Entering retirement—even thinking about retirement—carries a host of emotions ... excitement, stress, relief, anxiety, and joy among them. The team at CCM has experience helping clients navigate all of these emotions and so much more, and we’re honored to provide support in this significant life transition. Before you make the leap, here are four things that you should consider: Revisit Your Spending As your retirement date nears, create a budget of all your fixed expenses (mortgage ... [Continue Reading]
Articles and Publications
A library of topical publications and articles written by CCM team members specifically for our clients.
Your birthday this year could mark an important tax and financial planning milestone. Following are opportunities and considerations as we move into 2022. Age 50 » Catch-up contributions of up to $6,500 can be made to your employer-sponsored retirement plan, such as a 401(k), or up to $1,000 to a Traditional or Roth IRA. You can make the full catch-up contribution if you reach age 50 at any point in 2022. Age 55 » You can make a catch-up contribution of up to $1,000 to your Health Savings ... [Continue Reading]
Back in November, when the weather was warmer and the world was a bit more open, I hosted a gathering in my backyard to celebrate the 40th birthdays of two of my closest friends. As a part of the evening’s festivities, we all gathered around the roaring fires and each guest took a turn sharing a nugget of wisdom or lesson learned over the course of their ever-changing life. Some were funny enough to bring people to the edge of tears, while others were heartfelt and emotional enough to take some ... [Continue Reading]
In July, Minnesota joined at least 15 other states by enacting a new pass‐through entity tax election available to business entities taxed as S Corporations or Partnerships. The pass‐through entity tax election is effective for tax years beginning in 2021, and allows qualifying business entities to pay state income taxes on the business income to Minnesota at the entity level rather than at the individual level. Why Would a Business Entity Make the Election? The new law serves as a ... [Continue Reading]
As we approach the end of the year, it is a great time to evaluate your tax situation—both for this year and next. A crucial step in the evaluation process is having a tax projection completed. A tax projection is the process of preparing a pro-forma tax return based on actual year-to-date information and on forecasted information for the remainder of the year. In times such as the past several years where we’ve experienced complex and ever-changing tax laws, a projection also allows for careful ... [Continue Reading]