Washington lawmakers have passed a series of tax increases to address projected budget shortfalls. Bills passed and taxes include: House Bill 2081 increases B&O (business and operation) taxes on businesses. Businesses pay B&O tax on gross revenue, not profits, and depending on the type of business and revenue, the increases will range from 0.03% to […]
A Global Trade War and Market Volatility
The sweeping tariff announcements by the Trump administration have pushed markets into a rapid selloff and added fuel to what was simmering volatility. At Financial Plan, we don’t pretend to know what the final resolution will be or where it will take us. However, we strongly believe that humans will continue to work through our […]
THE SUN IS SETTING ON ULTRA HIGH NET WORTH ESTATES
Estate Tax Exemption for 2024 and beyond What is the Estate Tax Exemption? In 1789, Ben Franklin penned the famous phrase “In this world, nothing is certain except death and taxes”. It was not until 1916 that the estate tax was instituted, and death itself became taxable. There are certain amounts that are exempt from […]
The Alphabet Soup of Medicare: Medicare Parts Explained
Medicare is the federal health insurance program for people: Who are 65 years or older. Have certain disabilities or end-stage renal disease. This article explains the Medicare parts impacting group 1: those who are 65 and older. Understanding your Medicare options is an important part of planning for success in your retirement years and beyond. […]
Retirement Tax Planning: The Three Tax Wallets
Note: While some information in this article is specific to BP employees, the points about the three tax wallets may be useful for anyone saving for retirement. To understand the myriad types of retirement accounts and their complex tax treatments requires a certain depth of knowledge and expertise in retirement tax planning, more than can […]
Your Future Income Tax Brackets May Be Higher Than You Assume
Future assumed income tax brackets are a major consideration when making current decisions, such as the decision to convert a traditional retirement plan to a Roth plan and often, the assumptions we make are too low. When making assumptions about your future tax bracket, there are a few factors that often get overlooked. Below are […]
The SECURE ACT 2.0: Three Good features
On December 29th, 2022, the SECURE 2.0 ACT was signed into law. It includes a few provisions that are beneficial for taxpayers. I have outlined three of them here: New IRA Required Minimum Distribution (RMD) Age The act raises the age at which RMDs are required to age 73 (previously 72). For taxpayers who were […]
In a Most Delightful Way Series: Part 8
Our Spring blog series includes excerpts and basic financial lessons from the book In A Most Delightful Way, by our founder and CEO, James Twining, CFP®. The book aims to explore and simplify concepts based on the author’s own recollection of his early life and storied career path. The formula includes a story or anecdote […]
In a Most Delightful Way Series: Part 7
Our Spring blog series includes excerpts and basic financial lessons from the book In A Most Delightful Way, by our founder and CEO, James Twining, CFP®. The book aims to explore and simplify concepts based on the author’s own recollection of his early life and storied career path. The formula includes a story or anecdote […]
In a Most Delightful Way Blog Series: Part 4
Our Spring blog series includes excerpts and basic financial lessons from the book In A Most Delightful Way, by our founder and CEO, James Twining, CFP®. The book aims to explore and simplify concepts based on the author’s own recollection of his early life and storied career path. The formula includes a story or anecdote […]