Secure Act 2.0 Summary. The late December passage of the Secure Act 2.0 means that a lot of us missed it. Those of us paying attention are scratching our heads wondering--what does it mean for me? John Scherer CFP(R) and Bridget Sullivan Mermel CFP(R) CPA summarize the 4 key provisions that are in effect for 2023. At the end of the episode they cover the provisions that you've got time to find more about because they go into effect in 2024 or 2025. Join us to find out th

Financial Resolutions for 2023. Both John Scherer and Bridget Sullivan Mermel are making them! And we're revealing them in this video. First, we discuss the first resolution that John recommends--the grandparent to all the other resolutions--resolve to spend some time on your long term finances in 2023. That means setting aside a specific amount of time each month or quarter to tackle some of the financial tasks that aren't that fun, but sure feel good when they're done.

Year End Bear Market Tax Moves--The stock market has been down this year, and we're approaching year end. It's a great time to take a look at your portfolio and make the best out of a situation that you might not like that much--your portfolio being down. We talk through the best ways to make the best out of the situation--through your taxes. We discuss how to two tax strategies that can help you make the best a bear market. #acpmemberwisdom #financialplanning #tax 00:

Smart Charitable Giving is relevant during this time of year. In this video, we talk about how to give money and save on taxes. Give more money in donations and pay less in tax; we love this formula. Be smart about your charity. If you're smart about charitable giving, you'll think before you give gifts of cash. We've got three tips that you should be aware of before you make any gifts of cash to charities. The tax savings could be huge. By the end of this episode, you

Understanding QCDs, or Qualified Charitable Contributions can save you big on your taxes. As a practical matter, there are important reasons to do QCDs before December. Many people know that at a certain age, the law requires you to take RMDs, or Required Minimum Distributions out pre-tax accounts. But did you know there are ways to take Required Minimum Distributions, or RMDs, and pay no tax at all? It sounds to be too good to be true, but the IRS explicitly approves

John bought a boat! How do financial planners think through (rationalize?) if they or clients can afford a boat or other splurge? We discuss the happiness factors, the social factors, as well as the financial factors that play into boats, big trips, and fill in the blank--whatever you like to splurge on! John talks about his experience with his twenty year old boat. He lives near a lake, owns a cottage, has kids who are just the right age. He says he knows what he's getting

The most common tax mistake people make is happening right now. Not doing tax planning. Or thinking that because they had their tax return done for 2021, there's nothing more to do. The biggest way to save money in taxes is through great tax planning. We'll talk about what that means so that you avoid common items that people overlook and legally pay less in taxes. We talk about how to do tax planning now. We cover: What to look for in different stages of your life.

Figuring out how to pick investments for your 401K can be confusing. We tell you how we chose mutual funds in our own 401ks, what our thinking is behind how we do it, and give you suggestions on how to make it easy on yourself. When looking at the list of mutual funds: Look for index funds. If you're investing yourself, target date funds can be attractive. In general, you want a well diversified portfolio with low expense ratios. If you're older and have other i

If you're thinking about loaning money to a friend or family member, there are many things to keep in mind. Or, if you're thinking of borrowing money from a friend or family member, you want to make sure you're doing it effectively. You can protect yourself and your friendship or relationship while helping each other out and saving money. Bridget Sullivan Mermel CFP(R) CPA and John Scherer CFP(R) talk through their (at least 4) tips for how to loan money to friends and fa

There's a lot speculation that taxes are going up in the future. People wonder--what should I do? Fear is the underpinning of a lot of tax speculation. People don't like to pay for things they don't control. Our country was founded by people who didn't want to pay taxes. People fear that because of taxes, they'll run out of money. Or they fear the government will waste their hard earned tax dollars. We challenge the accepted thinking on the topic--that rates are goin

If you want to make more in donations and pay less in tax, picking the right way to give to charity is crucial. In this video, we'll explain the four different ways most people can make donations and save on tax. Because of a recent tax law change, many people no longer "itemize" their taxes. When you itemize, you can deduct all of your donations. "Itemizing," for most people means that they have mortgage interest, state & property taxes and gifts to charity that combin

Confused about which employee benefits are right for you during open enrollment? You're not alone. This video helps you be smart and avoid mistakes when picking your benefits. John Scherer is away hunting in Wisconsin this week, so we're joined by Matthew Barnard, CFP(R). We start with talking through health insurance. Matthew suggests that you start by thinking about your major medical conditions that might require special coverage. Next, we consider—do you have Cadillac

Series I Bonds savings bonds are currently paying more interest than other safe investments. That means a lot of people are paying attention. In this, our third episode about I Bonds, we talk with Linda Stratton CFP(R) about how to give I Bonds as gifts, and talk about I Bonds versus 529 college savings plans, and the real life pros and cons of I Bonds. Bridget Sullivan Mermel CFP(R) CPA and John Scherer CFP(R) go beyond what the Treasury Direct site says—what do people wh

Buying I bonds can be a smart way to keep up with inflation and earn more interest. But who should buy I Bonds? How do you actually go about getting them? These are questions we'll talk about with our special guest, Linda Stratton, CFP(R). Linda first bought I Bonds in 2005 and she's recommended them to clients, too. She joins Bridget Sullivan CFP(R) CPA and John Scherer CFP(R) in talking about who I bonds work for and how to actually go about buying them. First, Linda expl

Bridget got a question this week--what are the pros and cons of renting out your vacation home? John is a CFP® who owns a vacation home. He shares his experience on the pros and cons in this episode. We talk through if the tax benefits are what you might think (probably not) but what the benefits might be. Do you feel gratified because you may be helping other people create memories? Or are you going to get so annoyed that you leave a nastygram to all future renters when som

Many people feel that taxes are unfair. ProPublica recently reported how billionaires legally pay low taxes. We talk through—is there anything here you can use to help you save on taxes? Here are some angles that billionaires are using and you can, too: 1. Keep salaries low. Pay yourself with stock options or in other ways. Billionaire W-2s don’t say $1,000,000,000. ProPublica reports that one says $80,000. They pay themselves with stock options. That’s a strategy you m

You got your tax form back from your tax preparer or printed it out from Turbo Tax. Now what? That’s we cover in this episode. You will learn: Our number one tip for how to save money after your taxes are done. Specific items that you should look for on your return. Why you should anyway. Why you might not want to look at your return. What to do if something doesn’t seem right. TRANSCRIPT What to Look for on Tax Return Bridget: Don't pay more in taxes than you're legally ob

Bridget Sullivan Mermel CFP® CPA and John Scherer CFP® talk about when hiring help doing your tax return helps save you money and avoid an IRS disaster. This video should help you reduce the probability that you’re leaving money on the table by not taking every tax deduction available to you. It can be difficult to figure out—are your finances complex enough so you need tax help? Should a tax preparer be able to help you save taxes so that you come out ahead? What about

Bridget Sullivan Mermel, CPF(R), CPA and John Scherer CFP(R) talk about how you can get more money with the stimulus money that passed recently. They cover the $600 stimulus checks, re-opening of PPP, or the Payroll Protection Plan, the new, 2021 version of PPP, and the new tax provisions for 2021. They specifically cover: How much to expect in stimulus checks Who is eligible for the new PPP loans The extension of unemployment benefits New tax provisions including extensi

Bridget Sullivan Mermel CFP(R), CPA and John Scherer CFP(R) discuss taking Qualified Charitable Distributions (QCD)s from IRAs. This is a technique that they are both using more in their practices to help people save money on taxes while giving money to charities. Tune in to understand how retirees can save money while making their Required Minimum Distributions. At Sullivan Mermel, Inc., we are fee-only financial planners located in Chicago, Illinois serving clients in Chi