Ryan Kilpatrick

Great time at Lodi Pizza in NJ catching up with Luiggi Ordonez from Ordonez Tax & Accounting. We were talking about how important it is for small business owners to keep their financials in order. I wanted to share the three main things we spoke about today…. 1. Financial Clarity and Decision Making: Accurate bookkeeping provides a clear picture of your financial health, enabling informed decision-making. Understanding your cash flow, expenses, and profits helps in planning and managing resources effectively. 2. Tax Compliance: Proper bookkeeping ensures that all financial records are accurate and up-to-date, making it easier to file taxes accurately and on time. It also helps in claiming all eligible deductions and avoiding penalties from tax authorities. 3. Business Growth and Funding: Organized financial records are essential when seeking loans or attracting investors. Lenders and investors need to see a detailed and accurate financial history to assess the viability and profitability of your business. Comment below “Lodi” below if you’ve ever eaten here before, this place was awesome!!!

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Check out our recent article on Integrated Business Transition Planning in the Worcester Business Journal!

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Tax Free Retirement Are you relying solely on your employer's 401k or IRA for your retirement savings? It's time to reconsider your strategy. These government-designed plans, while popular, often work against your financial goals. There is a better and more efficient way to save and invest for your future: Indexed Universal Life (IUL) Insurance... Check out the Blog Post: https://lnkd.in/g9VwTra4

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Check out my blog post https://wix.to/u2TAGR0 #newblogpost Tax Free Retirement Using Indexed Universal Life Insurance is the New Standard for Your Personal Retirement Are you relying solely on your employer's 401k or IRA for your retirement savings? It's time to reconsider your strategy. These government-designed plans, while popular, often work against your financial goals. There is a better and more efficient way to save and invest for your future: Indexed Universal Life (IUL) Insurance...

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I recently attended the Financial Planning Association of New Jersey Spring Conference last week with Keynote speaker Jeffrey Levine. Some of the sessions covered: - Tax planning for Financial advisors, including Top 10 common IRA mistakes - Artificial Intelligence in Finance - Client communication - Estate planning for multinational clients - And more. The event was great for networking with peers, building relationships, and gaining knowledge on relevant topics that can make us better financial planning practitioners P.S. Shout out to Jeffrey Levine for attending with a broken thumb and all. I even got a selfie with him and the thumb! #financialplanning #taxplanning #IRAs #FPA

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🚨 I have a confession to make... I've done my own taxes for years because I can. 💰 So, imagine my surprise when I got a bill from NCDOR a few days ago for an amount equaling my Q4 estimated state income tax payment plus penalties and interest. 😱 "There must be some mistake," I immediately thought. "I know I paid my Federal and State taxes at the same time like I always do." 🗣 🗣 🗣 *Narrator* "It wasn't a mistake" Dear reader, the honest truth is that I probably got sidetracked and just forgot to send in the payment. Thankfully, this can be easily fixed and isn't a big deal, but it does point to something meaningful. 🧠 Sometimes, even professionals should hire a professional. 🧠 💡 Even though you might know what you're doing and are perfectly capable of doing *the thing* it's OKAY to hire someone else to do it.💡 Ensuring the BIG THINGS are handled correctly and on time is essential. It's okay to be busy, we all are, but we also know that if these essential things aren't handled, BAD THINGS WILL HAPPEN... And it's better to spend a little to know it gets done right than to spend more later fixing a mistake that could have been easily avoided. As the saying goes, "Don't step over dollars to pick up dimes." So, what's something you do on your own that could be outsourced to a professional? Comment below.

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Considering changing your residency to Florida to avoid high state taxes? You're not alone! Many of my clients have experienced the headache in this process. "The tax audit from NY is like the tax version of a colonoscopy." If you're looking for advice, I'm happy to refer you to CPAs with tremendous experience. Check out the article to learn more about how the wealthy are navigating state tax laws. #taxes #wealthmanagement #NewYork #California #Florida #residency

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As aerospace and engineering executives at companies like Pratt & Whitney, Collins Aerospace, Otis, Carrier, Lockheed Martin, and RTX, you understand complexity, but when it comes to retirement planning, simplicity is key. At AdviceOne, we've streamlined the process by focusing on essential variables and avoiding overcomplication. Let's simplify your retirement strategy together. #retirement #aerospace #engineering

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Tax-Exempt VRDN Market Weekly Wrap Dealers are heading into the weekend carrying a little over $4 billion in unsold inventory which is definitely on the heavy side. The majority of that paper ($2.9 billion) is in weekly mode and rates can't be adjusted until next week. That won't be an issue for the second half of the week because on Thursday we should see August reinvestment cash begin to hit the market. Daily rates have now risen for 8 straight days and this morning we saw dealers moving up into the 3.95% to 4.25% range on general market paper. That is an increase of +115 bps just this week and +235 bps since the lows for the month on July 9th. (From a 1.65% to a 4.0%). On Monday dealers will open up with slightly over $1 billion in inventory so I think we see daily rates remain elevated for the next few days as that is the only product they can adjust pricing on. We have the "normal" month end yield curve inversion with daily rates at a 4% to 4.25% (depending on the dealer), weekly SIFMA at a 3.61% and one year MIG1 notes at a 3.26%. Next Wednesday we have the Fed meeting with current odds of 5% we see a 25 bps cut and 95% no change to the current target range of 5.25% to 5.50%. The September meeting is starting to look really interesting as the odds for a 50 bps cut sit at 12% and a 25 cut at 88%. Have a nice weekend. As always if you find this information useful please like and share. #vrdb #vrdo #vrdn #municipalbonds #sifma #moneymarkets NOTE: THESE ARE JUST MY OBSERVATIONS OF THE MARKET AND ARE NOT FINANCIAL ADVICE. I AM CURRENTLY NOT REGISTERED WITH ANY SECURITIES DEALER OR INVESTMENT ADVISER.

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Richard Hartman Ensuring you're retirement-ready is essential for your financial wellbeing, but being in charge of planning your retirement and managing financial risks is usually challenging for everyone, some more than the others. In the case of 401k, there are a few free tools/apps out there now that can help individuals, regardless of their age, with making informed decisions about which funds to put their 401k dollars in. Plootus (www.plootus.com) is one such app that can help maximise returns based on your life-stage and goals!

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It's fascinating to learn that Ted Benna, the "father of the 401(k)" never intended all of those fees to be buried inside the employee investment plan. I'm sure he didn't, and the financial firms that created these plans for employers had other ideas. They figured out ways to make money when the market goes up or goes down; no matter what they still get paid. There have been other reports that if fees go unchecked that they can erode about 66% of your future growth. Typical fees include a management fee and fees hidden inside of mutual funds. You might say that 1-2% of fees doesn't hurt when you're averaging 7% but that could end up being over $200,000 in fees over 30-year period. When was the last time you spent $200k and didn't know where it went? Just to put $200k into context, there are places you could place that money at age 65 and earn over $14,000 per year for the rest of your life. Employer matched 401(k)s along with other retirement plans are only part of a great strategy. It's worth understanding all of your options and look for investment and savings in tax-advantaged vehicles for when you need the money in retirement. There are also products that protect people's money when the market has a downturn but also allows for gains to be credited when the market performs. It's important to talk with a professional that understands different options based on your financial situation and financial goals; super critical because it's not a one-size fits all solution.

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Recession Warning Signs Flashing: Insights from Fed President Austan Goolsbee Chicago Fed President Austan Goolsbee is raising the alarm on some serious recession indicators. 🚨 Small business defaults are up, credit card delinquencies are rising, and even the unemployment rate is inching higher. Goolsbee emphasizes the need to avoid prolonged tight monetary policies, especially when the economy isn’t overheating. With interest rates held at a 23-year high and a potential rate cut on the horizon, the full impact of the Fed’s rate hikes may not have been fully realized yet. It’s time to pay attention to these warning signs and consider what they mean for the future of our economy. Russell McDonald | NMLS 290837 | Broker CA DRE 01150730 Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628 Real Estate Broker - CA Dept of Real Estate #Recession #Economy #FedUpdate #Finance #MarketTrends #EconomicOutlook

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Headline: “IRS Waives Penalties On Inherited IRAs Again” So what does this mean? It means you don’t have to take an RMD….but should you? …Depends on the size of the account, cash needs, and the tax bracket of your client. You need to weigh the benefits of deferred growth with potentially bigger distributions if the IRS decides the money needs to be taken out equally in future years. They are not changing the 10-year rule at this point…so the longer you wait, the more (potential) taxable income clients will need to withdrawal. Here is an example: 👉 Client has a $2M inherited IRA and 8 more years to distribute. 👉 If I split that into equal parts (assuming some growth), then I probably need to take $300K/year in distributions. 👉 But wait! He makes $800K/year and is already in the top tax bracket and has no cash needs. 👉 So…I am waiting as long as possible and enjoying the tax deferred growth while we wait. Another example: 👉 The client has a sister that inherited the other half of the IRA. 👉 She needs to take the money and makes $200K/year, so she has a fairly low tax bracket 👉 If we take $300K/year, we will keep her under the highest tax bracket and we can reinvest the funds. So, it makes sense to take it annually and not pay a larger tax later. If you are interested in learning more, this Financial Advisor Magazine article is very helpful: https://lnkd.in/g2-fxp37

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Did you know that our Tax Management Services are complimentary, personalized and may boost your after-tax return? Learn how this tax-smart solution that efficiently manages your capital gains can make a noticeable difference in your investment outcomes. https://lnkd.in/ePKBuxrZ ​

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