except to select COBRA (the mandated availability to continue company insurance coverage for up to 18 months) or ObamaCare solutions, both of which tend to be prohibitively expensive. Any break in continuous health insurance coverage could result in personal economic ruin.

In the short term, there is possible assistance for some very specific Americans. Imbedded in the American Rescue Plan Act of 2021, which is known to most people as the most recent COVID-19 Spending Plan, there is a short-term assist for some people. Unfortunately, so far it applies only to calendar years 2021 and 2022, but if it becomes popular, that could well be extended into future years.

Under the 2021 COVID-19 law, people ages 63 or 64 may have a short-term solution. Since Medicare doesn’t start until age 65, Congress established “fallback” coverage under the Affordable Care Act, or ACA. Commonly dubbed “ObamaCare,” ACA coverage is not always “affordable.” Additionally, anyone who has checked the price of COBRA coverage through an ex-employer knows that COBRA is no financial panacea. Wildly expensive, it is out of reach for many Americans.

Under the new provision, and only for the remainder of 2021 and all of 2022, the cost of new ObamaCare coverage under ACA is capped, based on income. For under-65 Americans, ACA coverage costs will be capped at 8.5% of the taxpayer’s MAGI, or Modified Adjusted Gross Income, which for most people is the AGI on their Form 1040 Tax Return.

This means a taxpayer with a MAGI of $50,000 would only be required to pay $4,250 annually, or $354.17 per month. With that level of income, this deal could be very enticing. For many people, it could make the difference between a desired early retirement and working until Medicare age.

Unfortunately, this assistance sunsets on 12/31/22. In an extremely politically charged year, the future of this provision is unclear. We will, as always, keep you posted.

If you fit the description of a person who would choose to retire early, and if you will reach Medicare age before the end of 2022, this may be of interest to you. It should be especially interesting if retirement would result in a large reduction in income. Carefully planning income, from Social Security claiming, Retirement Account distributions, etc. would enhance your ability to get coverage at very minimal cost.

As Congressional discussions go forward, the 12/31/2022 sunset date may be extended. If it happens, we will report, and there would potentially be many more people positively affected by this provision.

Van Wie Financial is fee-only. For a reason.

Recently on the Van Wie Financial Hour radio program, we discussed the Millennial Generation (a/k/a/ “Generation Y”) and their relationship with money and financial planning. The results were very interesting, and most everyone came away with a better understanding of this very large demographic.

Millennials are roughly described as people born between 1981 and 1996. They are often grandchildren of Baby Boomers, and their numbers are staggering. In fact, they have now replaced (remaining) Baby Boomers as the largest group of Americans. That alone is a Godsend, as that very fact gives Social Security a desperately needed financial boost. The sheer quantity of Millennials will not save Social Security, but it is a huge step in the right direction.

In order to shore up the failing Social Security System, Millennials need to work and pay into Social Security. Sadly for them, the percentage they will have to pay into the System is about to go up, whether or not anyone in Washington wants to admit that inevitability.

For meaningful numbers of Millennials to be employed, they must have a growing economy, fair and free trade, education, training, and a solid work ethic. That is a tall order in today’s Socialist-leaning America. Hopefully, as Millennials get older, they will develop a strong sense of responsibility and purpose, which generally accompanies the aging process. There is hope in the statistics.

Homeownership has become important to Millennials, although they tend to buy later in life than did previous generations. Unfortunately, affordable housing is in scarcity mode at this time, and prices are on the rise. Offsetting pricing somewhat (but also contributing to the problem) is our historically low-interest-rate environment.

Consumer preferences among Millennials are skewed toward experiences over material goods. Travel and leisure are high priorities for the group as a whole. Here again, there is good news, as many are blending experiences with assets, in the form of RVs, campers, boats, etc.

Where Millennials need to play “catch-up” is in the arena of Personal Finance. Only 24% of this huge (72 million+) demographic display any substantial knowledge of finance. Parents and grandparents of Millennials have been enormously successful, and will eventually be passing along trillions of dollars of wealth to Millennials. It would benefit them to understand more about money and investing before that happens.

It is true that Millennials are leaning very heavily on their families for support, especially in housing, but there appears to be light at the end of the tunnel. As much as Millennials have been maligned, large numbers of them are turning to more traditional values and priorities. For their sake, we hope they include having children and growing families.

Finally, the name of this Blog is “Dogs and Cats.” It turns out that Millennials own 35% of the nation’s pets. Good for them, as pet ownership fosters a sense of responsibility. Getting some professional financial planning assistance would be immensely helpful, as well.

Van Wie Financial is fee-only. For a reason.

Face it, podcasts are all the rage. From the ubiquitous nature of podcasts, we have to assume they are here to stay. Personally, I am not a big fan. Sure, many are entertaining and educational, but you have to go looking for a specific item, and then sit through it, pretty much dedicated for the duration. Call me “old school,” but some of us are not programmed to look for a specific podcast among an ocean of people and topics.

Before you throw out a “Bah, Humbug” pejorative, let me explain. I am a devoted talk radio fan. Since the 1980s, half a life ago, I have been hooked on talk radio. It is so convenient; you can listen while doing other things at the same time, including driving. It is also unpredictable. But the real appeal is far deeper, and true radio fans know this. Podcasting can never totally replace live radio, at least for those of us who are addicted to the live format. The only personal interaction in most podcasts is among and between the podcasters themselves. The public is locked out from participation. Spontaneity is incomplete at best, and the content is controlled.

Far too many radio programs, at least on weekends, are pre-recorded and played back in prime spots. Those shows are podcasts. Period. What are those hosts paying for? A good radio conversation, in which the host and the listeners can have a repartee? Why purchase radio time, only to do what could be done for less money on a podcasting site?

The fundamental premise of talk radio involves exchanging ideas and information on a real-time platform. Why, then, do so many “Weekend Radio Warriors” choose to air pre-recorded programs? Would a live show interfere with a weekend tee time? Are they reticent to answer questions live on air? Or, perhaps, is it just the easy way out?

The Van Wie Financial Hour has been airing live every Saturday morning at 10:00 on WBOB radio since February 7, 2015. Only twice have we failed to present a live show, and both times were due to area-wide evacuations caused by approaching hurricanes. In 2021, Christmas Day and New Year’s Day fall on Saturdays, so on those days, we will be home spending time with family.

With years of experience, we realize that callers make the difference between a podcast and a live radio program. One of the reasons we sport weekly trivia questions is to grab the interest, and hopefully participation, of callers. But there is more to trivia than interaction. We do our best to discuss a relevant financial point in our trivia, while at the same time making the callers think. There is a reason talk radio listeners are known to be the smartest and best-educated audience in media.

Naysayers proclaim the imminent demise of live talk radio. We ignore them and hope that you will, too. Listen to the Van Wie Financial Hour live every Saturday morning at 10:00 on WBOB radio, 101.1 FM, 600 AM, www.wbob.com, or on any of your radio apps over the Internet. If you do have to miss a program, our podcast is available on our website, www.strivuswealth.com, on Monday following airing. We aren’t completely old-fashioned, after all.

Van Wie Financial is fee-only. For a reason.

TCJA, the Tax Cuts and Jobs Act of 2017 was a reflection of the policies of a newly elected President and his Administration. Although the law was passed in the first year of the Trump Presidency, it took effect at the beginning of the second year. That is the privilege and usual practice afforded to winners of national elections, subject to approval by Congress, and, if challenged, the Supreme Court. Generally speaking, a new President gets passed a reasonable portion of the winning platform.

This year we have a new President and a new Congress, and together they are formulating a new policy wish list. While not everything will ultimately pass, the taxing and spending proposals are substantial enough to concern taxpayers in all economic groups. Biden’s sudden and significant reversal in tax policy suggests that everyone should determine how the expected outcome will affect their 2022 tax situation.

Throughout the campaign, Biden insisted that no one making under $400,000 annually would receive even one penny of tax increase. Almost immediately, that was changed to families making more than $400,000 a year – a huge change for dual-income households.

The primary thrust of Biden’s tax increase proposal is toward corporations and high-income (not necessarily wealthy yet) people. Anyone who believes that they are exempted from higher taxes, based on these classifications, has an inadequate understanding of economics. Here are some points to ponder:

• “Hidden taxes” are assessed at every level of societal economics in the form of inflation (erosion of purchasing power)
• The Biden energy policy has already raised gasoline prices at the pump by about a dollar a gallon, affecting all of us
• High-income earners and wealthy people provide capital in the markets, encouraging business growth, new jobs, and greater economies of scale
• According to the American Enterprise Institute, a 1% increase in corporate taxes equates to a 0.5% decline in wages. Biden’s proposal to raise the corporate rate from 21% to 28% would thereby decrease overall wages by about 3.5%
• Not only are tax hikes detrimental to wages, but many corporations are expected to reduce 401(k) matching funds and/or Company contributions

Increasing prices are on display across America. Everyone has seen them at the gas station, grocery store, and in your household bills. Even those who will receive no (initial) tax hikes are already being penalized by rising prices. Adding insult to injury is the flood of illegal aliens crossing our borders and usurping our jobs; jobs Americans are willing to do.

As was the case with JFK, Reagan, and Trump, tax cuts benefitted the entire country, and virtually all citizenry. That seems to be a hard lesson for many elected officials to learn.

We saved until last the prospect that individual tax rate cuts from TCJA expire at the end of 2025. With the White House and both houses of Congress controlled by tax hikers, there is only a remote chance that the TCJA cuts will be made permanent. In the absence of an extension, whether short or long, the resulting tax increases will affect everyone. Mostly negatively. The U.S. Government has only 2 sources of funding; fiat money from the FED, and taxes from the people.

Planning ahead, taxpayers should be sure that their withholding and/or Quarterly Estimates on Form 1040-ES are large enough next year to stay out of a penalty situation.

Van Wie Financial is fee-only. For a reason.

You may have heard that April 15, 2021, is not our feared National Tax Due Date. For the second year in a row, IRS has granted taxpayers a pandemic-related reprieve for Tax Year 2020. This time, rather than mid-summer, it is only until May 17, 2021, and is not a complete reprieve. Some winter storm-affected Americans already had their due dates changed to June 15.

The most important takeaway from the current extension is that it applies only to 2020 tax filings and payments. 2021 taxes are due on the usual dates, which, for many people simply means routine payroll withholding. For taxpayers who file quarterly tax estimates on Form 1040-ES, 2021 payment dates are April 15, June 25, September 15, and January 15 (2022). These payments are the focus of today’s Blog.

First, remember the April 15, 2021 date: Form 1040-ES for Quarter 1, 2021, is due that day. Since last year’s tax extension applied to both filing and payment dates, April 15 (2021) would be an easy payment to overlook. Filing late will result in penalties and interest. Don’t get penalized for making a late payment.

Second, tax rates have not (so far, anyway) been changed for Tax Year 2021. Estimating quarterly payments should be relatively straightforward this year. If the taxpayer(s) incurred a significant change in income, up or down, the calculation should reflect income variation. Avoiding over-withholding (essentially making a free loan to the Treasury) improves personal cash flow, while under-withholding can lead to penalties and interest.

Third, there are strong indications that tax rates and/or brackets will change for 2022. Promises notwithstanding, people are likely to incur a tax increase in 2022. For taxpayers who have some control over their income and/or expenses, it may be wise to accelerate 2021 income and delay expenses into 2022.

Finally, for last year (2020), it is still possible to fund IRAs until May 17, 2021. That can even be done by diverting all or part of your tax refund to the actual IRA. Contributions to a Traditional IRA decrease your last year’s tax bill. What a deal!

By the way, the current Administration is currently floating a trial balloon regarding the possibility of even another $1.9 Trillion “COVID-19 Relief” bill, on top of everything we just discussed. Fasten your seatbelts, taxpayers! That would probably trigger yet another round of tax hikes.

Van Wie Financial is fee-only. For a reason.

Financial advisors are divided into myriad designations, descriptions, business models, and offerings. Most of the categories are filled with glorified salespeople, making a living by earning sales commissions on products or transactions. Many of them are quality people, providing fine products and services, and making a good living. Others, not so much. How is an average consumer to know?

More than 100 designations and titles are used by practitioners in the financial services industry. These designations range from meaningless to substantial and contribute to mass confusion among people seeking financial assistance and/or advice.

Van Wie Financial is a fee-only, fiduciary, Registered Investment Advisory, or RIA. Our advisors all hold the designation Certified Financial Planner®, or CFP®. In the financial advising industry, CFP® is among the most respected certifications, and it takes years to obtain. Becoming a CFP® requires an undergraduate college degree, successful completion of an additional CFP Board-approved specialized curriculum, adherence to a strict Code of Ethics, and passing a demanding exam. Then, an experience requirement must be completed prior to earning certification. A CFP® engaged in business for compensation may render financial advice regarding securities and other financial assets.

The CFP® designation is clear proof that a financial advisor has demonstrated competence in a wide range of financial topics. Most self-described “financial advisors” can only discuss investments, and do not qualify as fiduciary, fee-only, financial planners, and advisors. The fiduciary standard requires an advisor to place clients’ interests ahead of the advisor’s own. The “fee-only” standard requires the advisor to never accept commissions, whether from sales of insurance products or from securities trading.

Many “fee-only” firms conduct business in the same manner as Van Wie Financial, but some are starting to “embellish” their own compensation. This is a disturbing trend and one we believe the public should know about and understand. These firms are starting to charge “extra” fees for such items as phone calls, emails, and even routine meetings with clients. These add-on fees are on top of the annual percentage-of-assets under management fee schedule.

That is just plain WRONG!

Consumers, whether current or future clients of financial advisors, owe it to themselves to understand how their advisors are compensated, now and in the future. Seek simplicity and transparency to foster a long-term relationship.

Van Wie Financial is fee-only. For a reason.

In last week’s blog post, we reported that taxpayers would probably not be granted an extension to file 2020 tax returns. After last year’s 3-month delay for 2019 returns, the customary April 15 deadline looked like a sure thing this time. However, many politicians and taxpayers had requested to have the entire U.S. population receive another delay. In Texas, winter storm-affected taxpayers had been granted a full delay until June 15, 2021, including for required 2021 tax payments.

Before the digital ink dried on that blog posting, IRS announced a month-long delay for every American. Because May 15, 2021, is a Saturday, the new due date for non-Texas taxpayers was extended to May 17, 2021. However, this nation-wide delay is limited in scope, and the Devil is in the details. From the IRS website (emphasis added), we found that:

“This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony, or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.”

Setting aside our wounded pride from having to admit we were incorrect about a general delay, we promised to report on any developments. We also addressed certain steps taxpayers can take to improve their own situations, both for 2021 and into the future. Here is an updated summary of possibilities from last week:

• Perhaps the easiest and most common tax reducer is the Traditional IRA, which can be funded for Tax Year 2020 until April 15, 2021, filing date (which has now been extended to May 17, 2021).
• Small business owners can open and/or fund Small Business Retirement Accounts, including SEP IRAs and Individual(k) Plans, until their actual filing date, even if further extended.
• For some tax-reducing transactions, it is already too late to affect 2020 returns. However, the next 4 (now 8) weeks afford many people an opportunity to reduce current and future taxes, improve future financial independence, and better plan for cash flow.
• This is also a good time to remind taxpayers that 2021 charitable contributions are deductible “above the line” up to $300 for individuals, and $600 for married filing jointly. (These are the most valuable deductions a person can take.)

For taxpayers who are required to make quarterly tax payments (Form 1040-ES) for 2021 income, this means that by April 15, you must submit your Q1, 2021 installment. The cost of late payments includes interest and penalty. It is not worth the money, nor the hassle, of making a mistake.

One of the main difficulties taxpayers face is estimating current year income. This is not made easier by delaying last year’s tax return preparation. Generally speaking, we believe that most taxpayers would benefit from acting as though no extension had been granted. Storm-affected people may be in a different situation, but for the rest of us, there seems to be little benefit to waiting until May 17. Filing for an extension remains, however, perfectly legal and automatic.

Van Wie Financial is not a tax preparer, and we do not render tax advice. We routinely assist clients with tax planning, often working closely with clients’ tax preparers. Don’t waste the opportunity to improve your tax planning, now and in the future.

Van Wie Financial is fee-only. For a reason.

Last year, American taxpayers were granted a reprieve from the dreaded annual April 15 due date for personal tax returns. While it seemed like a great idea at the time, we were not able to completely avoid the unpleasant chore, because July 15 became the 2020 due date. There was, however, a useful side benefit. While tax filing can always be extended to October 15 by filing Form 4868, any money owed is still due on April 15. In 2020, COVID-19 relief allowed us to delay sending in all money due until July 15. That helped many Americans with their struggling cash flow.

Right now, there is a push in Congress to emulate 2020 by delaying both filing and paying dates. Due to an unusually harsh winter storm in the South, taxpayers in designated disaster areas have been granted a delay for their 2020 taxes. For affected people, business tax returns, personal tax returns, IRS deposits, taxes owed for last year, and 2021 Quarterly Estimate #1 (Form 1040-ES) are delayed until June 15, 2021. The rest of us will apparently be held to the usual April 15 date (extendable for filing, but not for paying).

Many politicians and taxpayers would prefer to have the entire U.S. population receive the same delay to June 15, 2021. Apparently, this is a decision IRS can make, and the House of Representatives has made a formal request for the delay. There is no indication at this time that IRS will respond positively.

Since the usual April 15 deadline is now only a month away, most tax preparers are likely advising their clients to operate on a “business as usual” assumption. Even if you file for an automatic extension of your personal tax return, be sure to have paid in sufficient amounts to either cover your actual liability, or to have satisfied one of the “safe harbor” provisions. Your preparer will assist you in meeting these goals. Van Wie Financial is not a tax preparer, and cannot give tax advice. We can, however, help you plan for your future tax situation.

Given the number, size, and complexity of bills in front of Congress, it will take weeks to sort out the many provisions that have been slipped into recent legislation behind the “Great Wall” currently surrounding the capitol.

Assuming the 2021 filing deadline for most 2020 tax returns will remain April 15, there are steps you can take to improve your own situation before filing. Perhaps the easiest and most common tax reducer is the Traditional IRA, which can be funded for last year until the April 15 filing date. There are some qualifications for the tax deduction, but most working Americans are eligible. It has become easy to fund an IRA, even allowing tax refund money to be diverted to last year’s IRA.

Small business owners can open and/or fund small business Retirement Accounts, including SEP IRAs and Individual(k) Plans, until their actual filing date. The Plan type available to any individual depends on the nature and size of the business, and a competent financial advisor should be consulted.

For some tax-reducing transactions, it is already too late to affect 2020 returns. However, the next 4 weeks afford many people an opportunity to reduce future taxes, improve future financial independence, and better plan for cash flow. Now is a perfect time for planning 2021 taxes.

This is also a good time to remind taxpayers that 2021 charitable contributions are deductible “above the line” up to $300 for individuals, and $600 for married filing jointly. These are the most lucrative deductions, as they do not require itemizing to reduce taxable income. “Above the line” donations paid from personal funds during the calendar year must be documented by qualified recipients.

As a great planning tool, when your numbers are finalized, take the opportunity to analyze and adjust your withholding. If you are owed a large refund, decrease your withholding and divert the difference to savings, whether for retirement or your cash reserve. If you owe too much, increase your withholding if necessary, but see if you can increase your 401(k) deferral, or make deductible IRA contributions.

Whether or not we finally arrive at an extended filing date, it is smart to get and stay organized now. Van Wie Financial routinely assists clients with tax planning. We can and will work with clients’ tax preparers to implement plans, once made. Don’t get caught unaware of your situation and get a large, unexpected “April Surprise,” even if it turns out to be in June.

Van Wie Financial is fee-only. For a reason.