What's New?
April 2024
As you finish up your 2
023 tax returns and strategize with your financial planner and CPA about ways to reduce your tax liability, make sure you're aware of the following options and scenarios:
- Roth IRAs are great, but..... make sure you understand you'll owe income tax on any amount you convert from a Traditional IRA or 401k. You'll need to have cash on hand to cover your tax liability. Also, be aware of how that added income could affect social services such as your social security benefits or Medicare premiums.
- Qualified Charitable Distribution- Are you receiving a Required Minimum Distribution (RMD), but don't really need it? You can have up to $100k of your RMD donated direct to a charity. You won't be required to report the RMD as income or be taxed on it.
- Are you using your state's 529 College Savings Plan for your kids?- Many states offer a state tax deduction to residents for contributing to their sponsored 529 plan. It's not a huge deduction, but it could make a difference!
- Check your withholding at work- One of the most common tax mistakes we see are clients not having the appropriate withholding amounts on their paychecks. If you've changed jobs, received a raise, got married/divorced, had kids or can't claim your kids anymore, make sure you're double checking how much is being withheld from your paycheck. It could cost or save you thousands of dollars.
March 2024
Don't let the sun s
et on your estate plan. The Tax Cuts and Jobs Act of 2017 (TCJA) raised the estate tax exemption to approximately $13.1 mil this year. That's a significant number that many people won't need to be worried about. But the exemption is set to sunset and revert back to pre-TCJA levels at the end of 2025. The limit will then likely drop to around $7 mil. That's a number we know will affect a much greater number of individuals. You can either hope Congress will enact new legislation, or you can talk to your financial planner and estate attorney about ways to shelter your estate from additional taxation. Don't get caught scrambling to find a lawyer after Thanksgiving of 2025. Start having the discussions with your wealth management team now!
January 2024
Tax forms will be mailed every Friday, beginning Jan. 19th. Retirement account forms will be received the earliest. Investment accounts will be staggere
d throughout February and into early March, depending on the type of investments you own. Accoounts with real estate, municipal bond or international holdings tend to take longer for reporting. All statements are posted on AccountView as soon as they're available. Head over to our Client Account Web Links page to get yourself enrolled!
We've partnered with Moneygeek.com again to offer some insights
on Life Insurance as an investment vehicle. We've also shared our thoughts on the difficulties some people have in saving for retirement. Check them out!
December 2023
Mor
e recognition for Calderon Fortney Financial Group!
Did you get your copy of Connecticut Magazine? This month's issue has their list of 5 Star Wealth Professionals. Matt was recognized for the 9th time as a 5 Star Wealth Manager in the state.
Wealth managers are nominated by clients and peers and do not pay a fee to be considered or included on the list. While no one should work with a financial planner based solely on a listing in a magazine, it does reinforce the good work we do and the reputation we have. We're looking forward to seeing Matt hit 10 years in 2024!
November 2023
We're still focusing on the importance of managing debt, especially as we head into the holiday season. We've posted our latest advice on developing good money behavi
ors to get on top of (or stay out of) debt at MoneyGeek.com. We've also shared a few thoughts on taking out personal loans, whether as part of a debt consolidation or for a big purchase. Check them out!
https://www.moneygeek.com/debt/#expert=matthew-fortney-mba-cfp
https://www.moneygeek.com/personal-loans/fair-credit/#expert=matthew-fortney-mba-cfp
September 2023
Autumn is here, which means kids are back to school and it's almost time for Medicare enrollment and your benefits enrollment at work! Do you have questions about your 
work benefits? Not sure what you should be signing up for? Have you double checked your prescriptions and doctors before signing up for any Medicare supplemental plans? We have associates that can help! Give us a call if you'd like to review.
August 2023
Our latest contribution to Moneygeek.com has been posted. With interest rates rising and the cost of borrowing money increasing significantly over the last 2 years, i
t's important to pick your credit cards carefully, especially when you're a young person applying for your first one. Click the hyperlink below for our thoughts on getting your first card.
https://www.moneygeek.com/credit-cards/first-time/#expert=matthew-fortney-mba-cfp
June 2023
We're putting the final touches on our YouTube page! Soon you'll be able to access a library of short, informative videos on a wide array of financial topics. Stay tuned for more info. Mr. DeMille, we're ready for our close up.....
April 2023
Tax season is now over (for most of us). Did you owe? Did you receive a sizeable refund? It's never too early to get a jump on next year. Here are some considerations for tax adjustments for the remainder of 2023:
- Did you get a big refund? There may be a specific circumstance that led to your big refund. If not, check your withholding on your paychecks. If you're withholding too much, you're giving the governement an interest free loan and limiting your cash flow throughout the year!
- Did you owe more than expected? Again, there are lots of specific reasons why you may have owed this year, but a few common areas to look at would be:
- Am I not withholding enough for the Feds and State in my paycheck?
- Did a child turn 17 this past year? If so, you no longer get the Child Tax Credit (for parents with income under $400k or $200k if single filer)
- Did I have a lot of capital gains, interest and dividends to report? If your 1099-DIV had a large number on it, it may be a good idea to review ways to lower your taxable interest and gains.
- What are some other ways to reduce my tax liability?
- Are you contributing to a retirement plan? Can you contribute more? The more you can set aside in a 401k, 403b or IRA, the lower your reportable income will be.
- Are you taking advantage of credits available for parents with children in college? Are you able to deduct the interest for your Home Equity Loan or Line of Credit (if it was used for qualified deductions)?
- Can you increase your charitable donations? If you aren't using your Required Minimum Distribution, have you considered eliminating up to $100k of the reportable income by sending it direct to a charity?
There may be lots of opportunities to tweak your finances before we get too far into 2023. Talk to your financial planner and a qualified tax professional about what strategies may best suit you!
March 2023
We're excited to share our thoughts on retirement income and credit cards with our friends at moneygeek.com. Check out the links below for our commentary!
https://www.moneygeek.com/credit-cards/average-credit/#expert=matthew-fortney-mba-cfp
February 2023
We've been busy updating a few things...... The look may be new, but the people and service are the same! We hope you like the new color scheme and updated firm name. We're excited to continue to help you make smart decisions with your money under with our updated firm name and logos. We know you've come to rely on us to help you with your financial future, so we're emphasizing who we are. Same faces, same great service and same great partner at LPL Financial.