by Margaret Smith, CPA | Feb 14, 2023 | Tax & Financial Planning
With the rising costs of higher education, many of our clients are actively seeking ways to set aside funds to support their children and grandchildren’s future education expenses. An efficient and flexible way to save for college and its associated costs is a 529 plan. A 529 plan is a tax-advantaged savings plan specifically designed to provide for the qualified education expenses of a designated beneficiary. 529 funds grow tax-deferred, and withdrawals are tax-free provided they’re used for qualifying educational expenses. Click here to read more.
by Margaret Smith, CPA | Nov 29, 2022 | Tax & Financial Planning
With five weeks left, in what has been a roller coaster of a year for financial markets, deadlines are quickly approaching to implement strategies for 2022 to reduce your income tax liability. Further, the market has also presented new opportunities to structure portfolios for tax-efficiency as we head into 2023. Click here to read where we have outlined a few planning thoughts.
by Margaret Smith, CPA | Apr 11, 2022 | Tax & Financial Planning
At Canal Capital Management, we provide objective guidance and disciplined investment management for our clients. Importantly, tax strategies are a part of every decision we make.
A topic we have been discussing with business owner clients is related to recent legislation that provides an opportunity for business owners to reduce their federal income tax liability if the business makes an election to pay Virginia taxes at the entity level.
Please click HERE to read more.
by Margaret Smith, CPA | Sep 15, 2021 | Financial Planning, Tax & Financial Planning
With significant gains in real estate over the past 10 years, and interest rates at historical lows, diversifying real estate holdings via a 1031 exchange remains an attractive strategy for many investors. Click HERE to read more.
by Margaret Smith, CPA | Dec 24, 2020 | Financial Planning
On Monday, December 21, 2020, Congress passed an additional COVID-19 package that contains $900 billion worth of economic relief for numerous government programs across the US, loans for small businesses, vaccine distribution, and a second round of stimulus checks. The bill is pending the President’s signature and may result in further negotiations and modified terms; we will communicate additional details as they are available. For now, click HERE for a brief overview of key provisions within the (5,500+ page) package approved by Congress earlier this week.