Monthly Archives: November 2015

3 Notable Changes to 2016 Income Tax Rates and Deductions

Even though you will not file your 2016 income taxes for more than a year, the adjustments to tax rates and deduction amounts may have some impact on your financial planning in the year ahead.

Let’s take a look at three distinct changes taxpayers can expect from the IRS for tax year 2016.

Higher Deductions for Long-term Care Premiums

One of the biggest changes for 2016 income taxes is the increased deduction available for taxpayers with eligible long-term care insurance. The group that will see the highest increase: purchasers in their 40s.

Each age group receives higher deductions for long-term care insurance premiums. (Source: ThinkAdvisor)

Each age group receives higher deductions for long-term care insurance premiums. (Source: ThinkAdvisor)

Increased Income for Tax Brackets

The income limits for married individuals filing joint returns and surviving spouses increases for 2016. For example, the taxable income for the top bracket is $466,950 or greater, up from $464,850+ in 2015. These amounts reflect the low inflation rate of 2015.

2016-income-tax-rate-bracket

Increased Estate Tax Exclusion

Among the changes for 2016 tax rates is the increased basic exclusion amount for estates of decedents who die during 2016. The updated exclusion amount is $5.450 million, up from a total of $5.430 million for estates of decedents who died in 2015.

Of course, these are not the only tax rate and deduction changes for 2016. There are more than 50 tax provisions for tax year 2016, which can be found in the IRS Revenue Procedure 2015-53.

To help you understand how these changes could affect your financial plan, Guidant Wealth Advisors offers a senior staff of advisors and wealth managers who can explain the upcoming adjustments and their possible implications on budgets, spending and savings.

 

Frank Patzke Receives Fourth Women’s Choice Award for Financial Advisors

Guidant Wealth Advisors - 2016 Women's Choice Award

For the fourth consecutive year, Frank Patzke is the recipient of the Women’s Choice Award for Financial Advisors.

The Women’s Choice Award was created by WomenCertified Inc. in an effort to identify advisors that women can trust. It is the premier recognition award for advisors who provide quality service to their female clients. We are honored to receive this affirmation of our firm’s work and dedication to women’s financial needs.

To qualify for the Award, Guidant Wealth Advisors participated in an extensive evaluation process using 17 objective criteria*. We also submitted letters of validation to substantiate our good standing. Most importantly, some of our clients provided feedback regarding our service and practices. We are grateful for this last piece especially, as it means our service warrants your time and candid opinions.

The Women’s Choice Award is the only recognition program that can provide women with the level of confidence they need when entrusting the financial needs of themselves and their families.

Thank you for your trust in Guidant Wealth Advisors and for helping us stand out as one of the best financial advocates for women!

 

* 17 objective criteria associated with providing quality service to women clients such as credentials, experience and a favorable regulatory history. Financial advisors may have paid a basic program fee to cover the cost of comprehensive review and client survey.

Connecting Military Veterans and Service Members with Financial Support

Salute Financial Program for Veterans

As we approach the Veterans Day holiday, we want to recognize a special organization that is close to us (literally, it is in our office building) and stands out as a great resource for those who are serving, or who have served, in the U.S. Armed Forces.

Salute, Inc. is a 501(c)(3) non-profit organization that provides financial support for military men and women through various fundraising efforts. Since 2003, Will and Mary Beth Beiersdorf have been helping military members and their families cope with the unique financial, physical and emotional needs during and after service. You can read their story here.

Specifically, Salute can help military veterans and service members who have service connected injuries fill in the monetary gaps until service connection pay begins, which can take up to two years. Their Financial Assistance Program has a few requirements and can be applied for online. Additionally, they collaborate with other support programs locally and around the country to support vets and active duty.

The organization’s main fundraising effort occurs during the annual Memorial Day Family Run/Walk, although the group represents at many other events during the year in order to raise awareness and encourage donations. Military service members can benefit greatly from these gifts from the public and corporate partnerships.

Salute not only provides financial support for military veterans and service members, but also helps individuals transition to civilian life in other ways. For example, Salute keeps an updated posting of job opportunities for veterans. They also provide information about other groups that can help with home renovation, therapeutic sports and activities, and physical and emotional healing.

If you are dealing with injuries or illness from a recent conflict – or you know someone who is – please visit www.saluteinc.org and view their programs. You can also donate to Salute or volunteer for upcoming events, both of which positively impact military members and their families.

Salute Inc. and LPL Financial are separate entities.