SOSMagAprilJune2021

Tax mistakes can have a dramatic effect on your finances when you’re on a fixed income. At PN Financial Services, we are committed to helping our clients navigate the complexities of retirement planning in a straight-forward, easy to understand way. We will work closely with you to build out a plan specific to your needs to lead you to the right track for a successful retirement. Our team of financial professionals have the ability to assist with retirement planning, estate planning, and business succession planning. We are also able to analyze and recognize tax consequences that may apply. In turn, we deliver you a truly complete plan. Call us at 419-625-4942 for a free, no obligation consultation today. We have offices located in both Norwalk and Sandusky. Retirees Who Plan Carefully Can Often Pay a Lower Tax Bill in Retirement Here are some tax tips that could save you money in retirement: · You May Be Able to Contribute to an IRA If you are retired but you or your spouse are still working part time, it is still possible to make Roth IRA contributions. It won’t decrease taxable income today, but the growth will give you more income. · Reduce the Tax Burden on Your Heirs When leaving money to loved ones, remember to think about the taxes that will be due on each type of inheritance. Leaving stocks to beneficiaries instead of selling them for cash, could prevent you being hit with large capital gains tax. Also, if heirs receive the actual stock instead they receive a step-up in basis. That means capital gains would be calculated based on the date of death value and not original purchase date. Securities offered through Avantax Investment Services SM , Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services SM . Carl McGookey, Financial Advisor PAID ADVERTISEMENT Sheriff Sigsworth warns that warm weather brings out fraudsters that pose as businesses, supposedly skilled at home repair and driveway resurfacing. Typically, these imposters don’t have the skills or materials to do the work needed. They often ask for a 50% deposit, take the money and never return. Or they can return and use the wrong materials and/ or poor workmanship/no workmanship and take your money. CONSUMER BEWARE: Spring Weather Brings Home Repair & Driveway Fraud BEFORE YOU AGREE to accept verbal or written offer, call Serving Our Seniors (419-624-1856). Police records and court records are on line. Let us see what we can find out about the so-called home repair/driveway business. We will also contact the various municipalities and see if they are registered or licensed in Erie County. Sheriff Paul Sigsworth 23