Recommended Books for Personal Finance

Recommended Books for Personal Finance

Are you looking to take control of your finances and learn more about personal finance? Look no further! This month, we've curated a list of our most recommended books. With so many great resources available, we understand it can be overwhelming to choose where to...

Stock Market Commentary April 2023

Stock Market Commentary April 2023

We began utilizing our new research partnership in March. If you haven't seen our previous update about our collaboration with the Sherman Group, LLC, please check the middle section of this article.   Mixed Results in March, But April Could Be Sunny We encourage...

Difference Between Secured and Unsecured Debt

Difference Between Secured and Unsecured Debt

The two main types of debt are Secured and Unsecured. The interest rate received and the tax deductibility of the interest are two primary ways to evaluate the quality of debt.  It is hard to retire with a large amount of debt, so we typically recommend clients avoid...

Tax Filing Status Options Explained

Tax Filing Status Options Explained

The five tax filing status options are Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualified Widow. The filing statuses available to you will depend on your specific details, including marital status, number of dependents, income...

Stock Market Commentary February 2023

Stock Market Commentary February 2023

Special Note: Just a reminder that we offer tax preparation through our tax team at Summit Tax Services/Heemer Klein. If you’d be interested in a quote, as we’re very competitive, please give us a call at 586-459-5340. Our goal is to make tax time easier on you....

2022 Market Year-End Review and Strategies for 2023

2022 Market Year-End Review and Strategies for 2023

Special Note: Just a reminder that we offer tax preparation through our tax team at Summit Tax Services/Heemer Klein. If you’d be interested in a quote, as we’re very competitive, please give us a call at 586-459-5340. Our goal is to make tax time easier on you.  ...

What’s New For Taxes in 2023?

What’s New For Taxes in 2023?

The income levels for 2023 tax brackets include an adjustment higher for every bracket, but the tax rates are not changing.  The standard deduction will be increasing as well as the retirement and HSA plan contribution limits.  These changes should be taken into...

Can Tax Loss Harvesting Lower Your Tax Bill?

Can Tax Loss Harvesting Lower Your Tax Bill?

Tax Loss Harvesting is a great end-of-the-year tax planning tool. The goal of this exercise is to sell investments at a loss to offset other potential income taxes. Capital losses can be used to reduce capital gains in a given year since only the ending net result is...

Stock Market Commentary December 2022

Stock Market Commentary December 2022

NOTE ABOUT IRA TO ROTH IRA CONVERSIONS: Each year, we recommend that our clients consider converting money from an IRA to a Roth IRA. Because of our national debt, we believe that taxes will need to be raised in the future, and tax brackets will correspondingly be...

Year-End Financial Tips to Keep You on Track

Year-End Financial Tips to Keep You on Track

Budget for holiday shopping and gifts before spending. Review retirement contribution amounts and limits for the current year. Set budget and financial goals for the upcoming year.  Evaluate tax planning strategies such as Tax Loss Harvesting, Charitable...

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Investment advisory services are offered through Summit Financial Consulting, LLC, an SEC Registered Investment Advisor Firm. SEC Registration does not imply a certain level of skill or training. Insurance products and services are offered through Summit Financial Consulting, LLC.  Summit Financial Consulting, LLC and its representatives do not render tax, legal, or accounting advice. Summit Financial Consulting, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.

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