WealthPoint Advisors

According to a 2023 study by the Pew Research Center, back-to-school dates are as early as July in some states, with the highest percentage returning in the middle of August. School tends to start early in the South and later in the Northeast. As the accompanying chart shows, more than two-thirds of students in the East South Central division (AL, KY, MS, TN) went back to school the first week of August. They joined another 19% of students who started classes even earlier. In contrast, in the six New England states, almost no one goes back to school before the last week of August. In the Mid-Atlantic states (NJ, NY, PA), about three-fourths of students won’t hit the books until after Labor Day. Regardless of where you live, back-to-school preparations and shopping sprees are likely top of mind. Good luck to everyone! #BackToSchool

The IRS can tax up to 85% of Social Security benefits. It may be possible to manage the tax bill. #SocialSecurity

We work with many business owners, and we have found that quite a few are unaware of a new regulation called the Corporate Transparency Act (CTA). In fact, a survey of National Small Business Association (NSBA) members showed that almost 47% of respondents had no idea what the CTA was. What is it? The CTA requires that any business owner with more than a 25% stake in a company, directly or indirectly, must be included in the company's Beneficial Ownership Information (BOI) report. Who needs to file? If you own more than 25% of a company, directly or indirectly (including stockholders, partners, LLC members, etc.), you are a shareholder. Exemptions ➡️ Sole proprietorships and general partnerships typically don't need to file. ➡️ Federally regulated businesses such as publicly traded companies, financial institutions, and insurance companies may be exempt. ➡️ Businesses with a minimum of 20 full-time employees, more than $5 million in revenue, and a substantial footprint in the US may also be exempt. Deadlines Businesses formed before January 1, 2024: The deadline is January 1, 2025 (if you meet the ownership threshold). Businesses formed after January 1, 2024: Deadline: 90 days from receiving approved state business registration. For simple questions, you might find answers on the Financial Crimes Enforcement Network website under Beneficial Ownership Information. We’re providing this information so you can stay up to date on current legislation. It’s not a replacement for real-life guidance, which should come from your tax, legal, or accounting professional. Let us know if you have any questions! We may have resources that can help. #CorporateTransparencyAct #SmallBusiness #Compliance

As complex as the details of taxes can be, the income tax process is fairly straightforward.

How confident are you in the strength of your passwords? These days, one’s passwords are almost as important as the keys to your house. Check out these handy, current tips on crafting a secure password.

When families get together during the summer months, it's a wonderful chance to spend quality time reconnecting and discussing important matters, including your financial future. One valuable tool we suggest to our clients is the "family meeting." What is a family meeting? - Clients invite family members to join us for a high-level overview of their financial strategy. - As financial professionals, we can help answer questions about investment approaches, key goals, estate decisions, and more. - We can provide information so that everyone knows where important documents are kept and that we're here to support them. Sometimes, family members are ready to start a relationship with a financial professional or ask for an evaluation of their existing financial strategy. Others just appreciate knowing that their parents' or grandparents' assets are being taken care of and meeting the professionals with whom they have entrusted the management of their personal finances. As your family gathers this summer, consider the benefits of bringing everyone together for a financial family meeting. #FamilyMeeting #FinancialTransparency #EstateManagement #FinancialGoals

Committed to increasing your financial literacy? Don't be afraid to ask questions. #FinancialLiteracy

A 2024 survey by Caring.com revealed that only 32% of Americans have a will as part of their estate strategies. Many put it off, thinking it’s too early or they don’t have enough money to need one. Estate management can be complex. So, it can be helpful to consider your estate strategy as an ongoing process. We’ve seen many families negatively impacted by common preparation mistakes. Here are just a few: 1️) Overlooking the benefits (and limitations) of a Financial Power of Attorney or Advance Health Care Directive 2️) Not providing details on how to access digital tools 3️) Not accounting for non-financial assets such as heirlooms, pets, etc. 4️) Not periodically reviewing your estate strategy 5️) Not preparing for the expiration of the Tax Cuts and Jobs Act (TCJA) at the end of 2025. Even if there are no changes to your situation, you may want to meet periodically with your estate team to discuss whether your estate strategy reflects current best practices in estate management. #EstateManagement #LegacyStrategy #PersonalFinance #WealthTransfer

Divorce is a painful process. Avoid financial mistakes that may have life-long consequences.

You can help ensure that losing your wallet doesn't turn into something bigger.