Five Most Overlooked Tax Deductions

Who among us wants to pay the IRS more taxes than we have to?While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible.
Read MoreWho among us wants to pay the IRS more taxes than we have to?While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible.
Read MoreFor the Federal Reserve, credibility is everything. And its credibility is being tested by how it plans to manage the banking system in the days leading up to its March 21-22 meeting. Last month, Fed Chair Powell confidently told...
Read MoreAccording to the most recent estimates from the US Census Bureau, the population of people over the age of 55 grew twenty times faster than the population of people younger than 55 between 2010 and 2020.
Read MoreHow the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home or are considering doing so, you may want to be aware of these new rules.
Read MoreAs parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn?
Read MoreYou may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards.
Read MoreCondon Sullivan Wealth Management and Planning is hiring for a Client Service Administrator Position.
Read MoreThe year-end is approaching and you may have questions about RMDs (Required Minimum Distributions). Once you reach age 72 (age 70½ if you attained age 70½ before 2020), the IRS requires you to start withdrawing from—and...
Read MoreU.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors.
Read MoreDetermining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.1How to Assess the Value of an EstateSelect the date of calculation.
Read MoreThe probate process can be expensive for some estates. Settling an estate through probate can cost you both time and money. It could take up to a year for the estate to be settled, plus attorney’s fees, appraiser’s fees, etc.
Read MoreInheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have...
Read MoreMarrying again makes estate planning more involved. How do you provide for everyone you love? Should you provide for everyone you love?
Read MoreA market downturn can have a potential upside for retirement savers.
Read MoreMost people just invest for the future. You have a chance to do more.
Read MoreSome accounts have no designated beneficiary. Rarely, the same thing occurs with insurance policies. This is usually an oversight. In exceptional circumstances, it is a choice.
Read MoreIf you are approaching your seventies, get ready for required minimum distributions. You may soon have to take RMDs, as they are called, from one or more of your retirement accounts.
Read MoreWhen you are putting together a household, it isn’t unusual to delegate responsibilities. One spouse or partner may take on the laundry, while another takes on the shopping.
Read MoreWhat does a good retirement look like to you? Does it resemble the retirement that your spouse or partner has in mind? It is at least roughly similar?
Read MoreA successful retirement is not merely measured in financial terms. Even those who retire with small fortunes can face boredom or depression and the fear of drawing down their savings too fast.
Read MoreWhy do some people let their potential for lifetime wealth slip away? Some people are better off economically at 30 or 40 than they are at 50 or 60.
Read MoreWhat do The Dukes of Hazzard, M*A*S*H, and The Love Boat all have in common? They were top-rated television programs in 1982; the last time inflation was hovering in the 7% range.
Read MoreIf you have a balance on a credit card or an adjustable rate mortgage, you might be noticing changes in your payments.
Read MoreWise investors take the “big picture” view.
Read MoreHealthcare can be one of the priciest yet essential parts of life’s journey. And yet, many struggle to utilize the financial tools that may help. Take Health Saving Accounts (HSAs), for example.
Read MoreMuch is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees.
Read MoreUnderstand Where Your Federal Tax Dollars Go In this guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare.
Read MoreThe end of the year can help remind us of last-minute things we need to address and the goals we want to pursue. To that end, here are some aspects of your financial life to think about as this year leads into the next. Keep in mind,...
Read MoreYour workplace retirement account can play a critical role in your overall retirement strategy. However, some have gone further with the accounts than others, especially recently. CNBC reported on findings that place 401(k) accounts at...
Read MoreInvestors are watching the Build Back Better Act. This $3.5 trillion bill, refined through months-long negotiations, may be approaching a final vote in the House of Representatives. If the BBA becomes law, it would finance large-scale...
Read MoreOn October 13, 2021, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022, the largest increase in four decades. This...
Read MoreAs much as you would like to, you can’t keep your money in your retirement account forever. These investment vehicles include 401(k)s, IRAs, and similar retirement accounts.1 Under the SECURE Act, once you reach age 72, you must...
Read MoreIt’s time for your life insurance checkup. September is National Life Insurance Awareness Month, so it’s a great time to review your coverage.1 If you don’t have any life insurance, you’re not alone. Life...
Read MoreCorporate earnings season has begun, and the results are turning heads on Wall Street. Of the 120 companies in the S&P 500 index that reported numbers as of Friday, July 23, 89% of them beat the Street’s earnings-per-share...
Read MoreThe 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some...
Read MoreI am pleased to tell you about the newest member of the Condon Sullivan family — Brian Callery, Senior Financial Advisor. For the last several years, Brian, myself, and our team have been collaborating on account management and...
Read MoreWhen you marry, you buy life insurance. Right? You buy it out of consideration for your spouse, and also realize that in the event of either your untimely death or your spouse’s untimely death, your household could be left with...
Read MoreIf there is a "silver lining" to all the inflation talk, it may be that Social Security benefits are expected to see a larger-than-normal increase in 2022. Preliminary estimates call for a 4.7% cost-of-living increase (COLA) in Social...
Read MoreRecently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0. As the bill moves from the House of Representatives to the Senate, many...
Read MoreESG: what does that acronym stand for? Those three letters stand for "Environmental, Social, and Governance" and signify an investment that has particular merit to investors of all ages. A recent Morgan Stanley Bank survey found that...
Read MoreRoth IRAs have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed. Do Roth IRAs seem even more attractive these...
Read MoreNew inherited I.R.A. rules took effect on January 1, 2020. The Setting Every Community Up for Retirement Enhancement (SECURE) Act became law on that day, altering the regulations on inherited Individual Retirement Account (I.R.A.)...
Read MoreKate Cunningham is the newest member of the Condon Sullivan team and joins us with over 25 years of experience in the financial services field. To learn more about Kate, click here. We are pleased to announce that Kate Cunningham...
Read MoreAmerica is enduring a data breach problem. As many workers traded in the office for remote work, data security has been a focus for the public and private sectors. Between robocalls pitching low-cost health insurance, pretending to be...
Read MoreMost people understand that stock prices don't go straight up. But when market volatility increases, the price action can test the mettle of even the most seasoned investor. In recent weeks, stock prices have trended lower with a few...
Read MoreAs much as you would like to, you can’t keep your money in your retirement account forever. These investment vehicles include 401(k)s, IRAs, and similar retirement accounts.1 Under the SECURE Act, once you reach age 72, you must...
Read MoreMatthew J. Condon, CFP® and Thomas J. Sullivan, CFP® Recognized as Top Financial Professional in the U.S. by HTK Condon Sullivan Wealth Management & Planning, a Massachusetts based financial services firm, is pleased to...
Read MoreIn this guide, we’ll explore ways to help you prepare for the upcoming tax season. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal...
Read MoreIf you’re like many investors, you’re probably looking for a way to manage your tax bill. One approach to consider is contributing the full amount to your retirement accounts. It’s not too late to fund your retirement...
Read MoreAfter a bit of political posturing in December, the $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump as the COVID-19 pandemic continues to impact employers and employees....
Read MoreFinancially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual...
Read MoreJanuary is Financial Wellness Month, a time to remind people to make arrangements for their financial strategy.1 For a financial professional, it’s time to connect with new clients and discuss their financial situation and...
Read MoreAs an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you...
Read MoreThe end of the year can help remind us of last-minute things we need to address and the goals we want to accomplish. To that end, here are some aspects of your financial life to think about as this year leads into the next. Keep in...
Read MoreBeing a CERTIFIED FINANCIAL PLANNER TM is largely considered the highest standard in financial planning. The CFP® exam requires 12+ months of preparation and has an esteemed set of prerequisites and requirements. Kyle Anderson...
Read MoreWhen you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult. At some point, you will have...
Read MoreWhat has changed for you in 2020? For many, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a...
Read MoreMost recently, you may have read that Federal Reserve Chair Jerome Powell announced a change in how the Fed views inflation. In the past, the Fed said it would consider adjusting short-term rates when inflation approached 2 percent....
Read MoreDetermining when to take Social Security benefits is a complicated financial decision. Here are a few things to think about and discuss with your financial professional. How long do you think you will live? If you have a family history...
Read MoreTwo high-profile companies—Apple and Tesla—have announced stock splits in the past few weeks, which makes it a great time to discuss what’s involved when a company announces a stock split. Remember, any companies...
Read MoreDo you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed. If you are thinking about dropping...
Read MoreQ: What makes 2020 a unique year for retirement? A: Big changes to retirement account rules. You can attribute those changes to two major pieces of legislation: the Setting Every Community Up for Retirement Enhancement (SECURE) Act,...
Read MoreWe regretfully announce that Connor Reagan will be leaving Condon Sullivan Wealth Management & Planning effective July 1, 2020. Connor began his career at our firm in 2015 as an intern. Upon his college graduation, he joined us...
Read MoreThe Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes...
Read MoreAs states cautiously begin the process of relaxing their COVID-19 restrictions, some are wondering, “Why is the stock market doing so well when the economy is doing so poorly?” It’s a great question, and fortunately,...
Read MoreThe COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement. However, difficult times may open doors to new possibilities. Businesses are changing their...
Read MoreUndeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household confidence was shaken. The Standard & Poor’s 500, the equity benchmark often used as...
Read MoreAt the time of this writing, we're in midst of the COVID-19 pandemic. Everyone around the country is practicing "social distancing" and staying home (albeit much more than they're used to). Here at Condon Sullivan Wealth Management &...
Read MoreThe COVID-19 outbreak has put tremendous pressure on stock prices, prompting some investors to blindly and indiscriminately sell positions at a time when the entire market is trending lower. Worried investors believe "this time it's...
Read MoreRecently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing...
Read MoreWashington was busy this holiday season. As many of us were looking forward to some well-earned time off, new legislation was passed, and it affects some of the old rules for traditional Individual Retirement Accounts. These changes...
Read MoreBack in the 4th quarter of 2018, investor fears caused the equity markets to sell off by nearly 20%. It was not any single issue, but rather the confluence of numerous uncertainties – trade tariffs, interest rate concerns,...
Read MoreThe after-tax return vs. the pretax return. Everyone wants their investments to perform well. But for many investors it’s their after-tax return that may make all the difference. After all, even if your portfolio is earning...
Read MoreThe SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders...
Read MoreA growing family, by definition, means growing financial obligations – both in the present and in the future. Raising children can increase your insurance needs and heightens the urgency for being properly prepared. Auto. When a...
Read MoreHow often do retirement plan sponsors check up on 401(k)s? Some small businesses may not be prepared to benchmark processes and continuously look for and reject unacceptable investments. Do you have high-quality investment choices in...
Read MoreCybercrime affects both large corporations and private individuals. You’ve likely read about the large data breaches in the business world. These crimes are both expensive and on the rise. The U.S. Identity Theft Resource Center...
Read MoreThe end of the year can help remind us of last-minute things we need to address and long-term goals we want to accomplish. To that end, here are six aspects of your financial life to think about as this year leads into the next. Keep...
Read MoreCasey Giordano was an intern here at Condon Sullivan, while she was attending the Manning School of Business at UMass Lowell. Upon her college graduation in 2018, she joined our firm full-time. She’s been a great asset for our...
Read MoreMarrying again makes estate planning more involved. How do you provide for everyone you love? Should you provide for everyone you love? How do you arrange to transfer wealth in a way that won’t hurt the feelings of certain heirs?...
Read MoreRisk is a factor in any investment decision that you make. Your tolerance for risk is something that you will want to consider when you make decisions alongside your trusted financial professional. Your risk tolerance is balanced...
Read MoreFamilies are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households...
Read MoreWhen you think about your estate, you may think about your personal property, real estate, or investments. You also have other, less-tangible assets – and they deserve your attention as well. Your digital assets should not...
Read MoreHave you ever mapped out your financial timeline? If you’re like many Americans, it may have been more difficult than anticipated. One of the most helpful ways to achieve your financial goals is to break it down by your age....
Read MoreMany people plan their estates diligently, with input from legal, tax, and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth. Here are some...
Read MoreBeing a CERTIFIED FINANCIAL PLANNER TM is largely considered the highest standard in financial planning. The CFP® exam requires 12+ months of preparation and has an esteemed set of prerequisites and requirements. Zuly Feliz joined...
Read MoreIf you follow national news, you may have heard of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Although the SECURE Act has yet to clear the Senate, it saw broad, bipartisan support in the House of...
Read MoreRegardless of how the markets may perform, consider making the following part of your investment philosophy: Diversification. The saying “don’t put all your eggs in one basket” has real value when it comes to...
Read MoreInheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have...
Read MoreMany are the stories of family wealth lost. In the late 19th century, industrial tycoon Cornelius Vanderbilt amassed the equivalent of $100 billion in today’s dollars – but when 120 of his descendants met at a family...
Read MoreCongratulations to our own Matthew Condon — a 2019 Five Star Award Winner seen in Forbes Magazine! View the feature by clicking here.
Read MoreFrom time to time, it is a good idea to review how your portfolio assets are allocated – how they are divided among asset classes. At the inception of your investment strategy, your target asset allocations reflect your tolerance...
Read MoreA new term has made its way into today’s financial jargon: de-risking. Anyone with assets in an old-school pension plan should know what it signifies. De-risking is when a large employer hands over its established pension...
Read MoreWhat exactly is the “sequence of returns”? The phrase simply describes the yearly variation in an investment portfolio’s rate of return. Across 20 or 30 years of saving and investing for the future, what kind of...
Read MoreAmerica is enduring a data breach epidemic. The latest annual study of the problem from Javelin Strategy & Research, a leading financial analytics research firm, says that 16.7 million people across the nation were impacted by I.D....
Read MoreMatthew J. Condon, CFP® has been selected as one of Boston's Five Star Wealth Managers. The Five Star Wealth Manager award program is the largest and most widely published wealth manager award program in the financial services...
Read MoreCondon Sullivan Wealth Management & Planning is proud to sponsor the Best Buddies Friendship Walk in Boston on November 3, 2018. Join us walking that day or create your own team to support this worthwhile mission. Best Buddies...
Read MoreWe are delighted to have James P. Turner, CLU, ChFC join Condon Sullivan Wealth Management & Planning as a financial advisor. He brings with him an impressive history — 40 years of success — and a wealth of knowledge in the...
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