2023 has been defined by one term: uncertainty. As we continued to face high inflation and rate hikes, we added a host of new questions, will the regional bank crisis expand, what’s happening with the debt ceiling, and will we have a recession? Despite an overall strong year for investment markets, these questions persisted, and it left many of us unsure of how to deal with the uncertainty.
As 2023 comes to a close, we're looking back at the top 10 articles of the year from Wealth Enhancement Group, chosen by our readers. Browse our Best of 2023 articles below to revisit your personal favorites or discover something you may have missed.
Uncovering 7 Secrets Tax Preparers Don't Want You to Know
Originally published 2/16/2023
With tax time fast approaching, you’ll soon be wrangling W2s, rounding up receipts, and digging into all the documents you collected and filed away over the last year. It can be a lot to keep track of, so it's no wonder many Americans hire someone to take it off their plate. However, the cruel joke is that if you offload your tax-filing responsibilities to someone else, that leaves you vulnerable to a whole new host of potential problems. If you have a "tax guy," or if you hire a person or outfit to file your taxes on your behalf, there are some things you need to be aware of to ensure you get the best outcome for your situation and that everything is above board. Click the link below to read seven things your tax preparer may not want you to know.
New Retirement Strategies: Unpacking The SECURE Act 2.0
Originally published 1/11/2023
On December 29, 2022, President Biden signed the $1.7 trillion, 4,000+ page 2023 omnibus bill into law, which included the 350-page retirement-focused Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0. The new SECURE 2.0 makes multiple changes to individual and employer-sponsored retirement accounts to increase savings opportunities, expand Roth accounts, broaden annuity use in retirement plans, and create administrative consistency and simplicity. Here’s what you need to know about the new legislation and how the new provisions may impact your retirement plan.
A Financial Guide for a Surviving Spouse
Originally published 7/6/2023
When it comes to end-of-life preparation, taking the initiative is key. After you pass away, your spouse will undoubtedly be overwhelmed with emotions. Even the most mundane tasks, like running errands and staying active, may be challenging for them to keep up with. In this state, managing new financial obligations could feel nearly impossible. However, with some advanced planning, you can give your spouse a solid foundation for assuming control of your finances after you’re gone. This proactivity will help them transition into the next chapter of their financial life when the time comes. It will also give them invaluable peace of mind, knowing that plans have been made for this inevitably difficult period. Click the link below to get started.
How Investors Are Protected During Banking Industry Volatility
Originally published 3/17/2023
When it comes to your finances, few things—if any—are more important than security. Whether it’s your nest egg, your legacy, or simply the funds in your checking account, you want to make sure that it’s protected against anything out of your control. The financial world, like most things, is never completely safe or secure. Entering it means accepting that there’s always at least some risk involved. There’s always the chance that a number of outside factors could converge to threaten the wealth you built. And it’s possible that, under the right (or wrong) circumstances, banks or other financial institutions can fall victim to these threats. Click to learn more about how banks can fail and what protections are in place to keep investors safe.
Year-End Tax Planning Strategies for Financial Success
Originally published 10/10/2023
With another year coming to a close, it’s time to start integrating tax-smart strategies into your financial plan for the upcoming tax season. Strategic tax planning can help you reduce your tax liability, maximize your savings, and enhance financial success into 2024 and beyond. In this guide to year-end tax planning, we set out three tax optimization strategies to consider based on whether your income was higher or lower than expected this year. These tax planning tips provide a solid starting point for upgrading your overall tax strategy before December 31. Click the link below to learn what steps you can take to save money on your tax bill this year.
Inflation & Investments: How Investors Can Win During High Inflation
Originally published 5/22/2023
Inflation can cause havoc in the economy and decrease purchasing power over time. It's essential to understand inflation to protect your wealth and achieve your financial goals. Inflation can lead to higher prices for goods and services in the short term, affecting consumer behavior and the overall economy. As an investor, the more you understand inflation, the more options you will have to protect your wealth and meet your financial goals.
What Should I do With Extra Cash?
Originally published 5/25/2023
Sometimes, it might feel like you're just scraping by financially. But every once in a while, you may receive a windfall of cash. Whether from your tax refund, a work bonus, an inheritance, or just accrued over time, smart financial consideration and a little planning can help you figure out how to put that cash to work. Unsurprisingly, there are a lot of different things you can do with your extra cash. Initially, you may be tempted to spend it all on impulse purchases—but if you're reading this, you're on track to making a smart move. Click the link below to find out smart financial moves you can make with extra cash.
Get Ready for Your Tax Appointment: A Preparation Guide
Originally published 2/14/2023
Filing taxes isn’t the highlight of most people’s year. It can feel overwhelming and potentially get quite expensive if you go in without a game plan. Your financial plan helps keep your personal finances in order, and following a similar approach will make filing your taxes much more manageable. Click the link below for a brief guide to help you prepare for your tax preparer.
The Benefits of Family Financial Planning for Parents and Adult Children
Originally published 7/19/2023
As the baby boomer population continues to settle into their retirement years, they’re taking most of the right steps in securing their financial future. However, the vast majority are missing an essential piece of the puzzle—they’re not including their adult children in the discussion. It’s a serious mistake that can significantly affect parents and children alike in the long run. So, while you may have some pre-conceived ideas on the subject, click the link below to find out why collaboration is essential when planning your financial journey.
Tax Advantages of Different Types of Trusts
Originally published 5/9/2023
If you've been estate planning, you've probably come across the idea of setting up a trust. Trusts are flexible and diverse legal entities that you can use to achieve various estate planning goals, including reducing your estate tax burden. A critical—and often overlooked—consideration when selecting a trust for a particular purpose is the trust's tax treatment. Tax planning is one of the most critical aspects of financial planning, and this can be especially true when it comes to trusts. Each type of trust offers different tax advantages and potential drawbacks, and the tax implications of each trust class vary. Depending on your unique financial situation and specific goals, different types of trusts may be more or less appropriate.