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As the end of the year approaches, investors need to focus on tax-related considerations, particularly regarding capital gains. Year-end tax planning can help investors manage their overall tax liability while seeking to manage...

What is business tax planning? When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when...

The holiday season is a time of joy and headaches, celebration, fatigue, and togetherness mixed with a few knock-down drag-out fights. On top of the emotional rollercoaster ride can come a big wallop of financial stress. From buying...

The penultimate month of the year is often a time to reflect and offer thanks. And while economic and geopolitical uncertainty can overshadow the positives, there are things to be thankful for. Here is just some of what we’re...

Risk management is a key component in any successful business plan. In today's world — where data breaches are common occurrences — it's especially important for business owners to understand the digital risks they face....

Small businesses face many problems related to their size, capital, and capability, and for women-owned small businesses, the challenge is sometimes even greater. The good news is there are many professional organizations out there that...

Nurturing a community, fostering growth and making a positive impact As a small business owner, your employees are the heart and soul of your organization. Many entrepreneurs understand the importance of a diverse, inclusive workforce...

If you're like many, you may associate long-term care with nursing homes and end-of-life care. But far more people will need long-term care in a crisis—an injury or illness that requires long-term care or rehab before you can...

Financial markets lived up to their reputation during the month of August, which has a record for being difficult. On the first day of August, markets had to contend with a downgrade of U.S. long-term debt by the rating agency, Fitch....

Regardless of the business's size, small business owners have 401(k) retirement savings plan options that may be suitable for their situation. Business owners must plan for retirement by utilizing retirement savings vehicles that may...

While the contexts might seem worlds apart, both preparing for a hurricane and planning for retirement share the common thread of safeguarding oneself against potential challenges. Here are the parallels between these two seemingly...

Obtaining a life insurance policy is part of being an adult. But it’s also something that you can easily neglect, especially if you obtained it earlier in adulthood. While you may have been diligent in securing your life...

You want to retire comfortably when the time comes. You also want to help your child go to college. So how do you juggle the two? The truth is, saving for your retirement and your child's education at the same time can be a challenge....

As you get older and closer to retirement, your financial practices need to shift slightly as you transition from working and saving to relying on your nest egg. As you approach this stage of your life, you need to take steps to...

One of the longest-standing debates in investing is over the relative merits of active portfolio management versus passive management. With an actively managed portfolio, a manager tries to beat the performance of a given benchmark...

The combination of investments you choose is as important as the individual investments themselves. In fact, many experts argue that it's even more important, since the mix of various types of investments accounts for most of the ups...

Internal audits create a strong foundation for your company’s success Internal audits play a crucial role in the proper functioning and success of a business. They are an essential component of a company's risk management...

As a business owner, prudent financial management can help ensure your business remains healthy and stable. But what does good business financial management look like in practice? Here are four tips that may benefit business owners...

What does the term "financial freedom" mean to you? For some, it means freedom from a particular workplace or industry. For others, it means the opportunity for an early retirement or the ability to start a long-desired business....

As the U.S. population continues to age, the “sandwich generation” is caught in the middle, supporting both their parents and their children, whether financially, physically, or emotionally. This generation is the...

Current warning signs might point to a future downturn for the stock marketAs an investor, it's important to keep a close eye on the stock market indicators. Currently, the indicators are showing a concerning trend that investors...

Planning for your future requires the help of multiple professionals. Two professionals you may find yourself working with to figure out your future are a financial advisor and an insurance agent. Financial professionals may also...

When it comes to your retirement, there are three factors that you may want to take into account when planning for your retirement income needs.  First, the deductibility of Individual Retirement Account (IRA) contributions...

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little...

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've...

Thanks to the Affordable Care Act, your college student can remain on your health insurance plan until age 26. But there are other insurances you may want to consider for your college student while they're away from home. Whether an...

Whether you are an employee in corporate America or a small business owner, retirement is a part of life. For many, the thought of retiring and whether or not you are ready to take those first steps might be overwhelming or...

What is it?If you would like to work for yourself but would rather not start your own business, then purchasing a franchise might be a solution. Though far from simple, franchising permits you, the franchisee, to own a business with...

After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to withdrawing them. You may wonder whether there is any way to maintain your lifestyle and preserve your wealth to...

Those that choose to invest in the education of a family member, friend or acquaintance are investing not only in that individual’s future, but also the future of society. It is an act of generosity, forward-thinking, and love....

When you're a small business owner, you need to pay extra careful attention to both your business and personal finances. Your financial planning strategies should simultaneously encourage the success of your business while also working...

For small business owners, ensuring your investment is covered is critical to ensuring the survival of your business after you are gone. One of the ways in which small business owners do this is by applying for life insurance in the...

Planning for retirement is exciting, but it may come with a bit of stress. If you worked hard all your life, now might be the time to relax and enjoy the fruits of your labor. One of the things that you may need to consider is when it...

Myth: Social Security will provide most of the income you need in retirement.Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect.There's no doubt about it —...

As a group, physicians are among the highest-earning professionals out there—and this specialized and life-saving career comes with some specific financial needs. Because of this, physicians should seek out a financial...

The events of the past few days have many people asking questions about the health of thefinancial services companies they entrust with their money and investments. And to the extentthat you may have similar questions, we want to...

Now Might Be a Good Time for a Roth Conversion

Albert L. Lopez, CFP®

Wednesday, March 1, 2023

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a...

With healthcare costs continuing to rise, there are ways to help lower the cost of healthcare for yourself by becoming a wise consumer of healthcare. February is National Wise Health Care Consumer Month and a great time to empower...

Valentine's Day is one of the biggest holidays for romance and for lavishing gifts on that special someone in your life. While flowers and chocolates may be the most common gifts exchanged on that day, why not consider a gift that may...

The pending legislation for the proposed retirement reform, better known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, is expected to be passed into law by the end of 2022. In March of this year, the...

10 Tips to Develop Financial Wellness This Year

Albert L. Lopez, CFP®

Monday, February 6, 2023

Financial wellness is a state of being when one is in control of their finances, can cover expenses, and save for future goals. Consider financial wellness as your relationship with money; it can be either healthy or unhealthy....

Identity theft runs rampant during tax seasonHere’s what to know and how you can help protect yourself.Identity thieves often swipe your bank or credit card account numbers, birth date information or Social Security Number (SSN)...

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key...

Tax preparation tools and products continue to evolve even more quickly than the federal tax code itself. Which tax prep tools are worth the hype, and which may be passed over? Below we discuss five high-tech tools to help make tax...

Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Do you want to get on top of your finances this year? Are you looking for ways to...

Any small-business owner could attest that everyone needs a break sometimes. And the holiday season may provide an opportunity to take a few days (or longer) for yourself—whether traveling, spending time with the family, or...

Take an organized approach to holiday shopping and actually enjoy it If advertisements and commercials are beginning to feature scenes of happy families, clad in brightly colored sweaters, gathered by a fire, surrounded by an...

The past two years presented many small-business owners with unprecedented challenges. This year’s tax planning preparations include necessary measures for small-business owners to satisfy existing, new and modified tax laws that...

October is now behind us and it has delivered on its track record as a historically favorable month for stocks, offering some respite for investors as major equity indices rose for the month. The downside pressure on equities had...

Tax planning can be more advantageous when done during the year and well in advance of year’s end. Opportunities may exist for you to minimize tax liability, which could leave more income for you and/or your family...

The average U.S. income tax rate stands at just over 13%—and if you're like many taxpayers, you're always looking for new tips and tricks to help reduce this percentage.1There are a number of different tax planning moves you can...

First, we want to acknowledge the tremendous damage and displacement caused by Hurricane Ian. Our thoughts are with those impacted by this devastating storm.This has clearly been a challenging year for households. Stocks and bonds are...

With the cost of long-term care (LTC) increasing year over year, considering how the costs of long-term LTC will impact your financial plan is essential. According to insurance company Genworth, the price of LTC services increased...

The first step to improving your finances is to get organized.These top Amazon finds can help you create a monthly budget, plan your spending, and safely store your important insurance or personal documents for easy access when...

Long-term care insurance (LTCI) isn't for everyone. Not only is it expensive and sometimes hard to qualify for, but there's no guarantee you'll ever use the benefits. But if you decide not to buy LTCI, what are your alternatives?You...

 Understandably, many people put off planning for long-term care. But although it's hard to face the fact that health problems may someday result in a loss of independence, if you begin planning now, you'll have more options open...

Why did you purchase life insurance? If you're like most people who buy life insurance, you're looking to provide a source of income for someone (e.g., a spouse, parent, or child) after you die. Buying the policy was the first step....

How much life insurance do you need?Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're...

Your life insurance needs change as your life changes. When you are young, you may not have a need for life insurance. However, as you take on more responsibility and your family grows, your life insurance needs increase. Your needs...

 The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement....

As a small-business owner, you may be looking for the next big thing—an investment that might double your profits within the next year or allow you to maintain your income while working just a few hours a week. However, business...

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire.It sounds a little crazy, doesn't it? But that's what...

Last week was epic for market-watchers. A Federal Reserve (Fed) rate hike, a much-anticipated gross domestic product (GDP) report, and the busiest week of earnings season got most of the headlines. There was even a surprise out of...

 All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful. And asset allocation and diversification alone cannot guarantee a profit or...

If you own a business and want to diversify your assets by investing in stocks, today’s online brokerages make trading fairly easy. However, stock investing is risky, especially in a volatile market. Here are four key...

As the calendar has turned to July, investors would certainly like to forget the first six months of 2022. However, the Fourth of July Independence Day holiday does bring with it reason for celebration. Not only is it the 246th...

In today’s business climate, it may be more important than ever for companies to operate at maximum efficiency and with a keen awareness of the potential impact of changes in their industry and the economy. Using a SWOT analysis...

When you first launched your business, you probably handled most of the tasks associated with daily operations yourself, or with the help of a small group of employees. But as your company has grown and your needs have become more...

Talking about long-term-care (LTC) can be challenging, and it can be especially difficult to know where to start. How you choose to broach the conversation may depend on your loved one’s personality, age, health status, cognitive...

When it comes to long-term planning, the realist may have an edge. No one wants to think about the prospect of his or her own failing health, but considering it now, in the short run, can help you pursue a more comfortable and secure...

Adults caring for aging parents and children simultaneously have now become known as the "sandwich generation."  While each generation comes with its own array of financial challenges, the sandwich generation often feels...

A life insurance policy is part of financial planning. Life insurance is there to help ease the financial trauma that comes with the loss of a spouse, parent, or partner. As you encounter different events in your life, you may need to...

Economists and pundits predicted that the baby boomer generation's retirement would be dramatic, and the COVID pandemic sped things along. According to the St. Louis Fed, the number of retirees in the U.S. increased by 7% between...

6 Savvy Ways Small Businesses May Save Money This SummerWhether your business tends to slow down or speed up in the summer months, there are a few things small-business owners may consider to cut expenses as the temperature rises. Here...

A bear market is officially here thanks largely to stubbornly high inflation. For many of us, it has probably felt like a bear market for a while now, but the S&P 500 Index didn’t close more than 20% below its January 3 record...

Whether you dream of a travel-filled retirement or would prefer to relax and enjoy spending more time at home, you are probably wondering what you might consider to make your golden years as stress-free as possible. For those who...

When people plan for retirement, most think about the stock market, potential returns, and occasionally what their future retirement expenses might look like. And while it’s pretty easy to calculate future expenses for most...

There is a growing popularity among individuals to broaden their investment strategy beyond conventional allocations and investment styles. Some see sector investing as a way to seek new opportunities for enhanced portfolio performance...

Independent Wealth Consultants Welcomes LPL Financial Advisor Tom Greuner Edinburg, Texas February 21, 2013 – LPL Financial Advisor Tom Greuner has joined local financial services firm Independent Wealth Consultants. The addition...