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Join us as we discuss various topics to help you find the path to viewing money as a means to the true currency, TIME, and learn how to build more memories and experiences.

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THE CURRENCY
OF TIME

What if you could do what you're passionate about and achieve a work-life balance? What if you were relieved of the pressure to have some massive amount saved?

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2905 12th Ave South, #108
Nashville, TN 37204
Phone: (615) 435-3644
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Tax Planning

Tax Planning

The Importance of Tax Planning

Careful planning throughout the year can assist you in reducing the taxes you pay – as well as help you achieve your financial goals. This brief guide provides a basic overview of some of the tax rates, credits, deductions and related considerations that may apply to you.

Income tax planning should not be done in isolation, but instead should be driven by your overall financial goals and integrated with your total financial plan. By developing and implementing appropriate strategies to lessen or shift current and/or future tax liabilities, you can improve your prospects of meeting both long- and short-term objectives. For example, accurately projecting your income taxes can help you determine the cash flow available to you in the coming year.

Keep in mind that tax laws are often complex and frequently change. As a consequence, you should be sure to consult the appropriate professional before making investment and/or tax decisions.

The information provided in these web pages is based on internal and external sources believed reliable; however, the accuracy and completeness of the information is not guaranteed and the figures may have changed since the time of printing. Examples are hypothetical illustrations and not intended to reflect the actual performance of any particular security. Please consult your tax advisor for questions relating to your individual situation.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount is subject to its own five-year holding period.

Year-End Considerations

While year-round tax planning is important, you may find extra benefits by gathering all your tax-related facts as the year ends. You may, for example, have a clearer picture of your capital gains and losses, as many mutual fund companies issue distribution estimates by mid-December. The end of the year is a fine time to:

Examine your portfolio’s asset allocation
Rebalance your portfolio, if warranted
Assess holdings (Are they performing as expected?)
Add up tax-loss harvesting possibilities
Max out contributions to 401(k)s or other tax-advantaged retirement accounts
Make last-minute charitable donations
Pay deductible taxes for 2011 early, if it helps reduce adjusted gross income
If the alternative minimum tax applies to you, take AMT-appropriate actions

Investors should consult a tax professional about their specific situation.

The information provided in these web pages is based on internal and external sources believed reliable; however, the accuracy and completeness of the information is not guaranteed and the figures may have changed since the time of printing. Examples are hypothetical illustrations and not intended to reflect the actual performance of any particular security. Please consult your tax advisor for questions relating to your individual situation.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount is subject to its own five-year holding period.

Key Tax Rules

Kiddie Tax Rules
The Kiddie Tax rules require the unearned income of a child or young adult be taxed at the greater of the child’s or parents’ marginal tax bracket once the unearned income exceeds $1,900. Under the Kiddie Tax rules, the first $950 in unearned income is not subject to tax. The next $950 of unearned income is taxed at the child’s rate (typically 10%). Then, any unearned income of more than $1,900 is taxed at the parents’ marginal rate. The Kiddie Tax rules apply to unearned income of the following:
  • A child under age 18,
  • An 18-year-old whose unearned income does not exceed one-half of his or her support, and
  • A 19- to 23-year-old full-time student whose income does not exceed one-half of his or her support.

Individual Retirement Accounts

Generally, contributions are fully deductible unless you or your spouse are covered by a workplace retirement plan, in which case the following deduction phase-outs apply.

Traditional IRA: Deductability of Contributions
Status Adjusted Gross Income Deduction
Married Filing Jointly* $0 – 92,000
92,000 – 112,000
More than 112,000
$5,000 Maximum
Partial
None
Single $0 – 58,000
58,000 – 68,000
More than 68,000
$5,000 Maximum
Partial
None
For Noncovered Spouse** $0 – 173,000
173,000 – 183,000
More than 183,000
$5,000 Maximum
Partial
None

*If neither individual or spouse is covered by a plan, you can deduct up to $5,000 each or MAGI, whichever is less.

Nashville Location:
2905 12th Ave South, #108
Nashville, TN 37204
Phone: (615) 435-3644
Murfreesboro Location:
1639 Medical Center Pkwy,
Floor 4,
Murfreesboro, TN 37129
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Murfreesboro Location:
1639 Medical Center Pkwy,
Floor 4,
Murfreesboro, TN 37129

Adams Wealth Partners, LLC is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC

Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The running stock ticker is not a recommendation to buy or sell stocks of the companies pictured.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, marketed as Adams Wealth Partners. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.Adams Wealth Partners is separately owned and operated and not independently registered as a broker-dealer or investment adviser.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP® holders at Adams Wealth Partners, LLC are: David Adams, Myles Zueger, Carson Odom, and Spencer Provow

CPA holders at Adams Wealth Partners, LLC are: David Adams, Carson Odom, and Christine Kinsley

Please note that all archived content is for informational purposes only. Investment decisions should not be based on the content provided herein. For the most up-to- date statistical information and analysis, please contact your financial professional.

Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

The 2024 Forbes ranking of America’s Top Wealth Management Teams Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 3/31/2022 to 3/31/2023 and was released on 01/09/2024. Advisor teams that are considered must have one advisor with a minimum of seven years of experience, have been in existence as a team for at least one year, have at least 5 team members, and have been nominated by their firm. The algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 10,100 team nominations, 4,100 advisor teams received the award based on thresholds. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please see https://www.forbes.com/lists/wealth-management-teams-best-in-state/ for more info.

Barron’s Top 1,200 Financial Advisors 2023, is based on the period from 09/30/2021 - 09/30/2022 and was released on 03/15/2023. 5630 nominations were received and 1,200 won. Neither Raymond James nor any of its advisors pay a fee in exchange for this award. More:https://www.raymondjames.com/award-disclosures/#2023-barrons-top-1200

Please note that all archived content is for informational purposes only. Investment decisions should not be based on the content provided herein. For the most up-to- date statistical information and analysis, please contact your financial professional.

Raymond James is not affiliation and does not endorse the above-mentioned organizations.

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