1. Track your missing payments.
Are you waiting on a refund? Reimbursement on overpaid taxes from unemployment income? Outstanding money from past stimulus checks? You can check the status of a return on the IRS website: https://www.irs.gov/refunds
2. Prepare for the child tax credit.
The 2021 Child Tax Credit will begin sending out payments in July. For qualifying families, each child under 6 years old will receive a total of $3600 and ages 4-17 will receive $3000. For more information or to change your status from advanced monthly payments to one lump sum in 2022, visit https://www.whitehouse.gov/child-tax-credit/
3. Check your estimated taxes.
The economic situation is still variable as the COVID-19 pandemic continues. Plan ahead for income fluctuations in 2021.Don’t forget that unemployment benefits are taxable income.
4. Plan for future tax changes.
Time for a mid-year financial check up! Wow 2021 if flying by so it is a good time to check your tax bracket, investment income, the right amount of taxes taken out of your monthly paycheck, etc. For more tips, visit https://www.fidelity.com/viewpoints/personal-finance/midyear-checkup
5. Reset your RMD.
Required minimum distributions (RMDs) were suspended in 2020 for people over the age of 72 but are back in 2021. Double check your RMD situation but most likely if you don’t take your distribution by the end of the year there will be penalties. If you don’t need the money right now, plan ahead to reinvest it in a taxable account instead.
6. Look for tax savings.
One way to achieve tax savings in 2021 is to increase your 401(k) contributions. Also, self-employed professionals who work from home need to keep track of at-home office expenses for tax deductions. It is important to get a handle on any gains now and not wait until December 31st.
7. Stash your savings.
Be tax smart with where you stash your savings. A Roth IRA or Section 529 College Savings are options that accrue growth are tax-free. Increasing your emergency saving fund, giving to charity, or investing to meet your long term goals are also options for extra money.
Seize the chance to reduce taxes before the end of the year but always check with your tax professional or contact Traditions Wealth Advisors at Brien@traditionswealthadvisors.com or 979-694-9100.
Source: 22 June 2021, Fidelity Viewpoints. https://www.fidelity.com/learning-center/personal-finance/tax-moves?ccsource=email_weekly-06-24-S01
Cassidy Kusenberger '22
Financial Planning Intern
I was born and raised in Del Rio, Texas. I am a senior Economics major with a minor in Financial Planning. In my free time, I love getting to ride my horses and compete in rodeos, specifically barrel racing and pole bending. I also am very active at St. Mary’s Catholic Center, where I am currently serving as director for St. Mary’s Youth Retreat Team, where I lead other college students as we prepare retreats for middle/high schoolers. I am also a member of the Financial Planning Students Association, and I am a Financial Planning Ambassador.
At TWA, I serve as the Financial Planning Intern. I work closely with Sarah and Brien to conduct research, analysis, and review of client’s financial plans in order to assist them in achieving their life goals and dreams. I support the development of key systems and processes that TWA uses to operate efficiently and provide the optimal client experience. I have already learned so much through collaboration with TWA’s CFPs and look forward to learning even more about the ins and outs of financial planning throughout the rest of my time here. I will be graduating in May of 2022. Afterwards, I plan on studying in preparation to take the CFP exam and finding a reputable employer to launch my career with.
Adam Cuba '22
As the Accounting Intern, Adam serves as Traditions Wealth Advisors’ Chief Financial Officer (CFO). He assists Brien Smith (CEO) in managing the book keeping, cash flow, and tax related facets of the Traditions Wealth Advisors business.
Adam is dependable, organized, and hardworking at all that he does. He is a senior business honors and accounting major at Texas A&M University. Adam was recently accepted into Group 30 of the Professional Program in Accounting (PPA) at Mays Business School with a track in financial management. He is passionate about serving others and is eager to receive his CPA and work at a Big 4 Accounting Firm in the future.
Outside of work and his studies, Adam enjoys being in the great outdoors with family and friends. On the weekends his hobbies include playing disc golf or trying out a new recipe on his Traeger grill. In addition, Adam loves going to Aggie sporting events and can’t wait to get back to Kyle Field this fall!