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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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Who Says the IRS Lacks Empathy?
Posted By:  Joel Musser CFP® – Wealth Advisor
Wednesday, March 24, 2021

Tax Day Postponed

In addition to the unexpected health and economic surprises that 2020 brought, there were also many unique opportunities to make some unconventional changes to your tax situation for those who were paying attention. There were extraordinary amounts of unemployment payments issued, required minimum distributions waived, stimulus checks disbursed, and even the possibility of early penalty free distributions from 401k plans. At Total Wealth Planning, we were able to also proactively utilize the unprecedented market volatility to take advantage of strategies like tax loss harvesting and Roth conversions, saving clients huge amounts of tax dollars long term. Of course, with each of those changes, there is more reporting required for the IRS come tax time. So, for those who already have a tough time accumulating all of your tax info for your CPA or Turbotax, you may be feeling even more behind than normal this year!

Fortunately, to provide a little relief at the end of an already crazy tax year, the IRS has issued a memo pushing back the filing deadline for 2020 tax returns from April 15, 2021 to May 17, 2021, which includes postponing the payment deadline when penalties begin to be assessed.

While it's always been an option to extend your return, taxpayers have historically been subject to penalties and interest on any unpaid tax liability starting after the normal tax filing date so this should provide some relief for folks who have found themselves a little behind this tax season. HERE is the link to the official release from the IRS.

Keep in mind that the extension only applies to Federal returns so you still need to act with haste if you haven't completed your State return yet!





 
 
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MANAGEMENT

Our investment management process is focused on helping you maintain financial stability, preventing mistakes and accomplishing your investment objectives. We don’t just focus on market performance or predictions. We focus on what performance means and how it impacts your long-term goals. It starts with returns, but it is about making life decisions. Working together, you gain a degree of confidence when uncertain times come.

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RETIREMENT AND
TAX PLANNING

We help you determine how long to work and when to retire to continue your lifestyle. We analyze when and how to take money from your portfolio to replace your paycheck, with an eye on tax efficiency, spending, healthcare and social security maximization. We address the primary concern of having your money last for the rest of your life.




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