As year-end approaches and individuals begin considering their charitable giving goals for 2023, it is important to consider not just the charities to support, but also the most tax-efficient way to contribute.
In this episode, we discuss how qualified charitable distributions (QCDs) directly from your IRA to charity may be the most tax efficient way for individuals who are at least age 70 ½ to fulfill their charitable goals. Since QCDs are excluded from income, individuals are able to lower their taxable income and reduce their tax obligation – even without itemizing their deductions.
If you are interested in learning how to minimize your tax burden and maximize the impact of your charitable giving, we think you’ll enjoy this episode. Thanks for listening!
For more details on qualified charitable distributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/using-your-ira-for-tax-efficient-charitable-giving/.
With the challenges that come from creating and running a small business, most small business owners spend a majority of their time dealing with the day-to-day tasks necessary to keep the business moving forward. This often leaves little time to consider the various retirement plans that are available which can provide significant tax advantages to the small business owners and their employees.
In this episode, we discuss the various small business plans available to small business owners and how implementing the right retirement plan can accelerate their wealth accumulation by hundreds of thousands and potentially millions of dollars over their career.
If you are interested in learning how small business retirement plans can help you accelerate your wealth accumulation, maximize your retirement savings, and minimize your tax burden, we think you’ll enjoy this episode. Thanks for listening!
For more details on small business retirement plans, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/maximizing-small-business-retirement-plans/.
One year ago, we highlighted a high return and low risk investment, Series I Savings Bonds (I Bonds), which were yielding an annualized 9.62% due to the high inflation rate in the United States. Since then, the inflation rate has decreased and the inflation component of the I Bond yield has declined to 3.38% as of May 1, 2023. As a result, investors have redeemed over $1.2 billion since the beginning of May. In this episode, we discuss the one-year return of I Bonds for those who invested last fall and consider whether now is the right time to redeem.
If you are interested in revisiting I Bonds to see how the investment turned out and whether they remain a good option going forward, we think you’ll enjoy this episode. Thanks for listening!
For more detail about our I Bond discussion, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/revisiting-i-bonds-is-it-time-to-redeem/.
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
