Category: Financial Planning

In the digital age, the term “artificial intelligence” (AI) has transcended science fiction to become a driving force behind technological advancements. As AI rapidly reshapes society, its potential for investors has become increasingly evident. This blog post delves into the realm of investing in AI, exploring the reasons behind its exponential growth, potential risks, and strategies for maximizing returns. The AI Revolution: Unprecedented Growth and Innovation Artificial intelligence, in simple terms, refers to the simulation of human intelligence processes by… Read more ›

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act of 2022, allocated $80 billion to the IRS, most of it designated for enforcement activities. However, the Fiscal Responsibility Act, enacted in May 2023, will claw back $21.39 billion of that amount by the end… Read more ›

Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress have stepped forward with proposals that aim to tackle the problem. The Impending Shortfall Social Security currently provides benefits to more than 66 million recipients. The Congressional… Read more ›

Are you retiring soon? Unsure of if you will have enough money to get by? Social Security is supposed to give you financial support when you are no longer earning an income of your own but its process can be confusing. If you’ve already started your benefits or found you have made a mistake, these solutions may help. Taxes and the age you start collecting Social Security benefits can all change how much you get from the government each month…. Read more ›

This blog discusses content from CBM’s Maximizing Social Security Benefits and Avoiding Mistakes webinar. To watch the webinar click here. Previous webinars can be found here. Like the content? Get alerts about future webinars here. Anyone who gets a paycheck knows that Social Security exists, by the little tax line. But do you know how it works? An important part of financial planning is knowing where your money is going and what you will get in return. This post discusses… Read more ›

This article appears in a longer, more detailed white paper with exclusive content focused on building a strong financial foundation for early career stage professionals. Download the white paper here. Manage Your Debt Not all debt is bad debt, especially if you have a low interest rate that’s helping you finance an asset and thus increasing your net worth. A mortgage is an example of what is typically considered a good debt. Student Debt If you have student debt, it’s… Read more ›

Debtors typically experience a feeling of relief when a creditor agrees to provide debt forgiveness. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called “cancellation of debt” (COD) income. Read on to learn the tax rules for COD income and how they might affect your tax situation. General Rule of Debt Forgiveness Taxes The IRS considers your debt canceled if it’s forgiven or discharged for less than the full amount you owe…. Read more ›

After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required minimum distribution (RMD) rules and other retirement plan provisions. Here are five major taxpayer friendly changes that will kick in over the next few years. 1. Increased Starting Age for RMDs Traditional IRAs, individual retirement annuities, and accounts in… Read more ›

Debora E. May, senior advisor at Councilor, Buchanan & Mitchell (CBM) and co-founder of May Barnhard Investments (MBI), the firm’s financial advisory subsidiary, was named to the Top Financial Advisors Hall of Fame by Washingtonian Magazine. The hall of fame, whose members were published in the February issue, includes advisors recognized by peers multiple times over the years since Washingtonian began publishing its top financial advisors list in 2009. May co-founded MBI to provide comprehensive financial planning, tax planning and… Read more ›

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering Retirement Savings (SECURE 2.0) The original SECURE Act, enacted in 2019, was a significant bipartisan law related to retirement savings. In the spring of 2022, with an… Read more ›