Tax Rules for Distributions from your College Savings Plan
If you have a child who is currently attending college, or perhaps heading to college for the first time this fall, this a great time to refresh your memory on the tax rules for withdrawing funds from your college savings accounts. If you’re withdrawing funds from your personal savings or a Roth IRA (contributions only, […]
The Key to Keeping Your Portfolio on Track
Every spring, my mom plants her flowerpots in the backyard. She visits the various nurseries around town and loads up the car with boxes of beautiful flowers. She cannot forego picking up new soil because, of course, the foundation for any good flower garden is nutritious soil. Then, she spends hours picking and choosing which […]
Tax Tips: Reducing Your Tax Burden with Donor Advised Funds
In a previous posting, I discussed how some taxpayers can lower their lifetime taxation by bunching donations into every other tax year, allowing them to itemize one year and then take the standard deduction the following year. There are two significant disadvantages to donation bunching – 1) it requires having excess cash or other investments […]
A Quick Guide to Qualified Opportunity Zones
This article was originally published in the July 2018 issue of Connect Magazine. A Tri-City native, Pasco High School graduate, and Brigham Young University alumnus, Travis joined Blodgett, Mickelsen & Adamson in 2010, where he specializes in helping businesses and individuals plan ahead to maximize tax benefits. What are “qualified opportunity zones” and why should […]
Teamwork is at the Heart of All Great Achievements
It is fitting as we close the year to reflect on some of our accomplishments and experiences from 2019. In November, HFG Trust was nominated for the prestigious Wealth Management Thrive Award, recognizing the fastest growing advisory firms in the nation as calculated by McKinsey & Company’s PriceMetrix. We were fortunate and humbled to be […]
Finance 101: How to Have the “Money Talk” with Your Partner
Since beginning my career with HFG, I have gained valuable insight into the world of personal finance that has inspired me to create a new video series: Finance 101. Each week, I will be sharing my tips and tricks here through a series of short, educational videos aimed at providing individuals of all ages with […]
3 Steps to Financial Freedom
Even though there is a ton of advice floating around about how to be financially successful, many people still struggle with managing their money. The truth is, financial success doesn’t need to be complicated, time consuming, or overly restrictive. Below I have compiled three simple steps that will set you on the path to […]
Tax Tips: Save More with a 401(k)
I have several clients who are self-employed and currently experiencing a great deal of financial success in their business. By creating a personal (or “Solo”) 401k plan for them, we have enabled them to defer income tax on as much as $56,000 ($62,000 if they are age 50 or older) per year, or twice that […]
The Switch: SIMPLE IRA to a 401(k) Plan
7 Things to Consider Before Switching from a SIMPLE IRA to a 401(k) Plan Many businesses looking to start a retirement plan for their employees choose to utilize the SIMPLE IRA plan. There are several reasons business owners make this decision, including the low administration burden and reduced cost. However, as a company grows it […]
5 Ways to Minimize Student Loan Debt
Rising tuition prices create a real challenge for many students and families attempting to finance a college education. During the 1990s, tuition and fees increased by 92%. This may sound substantial until you compare it to the 1404% increase from 1979 to 2018. For early baby boomers, funding college was similar to buying a new […]
