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TAXtember

TAXtember is upon us.  A month of weekly tax education about how to be smarter when it comes to tax savings. Please check out our posts below to learn more.

The IRS: Your Forgotten Beneficiary

The IRS: Your Forgotten Beneficiary

The moment you start contributing to a 401(k) or IRA account, you have entered into a contract with the "tax man". 


When I meet with clients to discuss beneficiaries on their IRA accounts, they typically discuss wanting to leaving their money to their children. For example, if a couple has an IRA worth $1,200,000 and three kids, they will typically give each child $400,000 when they die.  I unfortunately have to remind them that there is another “beneficiary” out there and they will make sure they get their share of the money also.  Taking this beneficiary into account, the benefit to their children may be closer to $300,000, instead of $400,000.


Who is that forgotten beneficiary? Yep, you’re right…it’s the IRS.

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Taxing of Interest & Dividends

Taxing of Interest & Dividends

Interest Income…..That is a topic that over the past few years nobody has given much thought too.  You could have big account balance in the bank and basically get pennies on your savings.  That has all changed due to the Federal Reserve raising interest rates this past year.  Savings and CDs rates are actually something you can brag about at the neighborhood barbecue. 


Now comes the taxing part.  While you may be earning more interest, you will more than likely have to pay income tax on that interest income and dividends that you have been receiving.  If your bank pays you more than $10 in interest you will receive a 1099 at the end of the year.  Let’s review the various types of income/dividends and how they are taxed:

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6 Types of Retirement Income That Aren’t Taxed

6 Types of Retirement Income That Aren’t Taxed

One often-overlooked aspect of retirement planning is the effect of taxes. It tends to be the largest expense a household will have in retirement.  Without proper planning, taxes can take a significant bite out of your nest egg. 


A $1 million-dollar portfolio in a 401(k) plan or traditional IRA, for example, might be worth $750,000 or less after taxes. Similarly, if your investments are in a regular, taxable brokerage account the interest and dividend income that money generates may also be taxable.


It is important then to be tax-smart with your investments and account choices to reduce your tax liability during your retirement years. Good news is there are some income sources that are not taxed.  Let’s review those that may be tax exempt. 

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OFS2.0 is the evolution of the financial services industry. It is moving away from just providing investment advice to clients and focusing on a complete wealth management approach by focusing on the areas below: 

Investment Planning

Oldfather Financial has extensive experience in managing all types of portfolios. It starts with an assessment of how much risk the client wants, the purpose of the portfolio, and how much in stocks and bonds to invest.

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Retirement Income

We can help you build a retirement strategy that is sure to keep you excited for what’s to come including:

  • Social Security modeling
  • Withdrawal planning
  • Goals and intentions
  • Retirement accounts


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Tax Strategy 

We will review various strategies below and will work with your tax preparer to develop a multi-year plan.

  • Tax Loss Harvesting
  • ROTH Conversions
  • Realized Gain Strategies
  • Donor Advised Funds
  • 1040 What if?
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Risk Management

We will assess your insurance needs and help analyze your current policies including:

  • Long term care
  • Life Insurance
  • Disability Insurance
  • Overall Risk Management
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Estate Planning

We can help be a sounding board for you to determine what your legacy will be and how your investments should be positioned through:

  • Gifting
  • Educational Planning
  • Beneficiary Strategies
  • Trusts


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Grow Your Net Worth 

Let us help to maximize your lifestyle and finances through comprehensive financial planning of your assets and debts. Leverage our expertise to help your net worth grow.

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Inflation & Your Money

Inflation & Your Money

It's important to understand how inflation is reported and how it can affect investments.
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Keeping Summer Safe: Pool and Spa Safety Tips

Keeping Summer Safe: Pool and Spa Safety Tips

Each year hundreds of children die or are injured in pool accidents. By taking seven steps, you can keep your pool safe.
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Protection Against Uninsured Drivers

Protection Against Uninsured Drivers

You’re hit by an uninsured driver. Now what? Are you protected against financial losses?
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