On September 1, 2020, the President’s office gave an executive order that would delay certain payroll taxes until 2021. You may or may not have been aware of this payroll tax holiday and may even be asking, what does it mean? Some of you may have already seen this in your paycheck in the form of more money but how does it work?

When it comes to financial planning there is no one-size-fits-all option. As individuals, we all have different goals and objectives based on things like kids, marriage, work, age, and a host of other variables. When sitting down with your tax and/or financial advisor, it’s important to understand your asset allocation and what types of tax-deferred accounts you may have.

This might be one of your least favorite subjects – the crossover between financial planning and taxes. At a time when many people are giving attention to their taxes, we are often giving clients information about tax implications.

When you think about estate planning you probably think about legacy-style families like the Kennedy’s or people who are “wealthy”. However, each of us have an estate according to the Internal Revenue Service (IRS) and each state we live in has a different set of regulations.

Hints of Spring are starting to pop up and March Madness is just around the corner and all this can only mean one thing…income tax season is upon us. Whether you are receiving a W2 or 1099 or filling out a Schedule C or a Schedule A, there is a flurry of forms that you are receiving, sending, filling out, and signing for the IRS.

The end of the calendar year brings with it some requirements from a financial planning standpoint that are important to remember. At North Main Financial, we sit with our clients between the holidays to take care of things from a planning standpoint.