As the year draws to a close, many individuals begin to reflect on their financial decisions and charitable intentions. One effective way to make a meaningful impact while also navigating tax implications is through charitable gifting, mainly using Qualified Charitable Distributions (QCDs) in conjunction with Required Minimum Distributions (RMDs). Let’s ...
Are you saving for the future? Individual retirement accounts are a common way to put money aside for your retirement years. However, do you understand the difference between traditional and Roth IRAs and how these accounts can affect your taxes? Let's break down how IRAs function and how they can ...
When you change jobs, one of the key financial decisions you'll face is what to do with your 401(k) from your previous employer. You have four options: leave it where it is, roll it over into an Individual Retirement Account (IRA), cash it out, or roll over the assets into ...
Planning for the eventual exit from a business is a critical yet often overlooked aspect of entrepreneurship. Whether you're considering retirement, passing the torch to a successor, or exploring new ventures, First Mid is committed to providing proactive guidance and expert support at every stage of your business transition. We ...
The owners-only 401(k) offers the high contribution limits and flexible investment strategies of a traditional 401(k) to owners-only businesses.
Benefits of Establishing an Owners-Only 401(k)In addition to the benefits of traditional 401(k) plans – including tax-deductible contributions, tax-deferred earnings, flexible contribution requirements and a variety of investment options – and the ...
Operating a successful business involves collaboration among various professionals, including insurance agents, attorneys, financial advisors, leadership coaches, and accountants. It’s important to find trusted advisors who can help you navigate the complexities of owning and running your business. In addition to having a team of professionals in your corner, you ...
For many parents, the opportunity to pay for their children’s education means setting them up for success later in life. Among the myriad of savings options available, 529 savings plans offer a wide range of benefits that provide flexible ways for families to save. Ryan Mefford, a Financial Advisor at ...
Life can throw you unexpected challenges, from job loss to family emergencies, illnesses, or accidents. While you can’t predict everything, taking proactive steps can help you preserve your financial stability and be prepared for the unexpected.
1. Build an Emergency Fund: Set aside a fixed amount each week or month. Learn ...
You likely have a good idea of what you want your retirement to look like. You may have even kicked around a few ideas about what you’re going to do with all that free time. But what are you doing now to prepare yourself financially for those idyllic golden years? ...
With the price of a college education in the U.S. consistently rising, it’s never been more important to start planning ahead. By getting an early start with a 529 College Savings Plan, you can help your child or grandchild prepare for rising tuition costs.
A 529 College Savings Plan is a ...
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