Get the Most Out of Your Donations

In the past, you may have itemized your charitable donations to gain tax benefits. However, with the recent Tax Cuts and Jobs Act passed, the standard deduction is significantly higher ($12,000 for individuals and $24,000 for couples who file jointly) and it may not be worth the effort of itemizing. Your new higher standard deduction will lower your taxes even more than declaring itemized deductions.

Soundmark Wealth Advisor, James Nevers, suggests an alternative strategy to gain benefits from your charitable contributions in the SELF magazine financial planning guide, What Financial Planners Want You to Know Before You Donate to Charity.

For more questions on how to maximize your tax benefits, contact us. We are here to help you develop a plan and implement the strategies best suited for you and your family’s goals.

 

About Soundmark Wealth Advisor, James Nevers

James Nevers , CFP® is an Advisor at Soundmark Wealth Management, LLC. James works closely with physicians, business owners, Directors and Executives at Amazon, Microsoft, and Boeing, and other successful and accomplished individuals to help them define their financial goals and implement an ongoing financial planning process.

Insurance is a Strategy, Not a Bill

We continually update our clients’ life and disability projections to ensure their coverage is appropriate for current and anticipated life circumstances. No one likes paying for things they don’t use. However, the risk of being underinsured can have devastating consequences for you and those closest to you. Obtaining the right coverage is not a one-and-done … Continued

Event + Response = Outcome

The Second Quarter Market Report reminds us to retain control of our own emotions and actions in response to market volatility. How does one stay the course and maintain discipline through bull markets, bear markets, political strife, economic instability, or whatever crisis that may appear? Establish a long-term investment philosophy that keeps you focused on … Continued

Be Wary Looking for “Experts”

A quick read-through of any financial journal serves as a reminder of the unfolding of business at breakneck speed around the world. Artificial intelligence, Blockchain technology, Cloud computing, Remote delivery services – for many investors, it is a daunting challenge to keep up with this dynamism, and then to integrate it within portfolios throughout a … Continued

Are You Adequately Insured? Part 2

In Part 1, I discussed the biggest myths and misconceptions about homeowners and umbrella liability policies. Now, let’s review the ways to close those gaps and get more bang for your policy buck. Uninsured and Underinsured Umbrella Liability Coverage Many people are unaware that some insurance carriers provide underinsured and uninsured umbrella liability coverage. These … Continued

Are You Adequately Insured?

If you’re like many successful people, your home is your largest personal asset. But, nearly two-thirds of American homes are UNDER-insured, per Nationwide Insurance, adding that the average homeowner is underinsured by about 22 percent. This could mean you are unable to rebuild your home to the condition it was in before a major disaster … Continued

Can I Pay for Long-Term Care with HSA Funds?

We are proponents of Health Savings Accounts (HSAs) and have continued to discuss their benefits over time. HSAs can be a great way to manage healthcare costs, gain a tax deduction, and save future dollars. These tax-free accounts can also help fund long-term care (LTC). Expenses related to LTC services should be reviewed by a tax … Continued

Celebrating a Decade of Success

Soundmark Wealth Management reaches a significant milestone this year, celebrating their 10-year anniversary of working together with their clients to achieve financial and lifetime goals. The foundation of the firm, however, had its beginning eight years prior to that, in 2000, when John Buller, Todd Flynn, and Bill Schultheis connected, collaborated, and concluded there had … Continued

Washington Launches a New College Investment Program – What You Need to Know.

Washington state recently launched the Dream Ahead College Investment Plan as an addition to the Guaranteed Education Tuition (GET) plan. PROGRAM FEATURES While the GET program is a prepaid tuition plan, the Dream Ahead plan has multiple investment choices with varying degrees of customization. The risk and returns of the program are tied to the … Continued

What You Need to Know About Your Social Security Benefits

Not only do we discuss Social Security with our clients at Soundmark (apparently only 13% of older adults have discussed their Social Security benefit with their advisor), we go a step further to educate our clients on the pros and cons of delaying benefits and the impact it has on their overall plan. When the … Continued