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Wealth Planning

2021 Year End Deadlines

The year is drawing to a close in a flash and this is the time to address important year end deadlines. Following are key things you should be in communication with your advisor about now. Custodians are busier than normal years and we expect delays that haven’t been experienced in the past.  If you haven’t squared away with your SYM team already, we advise making it a priority. 529s Planning to make a contribution to

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Taxes 101

The Difference between Marginal and Effective Tax Rate Do you know the difference between marginal and effective tax rates? This was a topic that didn’t get a lot of attention until 2007, when billionaire Warren Buffett expressed his frustration with the fact that he pays a lower tax rate than his secretary. Buffett learned this after he conducted a survey of his employees and discovered they were paying an average of 32.9% — compared to his

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2022 IRS limits announced

The IRS recently announced 2022 limits affecting retirement plans and other qualified savings vehicles. Most notable, the year 2022 will see a change to the deferral limit but no change to the catch-up limit. Please refer to the table below for other adjustments. 401(k) Related Limits 2022 2021 401(k) Elective Deferrals $20,500 $19,500 401(k) Catch-up Contribution $6,500 $6,500 415 Annual Additions Limit $61,000 $58,000 Annual Compensation Limit $305,000 $290,000 Social Security Taxable Wage Base $147,000

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Tax Law Changes: What You Need to Know Today

What’s the one thing that is trickier than tax law? That’s right. Tax law changes! Especially those that happen in the final quarter of the year, giving both tax preparers and tax planners sleepless nights pouring over the fine print and strategizing for their clients. This year may prove to be no exception, as the “American Families Plan” tax proposal is moving through the legislative process. At the time of this writing, the proposal is

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Prioritizing Various Accounts for Maximum Tax Savings

This video walks through the Hierarchal Pyramid of Savings. Through a clear visual, CFP® and SYM Financial Advisor Amanda Legler walks you through the level of savings to prioritize. It answers questions about what to save, where to save, and what types of accounts to consider in an effort to point toward financial success.

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Advisor As Fiduciary

Which is the correct spelling: Advisor or Adviser?  As it turns out, the Securities and Exchange Commission (SEC) doesn’t care as long as the “advisor” doesn’t spell it b-r-o-k-e-r. Regulation Best Interest restricts the use of the word Advisor The SEC issued a ruling known as Regulation Best Interest to reduce investors’ confusion. The regulation restricts the use of the term “advisor,” regardless of its spelling, to companies who operate as Registered Investment Advisors (RIAs).

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