Pursuing financial wellness should be an important part of an overall wellness plan for any individual. And, like most things in life, including physical wellness and losing weight, setting a goal and developing a plan increases your odds of success, which is why it is important to approach your finances with a destination in mind. January is Financial Wellness Month and a great time for individuals and families to focus on their financial situation. Pursuing financial wellness should be an important part of an overall wellness plan for any individual. And, like most things in life, including physical wellness and losing weight, setting a goal and developing a plan increases your odds of success, which is why it is important to approach your finances with a destination in mind. January is Financial Wellness Month and a great time for individuals and families to focus on their financial situation. 
* It is recommended to delay filing your tax returns until after mid-March if you have a taxable account that normally receives a revised 1099—Composite so that you avoid having to file an amendment.This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your individualized tax issues with a qualified tax advisor.
Knowledge is power and financial wellness is available to those who learn about and implement financial planning. Increasing attention has been given to the concept of wellness in recent years, yet people focus on their financial wellness far less than their physical and emotional wellness. Having a financial plan in place can help you work toward reaching goals and prepare for your future in the long term; however, a financial plan can also provide more immediate benefits to your overall wellness by helping to reduce the stress, worry, and uncertainty that comes without a solid plan for pursuing your goals. To all of our clients, thank you for trusting us to be your financial wellness partner. We wish you not just financial wellness, but wellness in all aspects of your life, throughout the year.
While 2022 was a tumultuous year characterized by market volatility, prolonged inflation, and rising interest rates, we continue to work everyday with your best interests in mind. As always, we are committed to ensuring your financial plan is on target to address your goals in the long term.As 2023 gets underway, we are reminded of Benjamin Franklin’s famous quote, “Nothing is certain except death and taxes.” Rather than focus on the uncertainty that persists in the capital markets, let’s focus on those things we know for certain, with the goal of helping you prepare for tax season.Filing your taxes as soon as possible has benefits, including a faster refund and lower risk of identity theft; however, you’ll need important tax documents, which are summarized below, before you can file. Our team is here to help answer any questions you may have about taxes owed on investment accounts and to refer you to a CPA if you want to work with a tax professional. Here are other important things to keep in mind prior to filing your taxes:- The 2022 tax year does not end on December 31st when it comes to making contributions to Traditional or Roth IRAs. You have until April 15th to make tax deductible contributions, which might help lower your tax bill.
- Consider maximizing contributions so that you’re saving as much as possible for retirement. For those eligible, catch up contributions are also a good way to put more money aside for retirement.
- Filing taxes can be complicated and a CPA can help make sure you maximize your tax deductions and credits. Additionally, a tax professional can help ensure accuracy and that nothing is overlooked.
- Your IRS and State 2022 Tax Return(s) are due by April 18, 2023. If you miss this deadline, you have until October 16, 2023 to file your taxes, but make sure to file a Tax Extension by April 18, 2023 if you owe taxes.
* It is recommended to delay filing your tax returns until after mid-March if you have a taxable account that normally receives a revised 1099—Composite so that you avoid having to file an amendment.This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your individualized tax issues with a qualified tax advisor.Recommended Reads
Here’s a selection of books that are not only fascinating reads, but have worthwhile lessons for life that can also be applied to your finances.- The Power of Regret Everybody has regrets, Daniel H. Pink explains in The Power of Regret. They’re a universal and healthy part of being human. And understanding how regret works can help us make smarter decisions, perform better at work and school, and bring greater meaning to our lives. —By Daniel H. Pink
- Fixed Demonstrating a powerful paradigm shift for finding solutions, Herman teaches us to see things differently, using art to challenge our default thinking and open up possibilities otherwise overlooked. Her unexpected, insightful, and often delightful methodology is sought after by leaders and professionals for whom failure is catastrophic. —By Amy E. Herman
- Malaysia If you’d prefer Asia over Europe or Central America, consider Malaysia. It offers tax breaks, too, via its “Malaysia My Second Home” visa. The visa offers 10 years of multiple entries and is renewable. It does require you to deposit a certain sum (recently around $36,000) into a bank in Malaysia or prove you have a certain minimum monthly income (recently around $2,500) from a government pension such as Social Security. —By James Clear
- The Myth of Normal Gabor Maté eloquently dissects how in Western countries that pride themselves on their healthcare systems, chronic illness and general ill health are on the rise. Nearly 70 percent of Americans are on at least one prescription drug; more than half take two. In Europe, hypertension is diagnosed in more than 30 percent of the population. And everywhere, adolescent mental illness is on the rise. So what is really “normal” when it comes to health? —By Gabor Maté with Daniel Maté
