Mackenzie Richards, CFP®, CPWA®

I recently attended the Financial Planning Association of New Jersey Spring Conference last week with Keynote speaker Jeffrey Levine. Some of the sessions covered: - Tax planning for Financial advisors, including Top 10 common IRA mistakes - Artificial Intelligence in Finance - Client communication - Estate planning for multinational clients - And more. The event was great for networking with peers, building relationships, and gaining knowledge on relevant topics that can make us better financial planning practitioners P.S. Shout out to Jeffrey Levine for attending with a broken thumb and all. I even got a selfie with him and the thumb! #financialplanning #taxplanning #IRAs #FPA

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Chart from Pantheon Macroeconomics in The Daily Shot showing the continuing trend in decreasing economic survey response rates as shown in the April payroll survey response rate which could lead to volatility in the readings and revisions. #payrollsurvey #responserate

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Great time at Lodi Pizza in NJ catching up with Luiggi Ordonez from Ordonez Tax & Accounting. We were talking about how important it is for small business owners to keep their financials in order. I wanted to share the three main things we spoke about today…. 1. Financial Clarity and Decision Making: Accurate bookkeeping provides a clear picture of your financial health, enabling informed decision-making. Understanding your cash flow, expenses, and profits helps in planning and managing resources effectively. 2. Tax Compliance: Proper bookkeeping ensures that all financial records are accurate and up-to-date, making it easier to file taxes accurately and on time. It also helps in claiming all eligible deductions and avoiding penalties from tax authorities. 3. Business Growth and Funding: Organized financial records are essential when seeking loans or attracting investors. Lenders and investors need to see a detailed and accurate financial history to assess the viability and profitability of your business. Comment below “Lodi” below if you’ve ever eaten here before, this place was awesome!!!

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Last Call! Join us for our Q3 Economic Update Webinar on Wednesday, July 24 from 12:00 - 1:00 pm CT with Jon T. Meyer, CFP®, Principal, President, at BGM Wealth Management Group and Chad Halbur, President and Shareholder, @Cornerstone Private Asset Trust Company.    Jon and Chad will discuss how the markets performed over the past quarter and the issues to look out for as we enter the 3rd quarter.   Key topics to be discussed: ·   Economic and market review ·   Financial and market themes ·   Deeper dives into equities, fixed income, and more ·   Our portfolio positioning for the third quarter   Register now: https://buff.ly/3W6h4GS     #EconomicUpdate #FinancialMarket #Webinar

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Join us for our Private Equity Investing - Is It for You? Webinar on Wednesday, November 13, at 12:00 PM CT with Jon T. Meyer, CFP®, Principal and President of BGM Wealth Management Group and Chad Halbur, President and Shareholder of Cornerstone Private Asset Trust Company LLC. This presentation is best suited for investors with portfolios of $5 million or more. Jon and Chad will discuss the potential risks of private equity investing and the four primary routes for investing. Key topics to be covered: -Private markets vs. public markets -Types of private markets -How to access private equity -Investing mistakes to look out for -How BGM can help Register now: https://buff.ly/4fe1SQa #PrivateEquity #WealthManagement #Webinar

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Check out our recent article on Integrated Business Transition Planning in the Worcester Business Journal!

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Many individuals and businesses get into debt. Getting in is easy... getting out? Not so much. Having organized financials can help. #bookkeepingwithasmile #fractionalbookkeeper

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Looking for some last-minute tax planning opportunities before year-end? You're not alone. 📅 Had a great webinar last month with Caitlin Fastiggi, CFP®, CPWA®, ECA and Tiffini Parker, CPA, MST diving into year-end tax planning, plus lots of excellent questions from attendees! Here are some takeaways: 💼 Got a small business? You can defer revenue into January by timing your December invoices strategically. Better yet - run those end-of-year expenses through your business credit card in December for the write-off, then pay it off in January when that deferred revenue comes in. 📈 For our tech folks with stock options - the AMT pain is real. We're seeing a lot less tax loss harvesting opportunities this year with the market up since last Halloween (good problem to have!). 💰 401(k) procrastinators: Time to log into that HR portal! Max contribution for 2024 is $23,000 ($30,500 if you're 50+) but it MUST be done through payroll before year-end. Have a bonus coming? Consider routing it all to your 401(k). There's still time to optimize your 2024 tax strategy, but the window's closing fast. Watch the full webinar recording (link in comments) and reach out to me to chat through your specific situation.

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Effective Strategies to Lower Your Tax Bill Navigating tax regulations can be challenging, but with the right strategies, you can significantly reduce your tax liabilities. Whether you’re an individual facing high taxes or a business owner looking for ways to optimize, understanding how to effectively lower your tax bill is crucial. Here are some legal methods to help reduce your tax burden. Understanding Itemized Deductions Versus Standard Deduction The Internal Revenue Service (IRS) offers two deduction paths: the standard deduction and itemized deductions. 2024 Standard Deduction: $29,200 for married couples filing jointly and $14,600 for singles. While most Americans opt for the standard deduction, itemizing can sometimes be more beneficial under the right circumstances. Itemized Deductions If you have considerable deductible expenses, itemizing deductions can lead to more significant tax savings. Common deductible expenses include: Mortgage Interest: Charitable Contributions: Leveraging Pre-Tax Qualified Plans Contributing to retirement accounts not only prepares you for the future but also reduces your taxable income now. For business owners: Options like profit-sharing or cash balance pension plans can decrease tax bills while boosting retirement savings. Don't overlook the Solo-K for the self-employed. The Power of Tax Loss Harvesting Tax loss harvesting is a method where you sell investments at a loss to offset gains in your investment portfolio. This strategy helps in two ways: Reduces taxable capital gains. Lowers ordinary income by up to $3,000 per year.  Benefits of Owning a Business Owning a business can unlock a range of tax deductions, including: Qualified Business Income (QBI) Deduction: Allows up to a 20% deduction on business income. Home Office, Vehicle, and Other Business Expenses: These deductions can further lower taxable income.  Relocating to a Tax-Friendly State Though a drastic move, relocating to a state with no or low personal income tax can have a major impact on your fiscal health. Investing in Roth IRAs Practicing Tax-Efficient Investing Consider: Using ETFs over mutual funds for better tax efficiency. While tax planning can seem overwhelming, using these strategies can lead to significant savings that enhance your financial well-being. Always consult with a tax professional or financial advisor to tailor these strategies to your specific circumstances and keep up with changes in tax legislation. Engaging a knowledgeable financial planner is crucial. Call Golden Legacy Wealth Management at 248-663-4707 to have your questions answered and assist you. www.Goldenlegacywm.com Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. 28411 Northwestern Highway, Suite 1300, Southfield, MI 48034. (248) 663-4700.

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Do you live or work in Massachusetts, or own a business there and are expecting some long-term capital gains? In addition to regular income tax, the state imposes an additional 4% surtax on taxable income over $1 million. Check out this article which provides examples of the impact of this tax that went into effect back in January 1, 2023, and outlines ways to minimize or avoid it altogether.

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Are you ready to rethink wealth? Dive into an insightful conversation with Mark Murphy, CFP®, founder and CEO of Northeast Private Client Group, as he explores beyond traditional financial wisdom to a world where true wealth means creating a life by design, not by default. In this episode, Mark Murphy delves deep into the significance of strategic investments over mere saving. From his rich experiences and a solid background in business education, Murphy shares how a blend of entrepreneurial thinking and client-centered strategies can lead to substantial financial success and personal fulfillment. Topics covered include diversifying income streams, building "cash confidence," and why early financial planning is critical to long-term stability and generational wealth. 🗝️ Key Takeaways: Tune in here: https://lnkd.in/dc9bdQKX 💡 Investment over Expenses: True wealth comes from strategic investments, not just saving. 🌱 Entrepreneurial Mindset: Embrace challenges as opportunities for growth. 🏆 Client-Centered Planning: Success stems from engaging clients in the planning process. 🌍 Multi-Generational Wealth: Early planning leads to stability and wealth for future generations. 📣 One Notable Quote from Mark: "I always thought we would make money, but that wasn't really the priority. This really became my vehicle to make other people's lives better." - Mark Murphy

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From the CFO War Stories & Executive Insights Blog, Three Things that Bother Me and Three Things that I'm Happy About by Mike Kovar CPA, CFA: https://lnkd.in/g-_mNx2j. "This is the Part 2 of a 2-part blog. The first focused on three things that bother me. Today is a lighter blog as it is on the three things that I am happy about. The three things that I am happy about and my reasons why are below." #StudentLoanForgivenes #AmericanEducationSystem #MikeKovar #CFO

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The new presidential administration is preparing a reconciliation bill. It will MASSIVELY impact business. Top 3 takeaways: 1. The bill reconciled the budget to reflect priorities of the new administration 2. A major component is the expected extension of CARES Act tax breaks 3. This includes the tax-deductible (up to) $5,250 per person per year companies can contribute towards their employees' student loan Bonus: additional legislation to improve the student loan system in favor of borrowers. It's a no brainer: student loan benefits improve your ability to attract and retain talent. And it's a tax write off. And it's relevant and impactful. Obviously I'm biased. What are your thoughts?

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Looking forward to 2025, it's easy to be optimistic. Meanwhile, there is a (negative) buzz within financial circles about revisions (downward) to payroll data that are about to hit the headlines. Interestingly, dated revisions throw a wrench in the merits of data dependency when it comes to economic stewardship. There seems to be a strong case for looking forward, setting a course, and creating the data upon which economic historians will be dependent.

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Understanding credits and deductions is one of the critical building blocks to making the tax code work for you.

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