One of the few positives to come from recent inflation is the Internal Revenue Services’ inflation-adjusted changes to 2023 tax rules. These changes span many areas, from income tax brackets to social security to retirement plan contribution limits.
With children leaving for college and others having graduated and beginning careers, Parkside thought it an opportune time to share some financial planning tips for young adults. Please feel free to share this with the young adults in your life.
Waiting out a market correction period can be tough. We recently provided our clients with some long-term portfolio data around market declines similar to the current one, and we offered several proactive steps they could take now to address their financial well-being.
We want to briefly highlight that the average fixed rate on a 30-year mortgage has continued to reach new lows since at least 1971 according to the St. Louis Fed— recently 2.66%.
As of July 16th, the average fixed rate on a 30-year mortgage stood at 2.98%, the lowest level going back to at least 1971 according to Freddie Mac and the St. Louis Fed. If you have not refinanced your mortgage recently, we recommend you consider if it could be advantageous and what refinancing options might be available to you.
To help ease burdens associated with the Coronavirus (COVID-19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Read on to find a summary of major points of interest for small businesses, including the Paycheck Protection Program, forgivable loans, employee retention credits, and payroll tax deferrals.
“Setting Every Community Up for Retirement Enhancement Act” The SECURE Act was signed into law on December 20, 2019. Here is a summary of some of the major changes included in this new law that may affect Parkside Advisors clients. We plan to incorporate these changes into our financial and tax planning discussions with clients based on their individual situations. Should you have any more immediate questions or concerns, please don’t hesitate to contact the firm to schedule a call or meeting. Required Minimum Distributions (RMDs) from retirement accounts will start at age 72 now, rather than age 70½ IfRead More
This month the Parkside blog comes in the form of a podcast. In this recent episode of Founders and Friends, Scott Orn of Kruze Consulting interviews Parkside’s Audrey Grubman and Christina Kramlich on relevant financial topics for startup employees, founders, and investors. As many of our clients know, Audrey has worked with startup employees since establishing the firm in the mid-90s. The podcast reviews various forms of equity compensation and discusses the reasons to understand the details of one’s compensation very early on and make a plan. There are also some common pitfalls that founders and startup execs should keepRead More
Many of our clients ask for suggestions about the best financial approach when acquiring a new car. Here's how we break it down for them.
When we sit down with new clients to review their recent federal and state tax returns, we often find opportunities for tax reduction.