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Inauguration Day Is Coming: What Financial Challenges Could High Earners Face During the Biden Administration?

January 4, 2021/in Economy, Election, Financial Planning, Tax Management, Taxes /by admin

With one of the most contentious elections in history behind us, President-elect Joseph R. Biden, Jr. is set to take office on January 20. In anticipation of a new administration, high earners especially are left wondering – how will the Biden presidency affect me financially? Until Biden takes office and begins enacting changes, we won’t know for sure what to expect. But based on his official campaign platform, past interviews and projections, we can better prepare ourselves for the potential changes to come.

Now that Inauguration Day is on the horizon, what challenges could this bring to high earners during a Biden administration?

Most CARES Act Benefits Are Ending on Dec. 31st. Are You Prepared?

November 30, 2020/in Economy, Financial Planning, Tax Management, Taxes /by admin

The CARES Act was passed on March 27, 2020 amidst the onset of COVID-19 in America. The package included over $2 trillion in economic relief for businesses, workers, families and governments.¹

Now, the year is almost over – and some benefits included in the CARES Act are expiring. Many Americans have relied on these benefits to make ends meet throughout the course of the pandemic, and there’s widespread uncertainty about benefits coming in the future.

Biden Has Won the Presidential Election: Here are the Tax Changes You Should Prepare For

November 9, 2020/in Economy, Election, Financial Planning, Healthcare Costs, Tax Management, Taxes /by admin

You’ll Spend Thousands on Healthcare This Year. Can an HSA or HRA Help?

September 27, 2020/in Budgeting, Financial Planning, Healthcare Costs, Retirement Planning, Tax Management /by admin

The average annual healthcare expense per individual rises from roughly $2,000 for 19-year-olds to about $11,000 for retirees (age 65+).¹ As Americans pay more for medical care, they often seek ways to save for emergencies. Health savings accounts (HSAs) and health reimbursement accounts (HRAs) can help.

How to use a Roth IRA to turn retirement assets into future tax-free income!

September 21, 2020/0 Comments/in Income, IRA, Retirement Planning, ROTH, Tax Management /by admin