Birch Street Financial Advisors

Honored to be featured in Investopedia discussing how dependents impact your taxes! ?????? ??Claiming dependents—whether it's kids, aging parents, or other family members—can have a big effect on your tax situation. This article breaks down what you need to know to avoid mistakes and maximize your benefits. ??Huge thanks to Lucy Lazarony and Adam Groffman for the opportunity to share my insights! Have you ever had questions about claiming dependents on your taxes? Drop them in the comments! ???? Read the full article here: https://lnkd.in/eQ8p3bbv #Taxes #FinancialPlanning #Investopedia #TaxTips #PersonalFinance #MoneyMatters #Dependents

?? From CPA to CFP?: A Journey of Trust & Comprehensive Planning ?? I was recently a guest on the latest "Ultra High Net Worth Clients" podcast with Chris Brodhead, MBA. We had an amazing time discussing "Why Financial Advisors Should Master Tax Planning" and I shared some personal anecdotes about my journey. When I started as a CPA, my focus was on tax strategies. But over time, I realized that taxes are just one piece of the puzzle. That’s what led me to become a CFP?—so I could provide more comprehensive guidance and help families make smarter financial decisions beyond tax season. In this podcast, I share: ? My transition from CPA to CFP? ? Why trust is the foundation of great financial planning ? The impact of Rothification and proactive tax strategies ? How to leave "more to family and less to Uncle Sam" ?? Listen to the full episode here: https://lnkd.in/ewHdHzz4 What’s one financial strategy you wish you had learned sooner? Drop your thoughts in the comments. ?? #FinancialPlanning #TaxStrategy #CFP #WealthManagement #EstatePlanning #RetirementPlanning #Podcast #UHNWC #ultrahighnetworthclients #rothification #lifetimetaxsavings

Tax season is right around the corner! ?? Are you ready to file your 2024 return? To make the process easier, we've created a helpful checklist of the key documents you'll need to collect. From income statements to deductible expenses, getting organized now can save you time and stress later. Download the checklist here: https://lnkd.in/eA9QRMyA What documents do you always find yourself scrambling for at tax time? Let us know in the comments! #TaxSeason #TaxPreparation #FinancialPlanning #TaxTips #Organization #2024TaxReturn #TaxTime

Planning for your family's future includes more than just a will. ?? A Letter of Intent can provide valuable guidance, clarity, and emotional support during a difficult time. From funeral planning to personal messages, this document helps ensure your wishes are understood and followed. Have you considered writing a Letter of Intent as part of your estate planning? Learn more about what to include and how it can make a big difference for your loved ones. What’s one thing you would want your loved ones to know or understand after you’re gone? Share your thoughts below! ?? https://lnkd.in/eBW2sF79 #EstatePlanning #LetterOfIntent #FinancialPlanning #LegacyPlanning #FamilySupport #WillAndTrust #PersonalFinance #RetirementPlanning

When was the last time you reviewed your beneficiary designations? ?? It’s an often-overlooked detail that can have a significant impact on your estate planning and your legacy. From naming minors without a plan to forgetting to update after major life changes, small mistakes can lead to big complications down the road. Ensure your assets go to the right people by regularly updating your beneficiary designations. ?? And don’t forget to name a contingent beneficiary to avoid unnecessary delays or probate. ?? Ready to get your estate plan on track? Check out our latest blog to learn more! What steps have you taken to ensure your beneficiary designations align with your current wishes? Drop your thoughts below! ?? https://lnkd.in/et5Ufej4 #EstatePlanning #BeneficiaryDesignations #LegacyPlanning #FinancialPlanning #TaxTips #Retirement #FamilyGoals #FinancialAdvice

Estate planning isn’t just about legal documents—it’s about navigating emotional roadblocks that can make the process overwhelming. ?? From discussing death with loved ones to deciding who gets what, these challenges can hold up your progress if you don’t address them. In our latest blog, we explore 6 common emotional hurdles families face during estate planning and offer practical tips to move past them. ?? What emotional challenges have you encountered or feared during the estate planning process? Share your experiences in the comments below! ?? https://lnkd.in/exsVrhFc #EstatePlanning #FinancialPlanning #LegacyPlanning #FamilySupport #FinancialAdvice #WealthManagement #TaxTips #PlanningAhead

What’s one financial goal you want to focus on in 2025? Check out this light-hearted readiness checklist to get you motivated for the New Year! #NewYearGoals #2025 #FinancialPlanning #SmartMoneyMoves #FinancialWellness #PlanAhead https://lnkd.in/eJqUTBwq

?? Staying Informed: What to Know About Cryptocurrency While our firm does not invest in or recommend cryptocurrencies, we believe it’s important to stay informed about emerging financial trends. And let’s face it, cryptocurrency is a topic that’s hard to ignore these days. So, what exactly is cryptocurrency? At its simplest, it’s a digital form of money that uses technology called blockchain to operate independently of traditional banks. Bitcoin, the first and most well-known cryptocurrency, paved the way for others like Ethereum, Litecoin, and thousands more. Here’s what makes it unique: ?? Decentralized: No single government or bank controls it. ?? Secure: Transactions are verified through cryptography. ?? Volatile: Prices can skyrocket—or plummet—quickly. People use cryptocurrency for everything from online purchases to speculative investing. But it’s also evolving, with growing applications like smart contracts, decentralized finance (DeFi), and even digital art (NFTs). Understanding how crypto works and why it’s generating so much buzz is key to staying informed in today’s financial landscape. What’s the most confusing part about cryptocurrency for you? Let’s break it down together. #FinancialPlanning #Cryptocurrency101 #BitcoinBasics #StayInformed #EmergingTrends https://lnkd.in/e4KPEjz9

What Are QCDs—and Why Should You Care? ???? If you’re 70? or older, Qualified Charitable Distributions (QCDs) can be a smart move for your finances and your favorite causes. Here’s why they matter: ? Lower Your Taxable Income: QCDs reduce your adjusted gross income (AGI), which could mean fewer taxes on Social Security and lower Medicare premiums. ?? Satisfy Your RMD: A QCD counts toward your Required Minimum Distribution (RMD) without bumping up your taxable income. ?? Make a Bigger Impact: Donate pre-tax dollars directly from your IRA to a qualified charity and maximize the value of your gift. ? Skip the Itemized Deductions Hassle: Even if you take the standard deduction, you’ll still enjoy the tax benefits of giving through a QCD. Here’s a simple example: John, age 74, directs $10,000 from his IRA to his favorite charity. That $10,000 satisfies part of his RMD and reduces his taxable income—leaving more room in his budget for travel, hobbies, or spoiling the grandkids. Charitable giving and tax savings? That’s a win-win. ?? Thinking about incorporating QCDs into your financial plan? Let’s connect to see how it could work for you. #TaxEfficientGiving #LegacyPlanning #QCDs https://lnkd.in/ehCi_hMM

I’m thrilled to share that I’ve completed the Women-In-Transition course through the Financial Transitionist Institute ??. This training deepened my ability to adapt my communication style and approach, recognizing that transitions are not just financial—they’re deeply personal and emotional, too ??. One of my favorite tools from the course is a self-discovery exercise ??? that helps you articulate what communication method makes you feel most comfortable and productive. Whether it’s: ?? Tailoring our meetings ?? Simplifying how we review information and recommendations ? Clarifying the decision-making process This tool ensures our work together reflects your preferences and needs. With these insights, I can offer more personalized support, guiding you through life’s changes with care, clarity, and a plan that works for you ??. Together, we’ll navigate your transitions thoughtfully and confidently ???. #financialtransitions #clientgrowth #professionalgrowth #womenintransition