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Posted on July 29, 2024 by Dan Pascone
4 Financial Factors to Consider Beyond Salary
As a financial planner, evaluating job offers for high earners has evolved into an art form that goes beyond calculating the base salary. While the appeal of perks like free lunches, gym memberships, and in-office catering options is undeniable, these surface-level attractions are often used to distract from an otherwise lackluster package; they’re the cherries […]
Posted on July 23, 2024 by Dan Pascone
Maximizing Employer-Sponsored Retirement Plan Contributions
With benefits like immediate tax relief today and employer matches, employer-sponsored retirement plans, like 401(k)s, can be a relatively passive method of saving to a comfortable, secure retirement. However, genuinely harnessing their power requires understanding their history nuances and how to leverage them among your other tax-advantaged accounts. A Brief History of Employer-Sponsored Retirement Accounts […]
Posted on July 16, 2024 by Dan Pascone
Rolling Over Your 401(k): Best Practices for Managing Retirement Accounts
Managing your 401(k) might seem like a small fish in a big sea of decisions while considering job changes, but it’s actually a whale of a task. A 401(k) rollover involves transferring funds from your current 401(k) plan to a new 401(k) plan or an IRA. The IRS allows you sixty days from the date […]
Posted on July 11, 2024 by Dan Pascone
Upgrade Your Pay: How to Get the Best Compensation Package
Whether you just landed a new job or wonder whether the grass is greener elsewhere, your compensation package can be an excellent compass for making the best decision. Compensation packages can be very straightforward and a collection of financial and lifestyle perks to sweeten the deal, and in rare occasions, a golden ticket to multigenerational […]
Posted on July 2, 2024 by Dan Pascone
Tax Tips for Cash Bonuses, RSUs, and Stock Options
Companies typically offer various types of bonuses, such as cash bonuses, stock options, and Restricted Stock Units (RSUs), and each comes with unique considerations. These bonuses, typically awarded annually, quarterly, or even as performance-based incentives, are a welcome windfall, but the tax implications can be an unanticipated cold plunge. Let’s break down the key points […]
Posted on June 25, 2024 by Dan Pascone
The High Earner’s Guide to State and Local Taxes (SALT) & Deductions
Whether you’re on the brink of accepting an enticing job offer in a new state or are considering a move for a financial change of scenery, it’s crucial to analyze how State and Local Taxes (SALT) will impact your financial outlook. High SALT areas like New York and California may offer unparalleled professional opportunities, cultural […]
Posted on June 18, 2024 by Dan Pascone
Life Insurance Retirement Plans: Turning LIRPs into Powerful Retirement Tools
Let’s face it: when most people think of either life insurance or retirement planning, “exciting” isn’t the first word that comes to mind. But when those terms are combined into a “Life Insurance Retirement Plan,” the mundane concept turns into a crafty strategy that could give you access to sizable loans you might not even […]
Posted on June 11, 2024 by Dan Pascone
A Comprehensive Guide to NIIT for High-Income Investors
The Net Investment Income Tax (NIIT) almost always tends to catch high earners by surprise– sometimes, it feels like new tax rules and stipulations (like the AMT) are flying out of the woodwork at every turn. Call it what you want, the NIIT, an additional 3.8% tax on certain types of investment income for individuals […]
Posted on June 3, 2024 by Dan Pascone
Your Guide to Different Retirement Accounts: Achieving Tax Diversification
For many, retirement planning is the financial equivalent of how toddlers view eating their vegetables. You know it’s good for you, but it’s not exactly what you’d call a thrilling activity– unless, of course, you’re a financial planner. Our enthusiasm for retirement planning is baked into our personal definitions of retirement. Do we view retirement […]
Posted on May 28, 2024 by Dan Pascone
The High Earner’s Playbook to Donor-Advised Funds
Donor-Advised Funds (DAFs) are a key tool for charitable giving for high-earners because they offer a unique blend of immediate tax benefits and strategic flexibility for sustained philanthropic efforts. By making an irrevocable contribution to a fund managed by a charitable entity, donors can claim a tax deduction in the year the contribution is made […]