Heads Up!

Posted on November 19, 2013 by The Weekly Commentary

2013 Tax Planning – Don’t be surprised,
be prepared.

As January 1, 2014 gets closer, you need to finalize your year-end tax planning.

While new tax legislation has brought greater certainty, it also created new challenges. The number of changes made to the Tax Code and the opportunities these changes bring may seem overwhelming. However, engaging us to help with tax planning will help you to maximize your potential tax savings and minimize your tax liability.

Without planning, you may be surprised that you owe additional taxes in 2013, even with the extension of the previous decade of tax brackets. Three new taxes are in effect for 2013: the Net Investment Income surtax, the Additional Medicare Tax and a revived 39.6 percent tax bracket for higher income individuals. The 3.8-percent Net Investment Income surtax very broadly applies to individuals, estates and trusts that have certain investment income above set threshold amounts. The Additional Medicare Tax applies to wages and self-employment income above threshold amounts. Please click the link here to review our Changes in Tax Rates chart summarizing the new taxes and revived brackets and phaseouts.

With these new taxes in place, make sure you don’t lose the benefit of some generous but temporary tax incentives that are available in 2013, but may not be in 2014. Please click the link here to review our 2013 Tax Planning Checklist to help you get started on your tax planning. If your situation has changed or you need more detailed planning, please contact me for more information.

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

Valley National Financial Advisors is proud home of the Lehigh Valley’s most CFP® – Certified Financial Planner Professionals^TM. Among other honors, Valley National has been voted Best Financial Planner in the Lehigh Valley seven times by the readers of Lehigh Valley Magazine, and ranked among FA Magazine’s Top RIAs and AdvisorOne’s Top Wealth Managers.

For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

Meet Our Team of Experienced, Highly Educated Professionals

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