Podcast appearances and mentions of will holt

Mind Your Business is back and loaded with information this week.We start with a recap of North Carolina Governor Josh Stein's State of the State address, along with updates on Helene recovery activities working through local and State government channels.Speaking of local government, Watauga County has partnered with the U.S. Army Corps of Engineers and Aerostar to expedite debris removal from waterways and private property. Watauga County Emergency Management Director, Will Holt, Darlene Abbot, Project Manager for Aerostar, joined WATA's Mark in the Morning for a detailed discussion around the program, including details on how commercial and residential property owners can access this free service.We end the show with a visit with an old friend. Dr. Scott Elliott is locally known as the longtime Superintendent of Watauga County Schools and former Director of Development for Blue Ridge Conservancy. He now serves as Deputy Director of Engagement for GROW NC, working throughout the western region on hurricane recovery efforts. We'll hear about the mission of this new organization, what Governor Stein's priorities are for the work of this office, and how local residents can interact with the agency.Mind Your Business is a weekly production of the Boone Area Chamber of Commerce. The show is made possible thanks to the sponsorship support of Appalachian Commercial Real Estate.Visit GROW NC online at www.wncrecovery.nc.gov.  Support the show

  What if one of these ten tax tools could be the tax opportunity that you've been missing? If you are looking to increase your wealth over your lifetime you'll want to ensure that you have the best tax planning strategies in place for long-term success.  Paying more taxes now to lower your lifetime tax rate may seem unconventional, but if you are serious about building wealth, this could be the kind of strategy to use. Listen in to hear our top ten tax planning strategies with our resident tax expert, Will Holt.  As life changes, your opportunities for tax saving change which is why it is important to stay on top of these changes. Make sure to check out all of our episodes to hear details on many of these tax-saving strategies and more. Subscribe now to never miss an episode. Outline of This Episode [2:12] Bunching multiple years of charitable giving together can be tax efficient [5:38] How to use highly appreciated stock as a gifting tool [6:32] Using qualified charitable distributions [10:22] Long-term financial planning is critical to long-term tax success [13:19] How to take advantage of tax loss harvesting [18:53] Use your retirement accounts  Resources & People Mentioned Article - Qualified Charitable Distributions – A Retiree's Secret Weapon to Slash Taxes Episode 59 - Tax Solutions for Charitable Giving Episode 104 - How an IRMAA Appeal Can Save You Thousands of Dollars in Medicare Premiums Episode 174 - Should You Use a Non-Qualified Deferred-Compensation Plan for Your Retirement Savings? Episode 140 - Choosing the Right Investment Vehicles to Save for Retirement Article - Tax Loss Harvesting: A Silver Lining in Bear Markets Episode 144 - Your Retirement Secret Weapon: The Mega Backdoor Roth Connect With Chad and Will https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Stock options can be one of the most lucrative benefits of your job, but they can also be a tax land mine. Our resident tax professional, Will Holt, joins us this week to help you build a framework to consider your company's stock options. You'll learn 3 key strategies you can use to make better decisions for managing your stock option holdings. Including: Managing the risks and benefits around taxation for 2 types of stock options Handling the leverage and concentration risk of stock options Deciding what to do with the proceeds once choosing to exercise and sell If stock options are one of the perks of your job, you don't want to get bit by the tax dog, so don't miss this episode. What are the risks and benefits of the two primary stock options? It is important to understand the type of stock options that you have. There are two primary types of company stock options: incentive and non-qualified. The difference between the two is how they are taxed. Non-qualified stock options have no real risks until they are exercised since they aren't worth anything until they are above the strike price, or “in the money.” You can exercise your right to purchase these stock options at the strike price, but they first have to vest over a period of time, typically 4 years. If choosing to exercise and not immediately sell, and the stock price is above the strike price, your shares are in the money. If choosing to sell while in the money, any gain would be taxed at ordinary income rates and come through your paystub in most cases. Incentive stock options alternatively, offer the opportunity for preferential tax treatment compared to non-qualified stock options.  To get preferential long-term capital gains tax treatment, you must be 2 years from the grant date and 1 year after you've exercised. This is known as a qualifying disposition. The big risk if choosing this strategy is the potential for phantom income to be taxed at AMT rates. Before you reach the 12 month timestamp, the stock price could fall dramatically. If this occurs after the end of the calendar year when the exercise occurred, you would still be responsible for alternative minimum tax due on the 'bargain element," the difference between the strike price and fair market value of the stock when exercised. It's called phantom income, because the income effectively disappears, but the tax remains on gains that are no longer there due to a sinking stock price. Working with a professional can help you make better decisions Understanding strategies to unwind your stock options can be complex, which is why it's helpful to work with a professional. A financial professional can help guide you through the challenging decisions that stock options present. Stock options can be a very valuable part of your net worth and you don't want to make the wrong moves. Taxes and holding periods aren't the only challenges that you face by owning stock options; the concentration that you might have can pose further risk. Are your benefits putting you at risk? The advantage of having stock options in your benefits package could end up being a sizable risk if not managed properly. You may end up holding a supersized concentration of one stock. Having your net worth tied up in one stock can lead to more risk vs. a diversified portfolio. But many people delay selling because of the potential negative tax impact of selling. There are ways you can manage these risks. One way is to set target prices to time your exit. You won't always make the right call, but if you set up a framework to help manage your decisions it can help take the emotions out of the sale. You'll also want to consider the impact of your stock options on other areas of your financial plan. What do you do with the proceeds when you have been forced to sell There may be times when you are forced to sell before you are ready. This could be a large, infrequent income event that could change your tax situation. One of the best ways to see this impact is running a tax projection for the year. You may be able to take advantage of tax-loss harvesting to offset some of your tax burden. If you are charitably minded, then another way to reduce your tax liability is to set up a donor-advised fund. In the end, remember that stock options are a reward for your hard work. You don't want to ignore them or get caught up in analysis paralysis. You can avoid this by building your decision-making framework or working with a financial professional that can help walk you through your choices. Outline of This Episode [2:14] The difference between incentive and non-qualified stock options [7:40] Your concentration can be another risk [11:35] What do you do with the proceeds when you have been forced to sell [16:36] How are you handling your strategies? Resources & People Mentioned Tech Worker Stock Options Turn Into Tax Nightmares Episode 97 - How to Make Decisions About Your Equity Compensation Plans Episode 59 - Tax Solutions for Charitable Giving Connect With Chad and Will https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Follow Our Podcast Apple Podcasts Stitcher Google Podcasts

Are you in the Social Security tax bubble? Tax rules are complicated enough, and Social Security benefits during retirement years add another layer of complexity. Watch corresponding Youtube video here: https://www.youtube.com/watch?v=0RnQY0NxhSM&t=39s Your Social Security income can cause your actual tax rate to be much higher than expected. Not understanding how and when Social Security benefits are taxed can lead to an unpleasant surprise when Uncle Sam comes calling. You’ll also learn why multi-year tax planning is so important in retirement.  How should you decide when to take Social Security? If you are approaching age 62 you may be considering when to take Social Security. It can be tempting to take that low hanging fruit as soon as possible. But we often recommend that you delay taking your Social Security benefit for as long as you can. If you don’t take Social Security early then you need to think about how you’ll make enough money to cover the costs of your lifestyle. Do you have IRA’s, 401K’s, or even an old-fashioned pension? When planning your retirement income you’ll also want to think ahead to age 70 ½ when you’ll have to take the required minimum distribution or RMD. Have you decided when to take your Social Security benefit?  Social Security tax bubble or tax torpedo? Your Social Security benefit can be taxed like any other income source. But there is a way to determine if and how your benefit will be taxed. You can use a special calculation that is determined by the IRS. To do this, add up your taxable income and add half of your projected benefit. If it is over a certain threshold then it will be taxed. You’ll need to be careful when determining your income since tax rates increase slowly and then suddenly jump from 22% to 41%. You don’t want those taxes to torpedo your retirement planning. Listen in to find out how to plan ahead. It pays to plan ahead Sure, you want to pay the lowest amount in taxes each year, but retirement tax planning is a bit more complicated. You’ll want to consider your lifetime tax bill. You don’t want to pay 0% in taxes this year only to be stuck with a 24% tax bill next year. You’ll want to have a comprehensive retirement plan which considers when to take out more money for those big-ticket items that will inevitably come up. With a little bit of planning, you can spread your tax burden out over multiple years. You also need to consider that your 60’s provide you with a unique opportunity to name the income that you won’t have in your 70’s. Discover why your 60’s may be the most important tax planning decade by listening to Will Holt’s tax expertise.  Understand all the tax opportunities and risks that are out there There are plenty of risks involved with retirement tax planning but there are also lots of opportunities to save on taxes as well. One tax opportunity you shouldn’t miss is topping out your tax bracket with Roth conversions to help minimize your RMD once you turn 70 ½.  If you are planning to retire early the Affordable Care Act could throw you another curveball. It is important to understand the income levels needed to qualify for the subsidies available. There is a lot to consider when in retirement tax planning.  Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients by providing financial planning to the Triangle residents of North Carolina for 20 years. Outline of This Episode [1:27] When should you take Social Security? [4:12] A brief overview of the Social Security tax bubble [9:00] Why you should not only consider this year’s tax bracket [13:22] Can you change your mind when to take Social Security? [15:44] Why would someone take Social Security early? [17:32] What are other considerations? Resources & People Mentioned Episode 99 Connect with Will Holt Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

As the holidays near, visions of new tax savings dance in our heads.  But knowing how to spot them is what really matters. With all the new tax law changes, Will Holt joins us again to guide you through seven tax opportunities you can take advantage of before year-end. Some of these tips can save you thousands of dollars, so listen in to see how you they may benefit your personal situation. 7 Tax Opportunities to Take Advantage Of 1. Tax Harvesting (Loss or Gain) – This hasn’t changed with the new tax law, but depending on your tax bracket, that percentage of tax you pay may have. If you’re facing a significant amount of capital gains or expect large capital gain distributions, with the rough October performance, you may want to consider tax loss harvesting. This allows you to offset some of those gains and even go a step further, by using $3,000 of net losses against your income. It may seem counterintuitive to sell at a loss, but it could be an opportunity to offset high taxes. If you are in the new 12% federal tax bracket and lower, realizing more gains could be an opportunity instead, as these could be realized at 0%. But knowing your tax rate and all expected income is required. Discuss with a professional to know for sure. 2. Max Retirement Contributions – Understanding how close you are to the max of your retirement accounts, could present extra tax-advantaged savings at the end of the year. Maxing your 401K contribution is the first place to check. If you get a big year-end bonus, this could be a good trigger. Don’t forget your HSA, as this account provides a triple threat of tax savings (tax deduction, tax deferral, tax-free withdrawals). 3. Convert a Roth IRA? – Doing a Roth conversion can help you stay in your tax bracket by moving an IRA into a Roth. With the new lower tax rates, this could be an opportunity to lower the inevitable tax you were going to pay on this savings. Additionally, you will be taking money out of a tax-deferred account and moving it into a tax-free account. This is a good option for early retirees with large taxable accounts. But you’ll need to be more precise going forward, as the opportunity to recharacterize if you overshoot is gone. 4. Bunching Charitable Contributions – The new tax law has increased the standard deduction for individuals to $12,000 and for married couples from $12,000 to $24,000. This means around 90% of people will now be taking the standard deduction according to the Tax Policy Center. If you forecast your itemized deductions could be higher than the standard amount, consider bunching your charitable contributions into 2-year bundles. One way to do that is by using a bunching tool called a donor-advised fund.  The donor-advised fund allows for more flexibility in taking the deduction now, but still allowing for spreading contributions throughout the year. For more information about donor-advised funds, refer to episode 59 for more details. 5. Look at a Qualified Charitable Distribution Early in the Year – One of the opportunities, that hasn’t changed but is getting more attention, is the QCD or qualified charitable distribution. To enjoy this opportunity you are required to be age 70.5 and older as you can designate a portion of your required annual distribution directly to a charity. This takes some precision and should be targeted for earlier in the year when the RMD still needs to be taken as it must come directly out of an IRA and go directly to the charity of your choice. 6. 20% Deduction for Qualified Business Income – If you are a small business owner or entrepreneur the qualified business income deduction will be of interest. What’s come to be called the QBI deduction, or 199A deduction, is used for any business that is not a C corporation. If you have self-employed income or are an S Corporation, you can receive a deduction of 20% on your profit. However, there are income limitations. After you listen to this tip you’ll want to sit down with your tax professional and plan your taxes. We wrote a more detailed article on potential savings with QBI here. 7. Watch the Tax Torpedos – To truly understand your own tax planning, you have to watch specific income thresholds. We refer to these as tax torpedos. For example, if receiving a premium tax credit for health insurance, you could lose your entire subsidy if you surpass the income limitations by even $1. These are set according to the amount of family members (up to 4). A great example of why tax planning matters throughout the year as well. We discuss other important income thresholds dealing with the medicare premium surcharges, child tax credit cutoffs, and roth IRA limits. As you prepare for the holiday season, make sure you take a second look at your tax planning. By watching out for these financial opportunities, you could end up saving yourself thousands of dollars in taxes. It’s important to have a multi-year tax strategy and always consider the big picture, not just what is happening now.  Being financially smart means considering all aspects of your financial life.  This time of  year, that begins with looking for ways take advantage of new tax laws for your personal situation. Outline of This Episode [2:47] Tax loss harvesting [6:51] Retirement accounts tax savings [9:00] The Roth conversion [12:09] The new tax law increased the standard deduction [15:36] Qualified charitable distribution [19:43] The qualified business income deduction [22:37] Specific thresholds to look out for Resources & People Mentioned Episode 59 Tax Solutions for Charitable Giving Episode 63 – QCD’s Qualified Business Income Flowchart Connect with Will Holt wholt@financialsymmetry.com Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play Podcasts Stitcher Google Play

Our church family is charged with the same calling that the church family in the Bible was. This week, Will Holt digs into scripture and teaches what that means for us today.

Near tax time each year, do you find yourself wondering what other tax strategies you may be missing? Many people have a goal of paying less in taxes but are missing opportunities to be as tax efficient as possible with their entire financial picture. Fact is, there are things you can do between now and the end of the year that could be a nice benefit when filing your tax return this year. Join us this week, as we are interviewing a seasoned CPA expert on tax strategies people miss. Will Holt has spent 25 years preparing, reviewing and revising tax returns for clients. It was fun picking his brain to tease out seven tips for people to better position their tax situation next year. What You'll Learn In This Episode How important decisions during open enrollment could be for next year. The impact of missing out of employer contributions in your 401(k) or HSA. Why contributing to an account for your non-working spouse can be a better move. The ins and outs of gifting the right type of asset Understand the difference between taxable income and AGI as it relates to tax brackets Don't let the tax tail wag the investment dog. Education credits are powerful if used correctly

This week on Unorthodox, Jewish baseball is having a moment. Our Jewish guest is Adam Irving, whose documentary Off the Rails tells the story of Darius McCollum, an obsessive transit buff with Aspberger’s syndrome who has been arrested 32 times for impersonating New York City subway conductors and bus drivers. Adam tells us how his life has changed since releasing the film (his first) to critical acclaim, getting his start in reality TV, and how he feels about Darrius’s story getting the Hollywood treatment in a forthcoming film starring Julia Roberts as his lawyer. Our Gentile of the Week is writer and reviewer Macy Halford, whose first book, My Utmost: A Devotional Memoir, tells the story of Macy’s life through the lens of the bestselling Evangelical daily devotional My Utmost for His Highest. She read the book nightly, from her childhood in an Evangelical Christian family in Dallas to her years attending Barnard and then working for the New Yorker, and finally goes in search of its mysterious author, Oswald Chambers. She tells us about being called “an Esther”—hiding among non-believers at the New Yorker—by her mother, and what it was like to visit her family’s conservative Dallas community in the wake of the 2016 election. Sponsors: HelloFresh: For $35 off your first week of deliveries, enter code UNORTHODOX35 when you subscribe.Harry’s: Enter code UNORTHODOX at checkout to get a free post-shave balm. Music Credits:  "Mikveh Bath" by Golem "Balkan Español" by Golem "Sinnerman," written by Les Baxter and Will Holt, performed by Nina Simone "What's New, Pussycat?" written by Burt Bacharach and Hal David, performed by Franck Pourcel et Son Grand Orchestre "Belief" by John Mayer Learn more about your ad choices. Visit megaphone.fm/adchoices