Shea Newton

Financial Planning-is it Easy?

Over the years I have gained lots of experience in financial planning with seeing so many different scenarios-not one person’s situation is the same. Also, the CFP(R) curriculum consists of an education piece that really lays out a great framework in the Financial Planning process. When you start with a good framework that has pieces that can be replicated and add real life situations to this framework, it becomes second nature.

Charitable Giving

If you are charitably inclined, what is the most tax efficient way to give to those charities?

Let us start with standard deduction versus itemized deductions. Your itemized deductions must exceed your standard deduction for any tax benefit. There is a caveat for 2021, cash donations up to $300 for single filers and $600 for Married Filing Joint are allowed as above the line deductions.

The FIRE Movement – Or choices?

Let’s start with what FIRE stands for—Financial Independence, Retire Early. Isn’t this what everyone wants? I have a theory about how this movement started. There has been a lot of research in the financial planning space and trying to figure out how much you need in investment assets and how much you can take out over the course of your retirement (safe withdrawal rate) without running out of money.

What is Tax Planning?

Tax planning is considering your whole situation and making any necessary changes or decisions before the tax year is complete. Think of it as forward looking. When you prepare your tax return, you are looking backwards at things that have already happened and figuring out any credits or deductions that you can take based on things you cannot change.