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The Woodward Financial Advisors Blog

Where, Oh Where Are My Tax Forms? Thumbnail

Where, Oh Where Are My Tax Forms?

It’s early February, and by now you’ve likely received a (seemingly) random assortment of tax documents to share with your preparer. How do you know what forms you’re missing, how to obtain them, and when they’ll be available? This annual tax dance can lead to frustrations and potentially extra costs if you file prematurely. We’re here to help you solve the problem of two left feet ...

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Spring Clean Your Finances:  A Comprehensive Financial Health Checklist for a Prosperous Future Thumbnail

Spring Clean Your Finances: A Comprehensive Financial Health Checklist for a Prosperous Future

As the flowers bloom and the days grow longer, spring serves as the perfect reminder that it’s time to refresh and rejuvenate. While you’re decluttering your home and tidying up your garden, don’t forget to give your finances a thorough spring cleaning as well. Just like your living space, your financial health requires attention and maintenance.

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All These Forms are Rather… Taxing  Thumbnail

All These Forms are Rather… Taxing

We all know the saying that nothing is certain in life except death and taxes, and I would certainly rather talk about taxes! It’s that time of year again – the IRS is now accepting returns and the worry about this year’s “damage” may have started to creep in. On the other side of the fence, tax preparers have bought up all the coffee pods and are kissing their loved ones goodbye as they hunker down for the busy season.

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SECURE ACT 2.0: One of the Few Certainties in Life is Taxes, and Changes to Them Thumbnail

SECURE ACT 2.0: One of the Few Certainties in Life is Taxes, and Changes to Them

Happy New Year from all of us at Woodward Financial Advisors! Three years ago, the original SECURE Act (Setting Every Community Up for Retirement Enhancement) passed, bringing a host of changes, including an increase to the Required Minimum Distribution age from 70 ½ to 72 and the elimination of the “Stretch-IRA.” On December 29, 2022, the much-anticipated SECURE Act 2.0 was signed into law.

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Keep an Eye Out for the Kitty, or Rather, the Kiddie Tax Thumbnail

Keep an Eye Out for the Kitty, or Rather, the Kiddie Tax

Each year, I get a tax bill for our family dog. This county tax pays for animal control and shelter services. Our neighbors get a similar bill for their cats. But this kitty tax is entirely different from what’s known as the “kiddie tax”, which is the topic of this article… sorry if this is a disappointment for you cat lovers out there! The kiddie tax comes into play when someone is considering giving to a minor-age family member. Many of our clients are very generous to their loved ones, so we find ourselves discussing this sometimes-overlooked rule often.

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