SKYWRITING
SKYWRITING ARTICLES
Written by FireSky Financial about various personal finance topics.
Information on Fraudulent Messages
| By Firesky Financial, Inc.
Within the past week, many of you may have received text messages from numbers claiming to be with a government agency. We would like to take this opportunity to remind you to be on the alert for fraudulent text messages, emails, and phone calls as scammers are growing increasingly more creative in their methods of communication.
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Beneficial Ownership – Filing Required
| By Firesky Financial, Inc.
In September 2022 the Financial Crimes Enforcement Network (FinCEN) issued rules to implementthe Beneficial Ownership Information reporting provisions of the Corporate Transparency Act. Therules require all reporting companies (subject to the applicability of specific exemptions) to file aBeneficial Ownership Information Report. Companies created before January 1, 2024, must file thereport by January 1, 2025. The…
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2024 ARIZONA TAX CREDIT REMINDER
| By Dennis Rogers
It is time for the annual reminder for you to save on your state taxes by
taking advantage of the Arizona State tax credits. Arizona provides dollarfor-
dollar tax credits for seven types of donations. These credits apply
directly against your state income tax liability, so you get back whatever
you give if you have a state tax liability.
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Health Insurance for Early Retirees
| By Dennis Rogers
Many people today find themselves in a good financial position to retire before age 65. However, their one major concern is how to obtain health insurance coverage prior to Medicare eligibility. There are several options to consider in this situation.
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Tax Advantages of the New “SECURE 2.0” Law
| By Dennis Rogers
On November 29, 2022, the President signed the Consolidated Appropriations Act, which contained some significant retirement provisions dubbed “SECURE 2.0.” Many of the changes are technical adjustments, not applicable to most taxpayers. However, there were several which could benefit many of us. I will give the highlights of these here.
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Reduce the Tax on your Required Minimum Distributions
| By Dennis Rogers
If you take Required Minimum Distributions (RMD’s) from your Individual Retirement Accounts and make contributions to charities every year, you may have a tax savings opportunity. Qualified Charitable Distributions (QCD’s) can be made by direct transfer from the IRA to the charity. Therefore, you avoid inclusion of the amount transferred from your income instead of…
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A Life of Generosity
| By Dennis Rogers
What does generosity mean to you? When you think of someone who is particularly generous, what qualities come to mind? Over the years of my life as a financial advisor, I have been deeply moved by how many generous people I have met. It is an attitude that leads to a much deeper and more satisfying life. The…
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Is This the Year to do a ROTH?
| By Dennis Rogers
Uncertain times often present opportunities as well as challenges. Tax and financial planning strategies should be revisited any time our situation changes considerably. One thing to consider is whether it is time to fund a ROTH instead of the Traditional IRA or even if it might make sense to convert some Traditional to ROTH IRAs.…
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Should You Consider a ROTH Conversion?
| By Dennis Rogers
Most people have the largest part of their investments for retirement in qualified plans (tax deductible at contribution and tax deferred until withdrawn). These plans (IRA’s, TSA’s, 401(k)’s) are generally advantageous during the higher income years because contributions to these plans are tax deductible. ROTH IRA’s (or ROTH(k)’s) may be a beneficial alternative for some…
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