Tax Planning

Why Millennials Prefer to Rent Instead of Own

The Millennial generation is facing some unique challenges in life, and how those challenges are shaping their overall financial picture. One of the big things that Millennials are not doing, is buying a home. And it’s not necessarily because they can’t afford to buy one (although that does factor in for some of them); instead, they’re just choosing to rent. So what’s going on here? Are they just giving up on the American Dream of owning a home with a white picket fence, and two cats in the yard?

The Challenges Faced by Millennials

When it comes to money, it’s no real secret that the millennial generation tends to do things just a bit differently than the rest of us. And they have good reason. Since they were born, they’ve seen three decades of stagnant wages, a dot-com boom and bust, the Great Recession, and an income and net worth gap that’s at its highest levels in more than 90 years. They are facing some unique challenges in life, and how those challenges are shaping their overall financial picture.

This Year’s 5 Most Common Tax Questions

Unexpected Tax Issues at Retirement

If there’s one thing that’s ignored all too often at retirement, it’s the impact that taxes will have on your life. Your tax return can change a LOT once you’ve gone from working mode to retirement mode. Here are a few tax issues you need to be aware of.

Tax Considerations in the Shared Economy

You’ve probably heard of companies like Uber, Lyft, TaskRabbit, or AirBnb – they’re part of what’s known as the “shared economy.” Thanks to technology, people can now share their assets, time, skills, or even money with others on a relatively small scale. Of course, these new ways of doing business can challenge the various existing tax rules that were written with a different model in mind. Most people who start a business like this are probably not thinking about that. So, what are the tax considerations?

The Trump Tax Effect

On the eve of the inauguration, there is a lot of concern about how this new administration, and new Congress, might affect them. What I’m most concerned about is the possibility of major changes in tax policy going forward. How might you be impacted by the Trump Tax Effect?

A Timely Tax Planning Tip

This is the time of the year when many individuals begin to stress over their upcoming federal and state income tax liability. It’s also a time where planning ahead may actually save you real money – but you will likely have to act before the end of the year to benefit. So time is drawing near.

3 Ways You May Create a More Tax-Efficient Portfolio

In this video, Ray Lucia Jr. offers 3 ways you may be able to create a more tax-efficient portfolio.

It May Be Harvest Time For Your Capital Gains

In this video, Ray Lucia Jr. explains how harvesting capital gains may be a useful tax management strategy.

Managing Taxes as a Self-Employed Individual

Self-employment taxes can get complicated, not to mention costly. When it comes to planning for 1099 earnings, there are strategies to help avoid nasty surprises when tax season comes around.

3 Biggest Estate Planning Mistakes

This week, Ray Lucia Jr. covers the three biggest estate planning mistakes and how they can potentially subject your estate to taxes, creditors, or probate.