Asset Strategy

Blog: Home Office Tax Deductions 🏡📝 📖 Did you know that the IRS may allow you to deduct certain home office expenses on your tax return? If you’re self-employed, run a business from home, or even have a side hustle at home, this may be applicable to you! This may result in substantial savings if you qualify. But, like all tax benefits, there are specific rules to follow. So, in our blog, we dive into who can qualify for home office tax deductions and how to take advantage of them. Click the link below to read, and feel free to contact us if you have any questions! https://lnkd.in/ezGN2nKg Asset Strategy #Taxes #HomeOfficeTaxDeduction #TaxSavings

Are high income limits blocking your path to tax-free retirement savings? For individuals whose income exceeds the limits for direct Roth IRA contributions, the Backdoor Roth IRA offers a viable alternative to enjoy the benefits of tax-free growth and withdrawals.   Here’s how to do it 👇 1. Start by making a nondeductible contribution to a Traditional IRA, which has no income limits for contributions. 2. Then convert the amount in the Traditional IRA to a Roth IRA. This conversion allows the funds to grow tax-free, and qualified withdrawals in retirement are also tax-free.   Don’t forget! 🚨   If you have existing pre-tax funds in any Traditional IRA, the IRS's pro-rata rule requires that the taxable and nontaxable amounts be distributed proportionally during the conversion.   This means you could owe taxes on a portion of the converted amount. Want to learn more? Comment "Roth" and I'll DM you our detailed Backdoor Roth guide!

Happy Halloween from the Asset Strategy team! 🎃 Let us know who you think should take home “Best Costume” honors! 👇

Are you ready to boost your retirement savings in 2025? The new retirement plan limits for 2024-2025 are out! A small increase can make a big difference in building your financial future. Having the latest limits at your disposal is crucial if you're serious about optimizing your retirement contributions and staying ahead of tax strategies. Updated limits mean new opportunities to increase your savings and reduce your taxable income. No matter if you’re an employee, entrepreneur, or self-employed, this guide breaks down everything you need to know. Download the 2024-2025 Contribution Limits Guide now! 👉 https://lnkd.in/dAERxm4B

Considering your investment property exit strategy?   Timing is key, especially with upcoming tax changes and property values at a peak.   At Asset Strategy, we’ve put together a comprehensive guide on understanding these tax-deferred exchanges to help you navigate your options.   Don’t wait until the window closes, get the insights you need to plan ahead.   Access the guide here 👉 https://lnkd.in/d4bMAWCt  

Weekly Market Minute 🌐 🕐 (October 28, 2024) Watch now! 'How Will Big Tech Earnings Shape the Market This Week?' Last week, both the Dow and the S&P 500 ended their six-week winning streaks, while the Nasdaq extended its streak to seven weeks, driven by a strong rally in Tesla's stock. Looking ahead, this week is packed with significant events. It marks the busiest week of the third-quarter earnings season, with five of the "Magnificent Seven" companies reporting their earnings. This is the last full week before the presidential election; market trends may hint at investor sentiment regarding the election outcome based on the leading asset classes and investment styles. 🔎 In two minutes or less, we discuss what's affecting last week's market performance. Hosted by certified investment management analyst and Asset Strategy Director of Research Rosario Salamone, CIMA®. YouTube link to this video: https://lnkd.in/e4qkaYAH Subscribe to our YouTube channel for more insights! Asset Strategy #EconomicUpdate #TechStocks #USEconomy

Blog: The Ultimate Retirement Tax Return Checklist! ☑️🌴 40 Questions You Should Ask 📖 We know that managing finances can become more complex as you approach your retirement. This is especially true when it comes to taxes. A large part of making the most of your retirement savings is ensuring that your tax return is accurate, complete, and taking advantage of all available opportunities. So, we created a Retirement Tax Return Checklist to help you better understand many of the aspects of your tax returns. In our recent blog, we outline 40 questions to ask yourself while reviewing your tax return to ensure you’re on track to help maximize your tax savings and avoid some costly mistakes. Click the link below to read, and feel free to contact us if you have any questions! https://lnkd.in/dWibyVBP Asset Strategy #TaxReturn #Tax #Retirement

This week is National Retirement Security week! Our Director of Retirement, Tim Black highlights why this week is a perfect time to assess your retirement plan. If you’re falling short don’t worry. Download our Roth Series Guides to help you get started on a strategy for building tax-efficient retirement savings. 📚 https://lnkd.in/eahJ7n2U

Did you know the IRS just adjusted over 60 tax provisions for 2025? This will impact estate, gift, income tax brackets, deductions, and more. Here are just a few highlights: → Estate & Gift Tax: The estate tax exemption rises to $13.99M (from $13.61M in 2024). The annual gift exclusion increases to $19,000 (from $18,000). → Standard Deductions: For single filers, the deduction goes up to $15,000, while married couples filing jointly get a bump to $30,000. → Income Tax Brackets: Tax brackets see modest adjustments to offset inflation. The top rate remains 37%, with thresholds shifting slightly for other brackets. → Earned Income Credit & AMT: The max earned income credit for families with three or more children rises to $8,046. Alternative Minimum Tax exemptions increase to $88,100 (single) and $137,000 (married filing jointly). → Health & Medical Savings: Contribution limits for health FSAs rise to $3,300, and out-of-pocket expenses for MSAs also see increases. These changes and adjustments aim to prevent inflation from pushing taxpayers into higher brackets. If you need guidance with ways to maximize tax savings strategies for 2024 and beyond, book a free, 15-minute Discovery Call with us. We can help you navigate the best options for your situation. ☎ https://lnkd.in/esWC7Ugz

Happy National Estate Planning Awareness Week! 🎉 This week, we’re focusing on something incredibly important. Planning for the future and making sure your family is taken care of. Estate planning isn’t just for the ultra-wealthy. It’s for everyone. Estate planning goes way beyond just writing a will. It’s a full strategy that covers everything: • Trusts • Beneficiary designations • Healthcare directives Why does estate planning matter? ✅ Protects your loved ones ✅ Helps to minimizes taxes ✅ Avoids probate It’s never too early or too late to start planning for your future. Whether you’re starting from scratch or updating an old plan, our trusted legal partners at KKOS Lawyers, LLP can help you through every step of the process. Take action today. Protect your family and your legacy. Contact Asset Strategy to get started on your personalized estate plan. Here is the link to Book a Discovery Call with us: https://lnkd.in/esWC7Ugz