Oakwood Capital Advisors, LLC

As we step into 2024, it's time to give ourselves a financial breather after the holiday season 🎉 Here are some tips to help you kickstart your financial goals: 💰 Assess Your 2023 Spending - Yes, it's time to face the numbers! Dive into your credit card statements and receipts to understand your holiday spending habits better. Then, take a look at your larger spending habits in 2023. 🎯 Set Clear Financial Goals - Make 2024 the year of financial clarity. Define your goals, whether it's saving, paying off debt, or investing for the future. 📊 Create a Realistic Budget - Consider using handy budgeting apps, like You Need a Budget (YNAB), to stay on track and determine opportunities to save. Such tools can also do the work of analyzing spending patterns for you. Have any budgeting tips to add to the list? Drop them in the comments below! ⤵️

The question that keeps us all up at night: What tax filing status should I pick? 🤔 We totally understand. Perhaps this info will help: ☑️ Head of Household – Unmarried taxpayers who are supporting at least 1 qualifying person and paying more than 50% of the costs to keep up a home. ☑️ Qualified Widow or Widower – For taxpayers who recently lost a spouse and are supporting a child at home. If you could have filed jointly before your spouse’s death, you may file jointly in the year your spouse died. ☑️ Married Filing Jointly – You and your spouse combine your income and deduct your total allowable deductions and credits on the same forms. ☑️ Married Filing Separately – For high-income earners who are married, people who wonder if their spouses are hiding income, people considering divorce, or taxpayers whose spouses have tax liability issues. ☑️ Single – For unmarried people who don’t qualify for another filing status. Note: depending on your state, if you’re legally divorced by the last day of the year, the IRS considers you unmarried for the whole year. Feel free to share this post with your friends and family so we can all get those precious 8 hours of sleep.

As we welcome 2024, let’s take a moment to review some key developments from December. In addition to the major stock indexes remaining strong, market watchers were also treated to encouraging payroll data and projections for rate cuts later this year. Swipe to read more →

2023 was quite the year for the U.S. financial markets! To help you enter 2024 with confidence and clarity, we’re sharing an overview of last year’s key developments and an outlook of what may be to come in 2024. Swipe through to learn more ➡️ and spread the knowledge by sharing this post with your network.

Wishing all of you a Happy New Year filled with joy, success, and endless opportunities 🎊 We love a fresh start and a chance to set new goals! What are you looking forward to in 2024? Tell us in the comments! 🌟

As we embrace the spirit of giving, let’s explore smart ways to increase our charitable impact and gain tax advantages! Swipe for some opportunities you may want to consider 👉 and take a look below at a few reminders about charitable giving: ✅ Ensure you donate to IRS-qualified charities to claim your tax deduction. ✅ Be aware of deduction limits, which can be up to 60% of your income for cash and 30% for securities. ✅ Consult with tax professionals to identify the most impactful and tax-efficient ways to donate. ✅ Keep meticulous records of your donations for tax filing. ⏰ Remember, donations need to be made by December 31st to qualify for this year's tax deductions! Reach out with any questions, and share these helpful tips with your network.

As we dive into 2024, it's a golden opportunity to reflect on the twists and turns of 2023 that could warrant a retirement plan review 📆 Here's a quick checklist to ensure your plan accurately mirrors your current situation: 🔹 Life Changes - Significant life changes, such as marriage, divorce, the arrival of a new family member, or alterations in your income, can have a profound impact on your financial goals. It's essential to assess your retirement plan and make any necessary adjustments to align it with your evolving circumstances. 📈 Risk Tolerance Shifts - Different stages of life bring different levels of risk tolerance, and changes in goals may cause changes to your risk tolerance as well. With that in mind, it’s a good idea to regularly evaluate your risk tolerance in relation to your retirement plan. 🧾 Tax Considerations: Tax laws can undergo annual modifications, influencing the financial aspects of your retirement plan. If your financial situation has evolved, these changes may have a notable impact on your overall retirement strategy. This checklist provides a general overview, but we’re here to offer personalized guidance. Feel free to send us a message or call the office to discuss!

As we dive into 2024, it's a golden opportunity to reflect on the twists and turns of 2023 that could warrant a retirement plan review 📆 Here's a quick checklist to ensure your plan accurately mirrors your current situation: 🔹 Life Changes - Significant life changes, such as marriage, divorce, the arrival of a new family member, or alterations in your income, can have a profound impact on your financial goals. It's essential to assess your retirement plan and make any necessary adjustments to align it with your evolving circumstances. 📈 Risk Tolerance Shifts - Different stages of life bring different levels of risk tolerance, and changes in goals may cause changes to your risk tolerance as well. With that in mind, it’s a good idea to regularly evaluate your risk tolerance in relation to your retirement plan. 🧾 Tax Considerations: Tax laws can undergo annual modifications, influencing the financial aspects of your retirement plan. If your financial situation has evolved, these changes may have a notable impact on your overall retirement strategy. This checklist provides a general overview, but we’re here to offer personalized guidance. Feel free to send us a message or call the office to discuss!

🌟 Are you a high-net-worth individual (HNWI)? 🌟 If you have liquid assets greater than $1 million, you are. And that means the end of the year is the perfect time to take stock of a few matters. Here are three: Tax optimization: Year-end is the perfect time to maximize deductions, explore tax-efficient investments, and consider charitable giving for tax benefits. 📊 Portfolio review: Assess your portfolio to ensure it aligns with your goals and risk tolerance. Consider rebalancing if needed. 💼 Estate planning: Ensure your estate plan reflects your current financial circumstances and goals. Consider gifts or various trusts to reduce estate taxes. 📜 If you’re looking for more tips on year-end planning for HNWIs or want to chat about your financial situation in more depth, comment below or give us a call. We’d love to help set you up for success in the coming year! 📞💬

It's time for us to put on our Santa hats and make sure we have everything ready for the upcoming tax season 🎅 While it may seem early, now is a great time to start gathering your tax documents and send them our way before the end of the year 🗓️ So check your list, check it twice! 📝 And don’t worry, we made a list for you to follow as you do! 😉 If you have any questions over the next few months, don’t hesitate to send us a message. That’s what we’re here for!