The Roanoker - November/December 2020 - 33
40S
LOOK AT TAX
LIABILITIES AND
OPPORTUNITIES
Empty nesters face a variety of changes
in their tax situation. They lose the child
tax credit and other exemptions when kids
move out. It's important at this juncture
to explore how taxes may be eroding
retirement investments and how to fix this.
Now is a good time to assess assets. For
those who are facing a new employment
structure that may have them working
from home, carefully consider how this is
set up. Tax ramifications can be huge when
thoughtful foundations aren't set for a shift
from W-2 to 1099 work circumstances.
This is the time to be planning for
retirement. Now is when people usually
seek professional help because there are so
many variables to consider when trying to
maximize income and investments.
Fee-only is the only true fiduciary, so it
makes sense when people begin to explore
financial advisor support to understand
why this is important. In the past,
fiduciaries could get paid twice from their
advice, presenting a conflict of interest.
They'd earn income from an annual
percentage payment of portfolio holdings,
but could also collect commissions for
pushing clients to particular products.
Laws have changed a lot in recent years
to encourage fee-for-service financial
planning advice over commission or
portfolio percentage compensation, but
not everyone offers this. It's wise to seek
out a professional advisor who offers
hourly consulting rates.
"Now is a good time
to assess assets. For
those who are facing
a new employment
structure that may
have them working
from home, carefully
consider how this is
set up."
Helping our clients grow for over 39 years.
CLIENT SERVICES INCLUDE:
* Tax preparation and planning (including businesses, individuals, estates and trusts)
* Internal and external audits (including financial institutions, non-profits and 401 (k) plans)
* Reviews and Compilations (including construction and professional industries)
* General accounting services (including Quick Books consulting)
Lisa Lloyd, CPA
President
LLloyd@CampbellLineberry.com
7636 Williamson Road * Roanoke, VA 24019
Kris Bertholf, CPA
Vice President
KBertholf@CampbellLineberry.com
540-777-3770
www.CampbellLineberry.com
TheRoanoker.com
NOVEMBER/DECEMBER 2020
33
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The Roanoker - November/December 2020
Table of Contents for the Digital Edition of The Roanoker - November/December 2020
The Roanoker - November/December 2020 - Cover1
The Roanoker - November/December 2020 - Cover2
The Roanoker - November/December 2020 - 3
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The Roanoker - November/December 2020 - Cover3
The Roanoker - November/December 2020 - Cover4
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