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  • 7 Steps to Get Your Affairs in Order

    While many find it anxiety-provoking to think about, creating a legally binding plan to distribute your assets after your death ultimately provides you with peace of mind. You can rest easy knowing that your wishes will be carried out as you have requested. Some folks prefer a DIY, or do-it-yourself approach, but this may not be the best option for everyone. One reason is because each state has ...

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    SEPs vs. SIMPLE IRAs: Smart Retirement Plan Options for the Newly Self-Employed

    Are you new to self-employment? Working for yourself doesn't mean you must forego tax-advantaged retirement savings. In addition to contributing to a traditional IRA, there are two basic retirement plan options that may make sense for self-employed individuals: Simplified Employee Pensions (SEPs) and SIMPLE IRAs. Here are the pros and cons of these plans. Important: For purposes of this article, ...

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    Are You Missing the Roth IRA Boat?

    Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing you to accumulate a federal-income-tax-free nest egg for retirement. Roth IRA Basics Contributions to Roth IRAs are ...

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    Plan for a Comfortable Retirement

    We plan for retirement because we know that we may not want to work forever. An artificial retirement age set by our employer may limit our options. Health issues may also dictate when we decide to retire. With your input, we can help devise a plan that puts you on the road to financial security. The result is designed to leave you with sufficient assets so you can maintain your current lifestyle ...

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    Tax Time—Tips to Cut Your Bill

    The IRS announced that January 23 was the start of the 2023 tax season—or the date the IRS began accepting 2022 tax year returns. Most taxpayers have until Tuesday, April 18, 2023, to submit their tax return or request an extension. Taxpayers requesting an extension have until October 16, 2023, to file. Even if you file for an extension, you are still required to pay the taxes you owe by April ...

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    What is FDIC and How Does It Work?

    With all the turmoil in the banking industry today, it may be a good time to revisit what the FDIC is, how it works, and how you can make sure you are covered. What is the FDIC? The Federal Deposit Insurance Corporation protects bank depositors as an independent agency of the US government against the loss of their insured deposits. The FDIC protection is initiated when an FDIC-insured bank or ...

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    How an HSA Can Boost Your Retirement Savings

    To have a health savings account (HSA), you generally must be covered by a high-deductible health plan (HDHP) at work. HDHPs have become popular in recent years as employers have struggled to keep health benefit costs down. If you're not covered by one now, you might be soon, as more employers consider the advantages. Also, if your employer gives you multiple health plan options, one of them might...

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    New Tax Law Improves QCD Benefits

    Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these tax benefits, beginning in 2023. The Basics Normally, ...

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    PKS Investment Advisors LLC Announces New Partner

    PKS Investment Advisors LLC, is pleased to announce that Gigi G. LeKites, CFP®, CRPC®, has been admitted as a partner with the firm. Her admission is a direct result of her continued commitment to client service, business acumen and technical proficiency. Dan O’Connell, managing partner of PKS, is proud to have Gigi join the partner team. “It’s a privilege to recognize Gigi on this ...

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