WealthPoint Advisors

Looking for the latest tax bracket changes? Use this handy reference guide to save time.

Here’s a question we often get asked: “Should I help pay off my child’s or grandchild’s student loans?” Paying off a loved one’s student debt can be a generous gesture; however, it’s essential to weigh the pros and cons before deciding. 👍 Pros Allows students to focus on their careers and future financial goals Can help the student pursue financial independence sooner May strengthen family bonds and relationships 👎 Cons May impact the parent’s or grandparent’s retirement strategy Could create a sense of entitlement or diminish the student’s financial responsibility Might have tax implications for both parties. Consult your tax, legal, and accounting professionals before applying a payback strategy. 🤔 Considerations Assess your own financial stability and retirement approach before committing. Determine if it's a gift or a loan, and communicate the terms. Explore alternatives, such as co-signing a refinanced loan or offering partial payments. 🌟 Strategies Set clear boundaries and expectations for financial responsibilities. Consult a financial professional who may have experience with student loan payback programs and can provide guidance. Every family’s circumstances are different. While paying off student loans can be a meaningful way to support your child or grandchild, it’s crucial to decide on the benefits and limitations for everyone involved. #StudentLoans #RetirementStrategy #FinancialConsiderations

🏅 Who else is looking forward to the kickoff of the 2024 Summer Olympics? Officials in Paris project that 11.3 million people will attend the Summer Games, which run from July 26 through August 11, and 3.9 million will attend the Paralympic Games, which take place from August 28 through September 8. Check out the list of events!! https://lnkd.in/gEqAPMUX From the core events in track and field, swimming, gymnastics, basketball, tennis, soccer, and volleyball…. …to some new and lesser-known sports such as breaking (breakdancing), surfing, sport climbing, skateboarding, badminton, modern pentathlon (fencing, swimming, horse riding, shooting, and running), and handball!🕺🛹🏄♂️🧗♀️ Can’t wait to watch! What’s your favorite event #2024SummerOlympics #ParisGames #NewSports

A growing number of retirees are choosing to rejoin the workforce, a trend known as "unretiring." Recent studies show that: ➡️ The Wall Street Journal reports that one in eight retired people plan to return to work in 2024. ➡️ That follows a 2023 Paychex survey reported by Bankrate that showed one in six retirees are considering returning to work. If you’re thinking about unretiring or know someone who is, here are some tips to help navigate the process: 🗣️ Practice interviewing. Sharpen interview skills by practicing with friends, family, or career counselors. Many online platforms, such as Interview Cake, offer mock interview services: https://lnkd.in/e8HzGb_t 🤝 Focus on the value proposition. Shift your mindset to remember that you have valuable experience and skills to offer. Develop a clear value proposition highlighting your unique strengths and how you can benefit your employer. 👥 Connect with re-entrants. Join online communities or support groups specifically for people considering unretirement. Sharing experiences and challenges with others can be very encouraging. Many people feel unsure or insecure about returning to work after retirement. There are many resources available to help, such as the following: - AARP Work Reimagined: https://lnkd.in/eZ-deE_P (Website by -AARP focused on helping people find meaningful work in later life). - Encore.org: (Nonprofit organization dedicated to second careers for experienced professionals) #Unretire #RetirementPreparation #FinancialConsiderations #BackToWork

Property taxes too high? Here are ways to potentially lower your assessment. #homeowner #propertytax

According to a 2023 study by the Pew Research Center, back-to-school dates are as early as July in some states, with the highest percentage returning in the middle of August. School tends to start early in the South and later in the Northeast. As the accompanying chart shows, more than two-thirds of students in the East South Central division (AL, KY, MS, TN) went back to school the first week of August. They joined another 19% of students who started classes even earlier. In contrast, in the six New England states, almost no one goes back to school before the last week of August. In the Mid-Atlantic states (NJ, NY, PA), about three-fourths of students won’t hit the books until after Labor Day. Regardless of where you live, back-to-school preparations and shopping sprees are likely top of mind. Good luck to everyone! #BackToSchool

The IRS can tax up to 85% of Social Security benefits. It may be possible to manage the tax bill. #SocialSecurity

We work with many business owners, and we have found that quite a few are unaware of a new regulation called the Corporate Transparency Act (CTA). In fact, a survey of National Small Business Association (NSBA) members showed that almost 47% of respondents had no idea what the CTA was. What is it? The CTA requires that any business owner with more than a 25% stake in a company, directly or indirectly, must be included in the company's Beneficial Ownership Information (BOI) report. Who needs to file? If you own more than 25% of a company, directly or indirectly (including stockholders, partners, LLC members, etc.), you are a shareholder. Exemptions ➡️ Sole proprietorships and general partnerships typically don't need to file. ➡️ Federally regulated businesses such as publicly traded companies, financial institutions, and insurance companies may be exempt. ➡️ Businesses with a minimum of 20 full-time employees, more than $5 million in revenue, and a substantial footprint in the US may also be exempt. Deadlines Businesses formed before January 1, 2024: The deadline is January 1, 2025 (if you meet the ownership threshold). Businesses formed after January 1, 2024: Deadline: 90 days from receiving approved state business registration. For simple questions, you might find answers on the Financial Crimes Enforcement Network website under Beneficial Ownership Information. We’re providing this information so you can stay up to date on current legislation. It’s not a replacement for real-life guidance, which should come from your tax, legal, or accounting professional. Let us know if you have any questions! We may have resources that can help. #CorporateTransparencyAct #SmallBusiness #Compliance

As complex as the details of taxes can be, the income tax process is fairly straightforward.

How confident are you in the strength of your passwords? These days, one’s passwords are almost as important as the keys to your house. Check out these handy, current tips on crafting a secure password.