Most people know they should have a financial plan, but many don't realize just how important it is to have one that's tailored specifically to their needs. A good financial planner can help you with all sorts of critical tasks, like saving for retirement, creating a budget, and even investing for the future. Here are four of the most important services a financial planner can provide.
1. Retirement planning
One of the most important services a financial planner can provide is helping you save for retirement.
If you recently added investments to your financial portfolio, you're likely wondering how they will affect your income tax obligation. The biggest reporting change you will generally see is the addition of two new forms: Form 8949 and Schedule D. What are these? What do they mean for you? And how can you minimize tax due from these earnings? Here's what you need to know.
What Is Form 8949?
Form 8949 is the means by which a taxpayer reports the sales of various taxable investments during the year.
During estate planning, understanding the value of your estate and all its parts is key to achieving your goals. But valuation is more than just knowing what assets are worth today. It also involves planning for the future value. How can an accountant help you with this difficult task? Here are a few ways.
1. Estimating Market Changes
Nearly all assets will experience ups and downs in their market values. And although a lot of financial planning can simply focus on the current value of your assets, estate planning means planning for something that may not happen for decades.
Do you want to pursue your entrepreneurial dreams? Along with a great idea and the energy to make it real, you'll also need to have your personal finances in order. What personal financial moves should you make in order to have the best chance at business success? Here are five of the most important ones.
1. Craft a Financial Plan. Because you'll be focusing on your business, your personal financial situation could take a backseat for a while.
Wealth management is a process. For those starting out, they may naturally wonder which parts of the process should come first. Fortunately, a wealth management services firm will typically tell its clients to start by focusing on these three issues.
It takes money to make money, especially if you want to see your money produce compound returns. Foremost, you want to either have a job or an income stream that can reliably satisfy your everyday needs, cover your debts, and leave enough behind to meaningfully invest.