Financial Planning and Advice Blog for Syracuse
Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
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3 Easy Ways Women Can Feel More Confident in Their Investments
By admin January 26, 2019 No Comments
Despite findings that suggest women may have an edge when it comes to investing success, other data indicates that a generational lack of confidence continues to deter younger women from investing as frequently as is necessary to work towards long-term financial success on par with male peers. Fortunately, there are plenty of ways to overcome this uncertainty before diving into the world of investment without hesitation, and the HighPoint Advisors, LLC team has collected a few of our favorite techniques.
Begin Your Investment Education NowLike most financial topics, investment may appear exceptionally complex – especially when you’re starting from scratch. The good news is that there’s a seemingly endless number of learning opportunities that can help you brush up on the ins and outs of investment without becoming overwhelmed with frustrating jargon. Try listening to an investment podcast on your commute, or delve into a beginner-friendly finance blog during your lunch break. Plus, don’t forget to take advantage of any workshops or learning opportunities your workplace may offer concerning 401(k) plans and other investment tools.
Make Decisions with Specific Goals in MindIf you haven’t started investing, there’s no better way to kick off your efforts than by outlining clear goals that can benefit from your investments. Setting goals can prove invaluable by providing a sense of direction, which may be essential if you’re still struggling to find the confidence to begin investing. Common goals include saving enough to fund your children’s education or reaching a specified level of savings prior to retirement.
Take Advantage of Your Local Financial AdvisorIt’s impossible to overstate the advantages an experienced financial advisor can offer an up-and-coming investor. Whereas you may be brand-new to the world of investments, most financial advisors have been around the block, which means they can provide the guidance needed to help you address your financial goals. Likewise, a qualified financial advisor will build a close relationship with you in order to help understand and support your unique goals. HighPoint Advisors, LLC is no exception. Serving residents of Central New York from our convenient East Syracuse location, our advisors offer a comprehensive portfolio of financial services, including highly informed investment advice tailored to help you achieve stability and success. Schedule your appointment by calling us at 315-627-0474 315-627-0474 today. ...
Top Tax Reform Changes that Will Impact Your 2018 Return
By highpointadvisors January 25, 2019 No Comments
Big tax changes arrived in 2018 courtesy of the Tax Cuts and Jobs Act (TCJA) of 2017. When you go to file your 2018 tax return in 2019, you may be surprised at just how much has changed since you last filed. At HighPoint Advisors, LLC, we want to make sure the only big surprise you get when filing your taxes is how much you’re able to save. Below, we outline some of the biggest tax reform changes that will affect your 2018 taxes.
Standard DeductionIn 2018, the standard deduction increased from $6,350 to $12,000 for single taxpayers, $13,000 to $24,000 for married couples and $9,550 to $18,000 for head of household filers. In turn, this major increase will likely save taxpayers both time and money. However, with an increase in the standard deduction came a reduction in other deductions – meaning the majority of people will no longer benefit from itemizing their deductions.
Personal Exemption and Child Tax CreditIn 2018, we said goodbye to the personal exemption, which once allowed taxpayers to subtract $4,050 from their taxable income for each dependent. On the flipside, the child tax credit was raised to $2,000 from $1,000 for each child age 16 years or younger. For dependants that don’t qualify for the child tax credit, a separate $500 credit is available.
Alimony DeductionEffective January 1, 2019, individuals going through a divorce will no longer be able deduct alimony payments from their taxes. However, divorces and separation agreements signed before 2019 will be grandfathered into the new law.
Other Itemized DeductionsFor the 2018 tax year, taxpayers will no longer be able to claim a number of deductions, including, but not limited to:
- Moving expenses
- Job expenses
- Tax preparation fees
- Investment fees
- Credit card convenience fees
- IRA account fees
- Unreimbursed employee expenses