Category Archives: FEE ONLY

Ever Wonder How Much You Pay in ALL Taxes?

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With all the talk of raising taxes and the wealthy paying their “fair share,” have you thought about how much you pay in taxes?  It is not just income taxes but real estate taxes, sales taxes, gas taxes, hotel taxes, excise taxes, governmental fees, and license plate tabs.

How can you figure it out?  The American Institute of Certified Public Accountants (“AICPA”) has a new program called the Total Tax Insights™ Calculator.  The AICPA is the governing body of the US accounting industry.

According to the AICPA, “The Total Tax Insights calculator was developed by the AICPA as a public service to give taxpayers a clearer picture of the types and number of taxes they pay throughout the year and the estimated amounts of each. By linking federal tax rules with the country’s abundant and varied state and local tax conventions—including more than 20 of the most widely applied taxes—this first-of-a-kind online tool fosters greater public understanding of taxes and provides key insights to enhance one’s financial well-being.”

Wow do the taxes add up…..you’ll be surprised when you see the total.  At least knowing where we are at now, will give you a framework to gauge all the rhetoric over the coming weeks and months.

Post Election – What Happens Now?

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It is the big question – what happens now?  Do we go over the fiscal cliff? What about the estate tax situation?  Interest rates?  What about the economy?

Vanguard put together an interesting analysis yesterday.  https://personal.vanguard.com/us/insights/article/election-11072012?link=topStories&linkLocation=Position1

Bottom line is nobody knows but it is fun to see what the experts predict.

Making the Most of an Initial (Usually Free) Meeting

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I just read a Wall Street Journal article by Aparna Narayanan titled “Meeting With a Financial Adviser?  Read This First.”

This article is a good outline of making the most of an first meeting.  However, to save you time you will want to weed out those advisors who clearly do not meet your needs.  To do this, you will need to clearly define what you are looking for in a planner.  A short list of some services to consider are as follows:

  1. Do you want comprehensive planning or only segmented help on one or two issues?
  2. Are you looking for an ongoing relationship or a just a few meetings?
  3. Do you want only financial planning advice or are you looking for investment management?
  4. Is tax planning important to you?
  5. Do you need an estate plan as part of the planning process?
  6. How much time are you willing to invest in your planning?

If you go into the process with a clear idea of what you want, you will save yourself tons of time.  Don’t be afraid to tell the planner what you are looking for on the front end even before scheduling an first meeting.  You can accomplish this by calling or emailing them with a list of your needs.  Even if they aren’t a fit, they may know of a planner that is perfect for you.