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Tax Planning

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Financial Planning During Down Markets

During periods of market volatility, it is very normal to pay close attention to your portfolio while putting other aspects of your financial life on hold.  However, there are many important planning items that should not be overlooked during these times.  Here are a few planning ideas that can be implemented during market downturns that […]

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5 Tax-Saving Moves For Your 2019 Tax Return

Now that tax time is here, you’re probably starting to load everything into your tax preparation software or send documents to your CPA.  There are many tax documents mailed to you or available online, but what about some of the items that are tougher to keep track of?  Here are 5 helpful reminders for items […]

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Gifts to Children – Making Them More Effective

Gifts are made to loved ones for many reasons.  Parents may just want to give their children financial help or accomplish other worthwhile objectives.  Well-planned gifts can reduce a donor’s estate for estate tax purposes and shift income taxation to or away from the recipient of the gift.  Many objectives can be addressed in a […]

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Significant Retirement Plan Changes Are Here

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act which recently passed is one of the most significant pieces of retirement legislation in the last decade.  Here are some of the key provisions contained in the SECURE Act: Increase Required Minimum Distribution (RMD) Age From 70 ½ to 72 – The SECURE […]

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Year-End Financial Checklist

As 2019 comes to an end, take a few minutes to put a bow on your financial life for the year by running through this quick checklist: Maximize Employer Benefits: Spend flex dollars – Many employers offer Flexible Spending Accounts for health expenses or dependent care. Often times, balances must be spent before year-end or […]

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Medicare 2019 – Key Enrollment Dates and Important Changes

The leaves are changing colors and a cool breeze is in the air, which means many retirees are securing their winter travel plans. However, before jumping on the plane to escape the cold winter months that lie ahead, it is also time for Medicare participants to decide if changes should be made to their health […]

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Year-End Tax Planning – Strategies to Save

The Tax Cuts and Jobs Act of 2017 (TCJA) put into place new tax legislation for Americans, officially taking effect for the 2018 tax year.  The full effect of the changes was not felt by most individuals and families until they filed their returns in April of this year. If proactively planned for, below are […]

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Child’s UTMA is Ending – What Protection Exists?

Uniform Transfers to Minors Act, or UTMA, accounts are a popular way to hold investments and bank accounts for minors.  Such accounts are owned by the minor but controlled by a designated adult custodian.  The minor becomes the outright owner of the account assets when he or she reaches the age of majority specified in […]

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Top 2 Tax Changes That May Affect Your Retirement

There are likely substantial retirement account changes on the horizon which will alter planning for all current and future retirees.  Recently, the House passed the Setting Every Community Up for Retirement Enhancement or SECURE Act. The SECURE Act is expected to pass the Senate in the coming months. The two most wide-reaching changes in the […]

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Governor Pritzker’s Tax Proposal – What You Need to Know

In March of this year, information was released regarding Illinois Governor JB Pritzker’s proposed tax plan, otherwise known as the “Fair Tax for Illinois.”  There are a number of items in this proposal which, should this become law, could impact both individual and corporate taxpayers in the state of Illinois.  Here are a few of […]

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Spring Cleaning – Freeing Yourself of Clutter After a Divorce

The combination of all the documentation that is needed during divorce negotiations and the never-ending stack of documents needed by your tax preparer often create an important pile of clutter.  The good news is that you don’t need to hold onto it forever. Learn more about what should be done post-divorce in this podcast featuring BDF’s […]

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Smoothing Out Lumpy Cash Flow

Receiving most of your compensation in a few large paychecks is exciting to finally see in your bank account. But it causes a lot of headache when juggling cash flow for the year ahead. Financial professionals (private equity professionals, investment bankers, and asset managers) struggle with this problem given the industry’s compensation models. Investment bankers, […]

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