Financial Planning vs. Financial Advisor

Written by Mike Rogers, President and Founder, at 360 Financial

When you start to get serious about pursuing financial independence, you’ll probably begin to wonder about the difference between “financial planning” vs. “financial advisor.” Similar terms can cause confusion, but we’re here to help you understand these terms and their differences.

TABLE OF CONTENTS

  1. What is Financial Planning?
  2. What does a financial planner do to help their clients?
  3. What designation does a financial planner have?
  4. What is the Difference Between a Financial Planner and Financial Advisor?
  5. What does a financial advisor do to help their clients?
  6. What designations does a financial advisor have?
  7. Do I Need a Financial Advisor or Planner?
  8. Do I need to find a financial advisor or planner locally?
  9. What is the cost of working with a financial advisor?
  10. Key Takeaways
  11. 360 Financial’s Financial Advisors

What is Financial Planning?

You have a financial goal but don’t know what steps to take to reach that goal. That’s where financial planning comes in: Financial planners help you create an actionable, achievable financial plan to help you meet your goals. A financial planner can help you reach long-term goals related to:

  • Budgeting
  • Saving
  • Retirement planning
  • Investing
  • Insurance

If you need help with these areas, then a financial planner is what you need.

What does a financial planner do to help their clients?

A financial planner creates long-term programs to help their clients reach their long-term financial goals. They help you chart a course for your life as it relates to your finances, analyzing every aspect—such as your savings, taxes, expenses, and investments.

Goals a financial planner can help you achieve include:

  • Saving to fund your child’s college education
  • Buying a new home
  • Saving to retire comfortably
  • Increasing profitable investments

One key aspect of a financial planner is that they provide targeted services. You’ll come in with a specific goal in mind, and they’ll help you reach that goal.

What designation does a financial planner have?

Typical designations of financial planners include:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

Make sure your financial planner has at least one of these designations before moving forward with them. The term “financial planner” is an unregulated umbrella term, so you’ll want to be sure that they have the proper designations before trusting them with your financial future.

Now that you have a full understanding of financial planners, we’ll dive into the difference between them vs. a financial advisor.

What is the Difference Between a Financial Planner and Financial Advisor?

The difference is that while a financial planner helps you with a very specific goal, financial advisors are more broad in their approach. Financial advisors typically offer the same services as a financial planner, but they offer even more, including managing your investments.

Another key difference between financial planners vs. financial advisors is how you pay them. A financial planner will typically charge a flat hourly or annual fee, while a financial advisor often earns commission on investments or products they sell. Some financial advisors earn a combination of commissions and flat fees, and others may charge a percentage of your overall portfolio per year.

Now, we’ll dive further into what exactly a financial advisor does to help you further understand the difference.

What does a financial advisor do to help their clients?

While a financial advisor offers similar services to a financial planner, they also offer even more services, including:

  • Managing your investments
  • Acting as your stock broker
  • Advising and arranging insurance coverage
  • Strategizing estate planning
  • Making financial decisions
  • Executing your financial plan

While a financial planner will create your plan, a financial advisor will provide more hands-on services actually to help you execute that plan.

What designation does a financial advisor have?

If a financial advisor is working with the public, they are required to hold a FINRA Series 65 license. On top of that license, they may also hold other financial certifications that are similar to those of a financial planner. These may include:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

The main designation to look for in a financial advisor is the FINRA Series 65 license.

Do I Need a Financial Advisor or Planner?

Choosing between a financial advisor and a planner will look different for everyone. The right fit for you depends on what your individual needs are. Before we jump into how to decide, remember that your needs will probably change over the course of your life. While one may be the best fit for you now, you may want to switch in a few years.

A financial planner is best for you if you:

  • Want help developing a long-term financial plan, but don’t need help implementing that plan
  • Want to understand how your finances will evolve over your lifetime
  • Have gone through a major life change, such as getting married
  • Are nearing retirement
  • Need help managing debt, saving for college or retirement, or minimizing expenses
  • Need help strategizing about asset transfers

A financial advisor may be the best fit for you if you:

  • Are looking for help implementing your financial plan
  • Don’t want to or don’t feel comfortable making financial decisions
  • Are looking for occasional financial guidance
  • Need help with a specific investment strategy

Again, your situation will likely change over your lifetime, so your decision isn’t permanent. You can always change your mind in the future.

Do I need to find a financial advisor or planner locally?

No, you don’t need to find a financial advisor or planner locally. In fact, doing so can be extremely limiting. The best fit for you may be just a Zoom call away, so don’t be afraid to consider financial advisors or planners that aren’t local.

What is the cost of working with a financial advisor?

Financial advisors can charge for their services in a few ways:

  • Flat hourly ($100 – $400 per hour) or annual fee (ranging between $2,000 and $7,500 per year)
  • Commission on investments or products (a certain percentage)
  • A certain percentage on your portfolio (typically 0.25% to 1% per year)

It all depends on which financial advisor you choose, and how they charge for their services.

Key Takeaways

  • A financial planner creates a plan, while a financial advisor creates your financial plan AND executes it.
  • A financial planner offers targeted services, while a financial advisor can help with more general financial services.
  • Choosing a financial planner vs. a financial advisor depends on your specific circumstances and needs, and these may change at any time.
  • Looking for a financial planner or advisor locally limits your options, and may stop you from finding the best fit.

360 Financial’s Financial Advisors

Mike Rogers

Mike Rogers, President, is the founder of Wayzata-based 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the client with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end all be all, instead it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

Next Steps

When you’re looking for a financial advisor, look for one that puts your needs first. At 360 Financial, we have a process centered around you, your goals, and what matters to you. We want to get to know you and your family, your financial goals, and any frustrations you have.

If you decide to work with us, we’ll mutually decide if there’s a comfortable fit—after all, we want to make sure your needs are being met. Book a 15-minute introductory call with 360 Financial today.


Top Financial Planning Articles

Want to keep learning about financial planning? Keep reading:

About the Author

This article has been reviewed by Mike Rogers, 360 Financial President and Founder of Wayzata-based 360 Financial. Prior to establishing the firm in 1995, he spent seven years building a solid financial base with two of the nation’s largest investment firms. As a fiduciary, he utilizes his 30+ years of experience to orchestrate and implement customized strategies tailored to address the issues and concerns of qualified retirement plan trustees, high-level professionals, and thriving business owners.

Mike holds the series 7 and 63 security registrations with LPL Financial. He served six years on the Benilde-St. Margaret’s Board of Directors, chairing the Investment Committee for many of those years. Through his membership in the Twin West and Wayzata Chambers of Commerce, he is able to better support business owners. And belonging to the LPL Financial Chairman Club and the Financial Planning Association allows continual support for the financial industry.

Schedule a Call

At 360 Financial, you and your financial goals come first, always. We’ll help you understand all the pieces of your financial puzzle, and work toward your financial goals for long-term success. Book a 15-minute introductory call with us today.



The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

How to Find a Wealth Management Advisor

Written by Mike Rogers, President and Founder, at 360 Financial

Wealth management advisors help you follow your dreams—whether that be retirement, a college fund for your child, or traveling the world. If you want to pursue your dreams, you’re probably wondering how to find a wealth management advisor. We’ll be diving into your question today.

TABLE OF CONTENTS

  1. How to Find a Wealth Management Advisor You Can Trust
  2. How do I choose a wealth advisor?
  3. What is the Typical Fee for a Wealth Manager?
  4. Are wealth management advisors worth it?
  5. How much money should you have to hire a financial advisor?
  6. Key Takeaways

How to Find a Wealth Management Advisor You Can Trust

Before you look for a wealth management advisor, you have to know what it really is. The definition of “wealth management” varies from company to company, and from advisor to advisor. No matter what advisory firm you turn to, make sure you understand what their definition of wealth management is—and if it will truly help you manage your wealth.

At 360 Financial, our wealth management advisors look at you and your family’s finances holistically. Our services include:

  • Meaning-of-life questions on life goals, money, and values alignment
  • Comprehensive & long-range wealth management & financial planning
  • Education planning & funding (college planning)
  • Estate & estate tax planning
  • Generational wealth
  • Investment advice & management
  • Philanthropic planning & charitable giving
  • Retirement goals & planning
  • Risk management
  • Specialist referrals
  • Tax planning & strategies

Our goal is to help our clients get their finances in order—ultimately helping them feel more confident and happy.

How do I choose a wealth advisor?

Finding the right wealth advisor helps you shift your mindset towards finances. You’ll look toward the future with confidence and optimism, knowing you’re breathing your dreams to life. Choosing the right wealth advisor is essential.

Here are our steps to help you choose the best wealth advisor:

  1. What does wealth management mean to you? Find an advisory firm who agrees with your definition.
  2. What do you want in a wealth advisor? Find one who offers those services.
  3. What wealth management services are most important to you? Look for an advisor with related experience.
  4. Think about how you would like your relationship with your wealth advisor to be structured—then ask potential advisors questions, to see if their vision aligns with yours.
  5. Look for an advisor who listens to you and is empathetic to your needs.
  6. Ask wealth advisors personal questions, such as, “What do you like to do for fun?” or “What do you enjoy most about managing wealth?” These questions can help you see if you mesh well.
  7. Consider the advisor’s client testimonials, or ask family and friends for their recommendations.

While finding a wealth manager can take time, you’ll be glad you looked for the right one you can trust down the line. After all, managing your wealth is an important task, and you need someone who can help you reach your goals—without stress.

At 360 Financial, we pledge to serve your needs with the utmost respect, earn your trust, and uphold your best interest. Here, we build intentional relationships, and many of our clients become lifelong friends.

What is the Typical Fee for a Wealth Manager?

Many wealth management firms have sliding scale fees. Typically, the more assets you have with the advisory firm, the lower the fee. You can expect to pay a certain percentage of the money you have with the firm—for example, maybe 1% or 2%. These fees will vary greatly, depending on which firm you choose.

Are wealth management advisors worth it?

Wealth management advisors are worth it, because with their help, you can pursue your goals confidently. Great wealth advisors simplify, clarify, and customize your investment approach. Ideally, their plans will be easy to understand, answering all your questions and providing a roadmap.

The fees are increasingly worth it the more wealth you have. However, wealth management benefits everyone, in all walks of life. You’ve worked hard to become successful, and you deserve the right guidance in seeking to ensure your assets are protected.

How much money should you have to hire a financial advisor?

If you have over $750,000 in investable assets, then you should definitely consider hiring a financial advisor. However, anyone can hire one, no matter what your financial situation is. If you have less investable assets, you may have to pay higher percentages.

 Key Takeaways:

  • Focus on finding a like-minded financial advisor in terms of:
    • Wealth management
    • What a wealth advisor offers
    • Relevant experience
    • Client relationship
    • Interests outside of work
  • Consider client testimonials, or ask family and friends for advisor recommendations
  • At 360 Financial, your needs come first, and we create a customized, financial plan for you. Your financial well-being and needs always come first.

Next Steps

At 360 Financial, we build relationships based on trust, communication, and chemistry. We want to get to know you, your financial goals and dreams, and any frustrations you’re facing. When you work with us, we mutually decide if there’s a comfortable fit—after all, we just want what’s best for you.

Book a 15-minute introductory call with 360 us today.


Top Financial Planning Articles

Want to keep learning about financial planning? Keep reading:

About the Author

Mike Rogers

Mike Rogers, President, is the founder of Wayzata-based 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the client with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end all be all, instead it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

Schedule a Call

At 360 Financial, our clients come first. You deserve personalized attention from an advisor at our firm. You’ll be happier and more confident to know that your needs always come first. Book a 15-minute introductory call with us today.



The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

How Does Wealth Management Work?

Written by Mike Rogers, President and Founder, at 360 Financial

In a time where financial instability is a huge concern, you may be wondering, “How does wealth management work?” This is a great question. When you start building wealth, the last thing you want to do is put it in a savings account that doesn’t make any interest.

In contrast, wealth managers make your assets and wealth work for you.

Sounds too good to be true? Keep reading while we explain wealth management and how it can benefit your finances.

TABLE OF CONTENTS

  1. What is Wealth Management?
  2. At What Point Do You Need a Wealth manager?
  3. Are Wealth Management Fees Worth it?
  4. Wealth Management Process
  5. Key Takeaways

What is Wealth Management?

Wealth managers help you not only save your wealth but also build upon it. They look at your financial goals and help you pursue financial freedom and security. Wealth managers help you manage your assets, invest wealth, and preserve wealth for future generations.

 A wealth manager will help you set up an investment plan that suits your goals and risk tolerance. They can advise you on how to achieve your goals by providing specific investment recommendations. They’ll help you make informed decisions about how your money is being invested.

How is a Wealth Manager Different from a Financial Planner?

While financial planners consider a broader vision of your finances—from insurance to everyday expenses—wealth managers might only focus on assets, investments, will and trust services, and estate planning.

At What Point Do You Need a Wealth Manager?

The higher your assets are, the less you’ll have to pay a wealth manager. That’s why typically only affluent people invest in wealth management. Wealth managers typically only serve high-net-worth individuals (HNWI), which is those with over $750,000 in assets.

Are Wealth Management Fees Worth it?

The truth is: It’s impossible to be an expert in everything. Wealth managers take the financial stress off your shoulders by giving you the knowledge and advice you need to continue building your wealth responsibly.

However, if you’re not a high-net-worth individual, wealth management fees are probably not worth it. In those cases, you can seek a financial planner.

Wealth Management Process

If you want to understand how wealth management works, here are the steps that a wealth manager will take: 

  1. Meet with you to understand your goals, needs, and financial situation.
  2. Research investment options to find those that align with your goals and needs
  3. Create an investment plan based on your preferences, goals, and risk tolerance
  4. Collaborate with you and making sure you’re comfortable with your plan
  5. Manage your investments over time
  6. Monitor your financial progress and make changes as needed

You’ll be in communication with your wealth manager throughout the whole process to ensure your needs are met.

 Key Takeaways:

  • Wealth management is for affluent people who need comprehensive wealth management services.
  • Your wealth management plan will be specific to your financial goals and needs.
  • Wealth managers help you invest and build your wealth.

Next Steps

At 360 Financial, we take the time to get to know you and your goals. We create a customized financial strategy to help you reach those goals. We’ll work with you every step of the way.

 with 360 Financial today.

Top Financial Planning Articles

Enjoyed this article? Keep reading to learn more about financial planning.

About the Author

Mike Rogers

Mike Rogers, President, is the founder of Wayzata-based 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the client with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end all be all, instead it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

Schedule a Call

At 360 Financial, we believe that every client deserves personalized attention from our team of experts. You can be confident in knowing that your financial needs are our first priority.



The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.

CHEERS TO A NEW YEAR OF INVESTING

For many investors, this year has been a wild ride—with interest rate increases, a crypto implosion, and whipsawing values in the major market indices. It might be tough to catch one’s breath and look ahead to next year. But the end of the year is the perfect time to take stock of your investments, evaluating what worked, what didn’t, and what you might do better next year. Here are four key opportunities to consider that may recharge and reset your finances as you enter the new year.

Review and Refresh Your Financial Plan

If you set goals for the past year, evaluate your progress. Did you spend more than expected? Save less than expected? Or did you manage your goals easily—suggesting a bigger challenge may be appropriate for next year?

While setting financial goals for next year, you might also consider the long-term. When do you plan to retire? What do you need to see before getting there—a specific number in your 401(k), a paid-off balance sheet, or something else? Should you stay in your home or downsize? The answers to these questions may help you formulate a more solid plan.

Assess Your Retirement Readiness

Are you on schedule to retire? Are you contributing enough to your 401(k) or IRA?

Though the answers to those questions depend on each person’s circumstances, some patterns are emerging in savings habits among those in their 20s, 30s, 40s, 50s, and beyond. Check these numbers to see whether you are on track.1

Age 20 to 29

Average 401(k) balance of $10,500 while contributing 7% of income

Age 30 to 39

Average 401(k) balance of $38,400 while contributing 8% of income

Age 40 to 49

Average 401(k) balance of $93,400 while contributing 8% of income

Age 50 to 59

Average 401(k) balance of $160,000 while contributing 10% of income

Age 60 to 69

Average 401(k) balance of $182,100 while contributing 11% of income

Age 70 to 79

Average 401(k) balance of $171,400 while contributing 12% of income

These numbers are simply averages—they do not account for income, sector, or cost of living. They also do not include assets in individual retirement accounts (IRAs), taxable accounts, or other savings accounts. But knowing what those in your general age bracket save, on average, might give you a better idea of your progress toward retirement savings.

You should notice that as workers grow older, they tend to contribute a greater percentage of their total income to retirement.

Pay Down High-Interest Debts

With interest rates continuing to rise, credit cards, home equity lines of credit, and other variable-rate loans are likely to grow more expensive.2 If you have any adjustable-rate loans, now is a good time to begin paying them off more aggressively.

Calculate Your Cash Reserves

It is a good idea to have some cash held for emergencies during turbulent times. From an unexpected medical bill to a new appliance, having cash on hand may help avoid the stress of paying for sudden expenses. Assessing your cash reserves at the beginning of the new year may give you a good baseline for setting cash accumulation goals.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking # 1-05337697.

Footnotes:

1 The Average 401(k) Balance by Age, Investopedia, https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp

2 What Rising Interest Rates Mean For You, CNN, https://www.cnn.com/2022/09/21/success/what-rising-interest-rates-mean-credit-mortgage/index.html

STOCK MARKET STOCKING STUFFERS: HOW TO GIVE A STOCK AS A GIFT

If you struggle to find a gift for the person who has everything—or want to do your holiday shopping without having to leave the house—consider giving stock as a gift. Doing so is easier than you think, and it may offer a few benefits for you as well. Here is some information on giving stock as gifts and the benefits of doing so.

What Are the Benefits of Gifting Stock?

When it comes to giving stock as gifts, there is one key benefit for both the giver and the recipient.

1. Stepped-Up Cost Basis

If you held a stock until it increased in value, selling it could mean paying capital gains taxes. But giving the stock to someone else means transferring these gains to the recipient, allowing them to take possession of the stock at its appreciated price.1

For example, if you purchased 100 shares of a stock and each share is now trading for more than the purchase price, cashing the stock might mean paying capital gains taxes on the amount the investment increased. If you give this stock to someone else, this person begins with a stepped-up-per-share cost basis. If they later sell the stock once it goes up more, they may only owe taxes on the profits-per-share difference.

2. Transfer of Wealth

Giving stock as gifts may also be a good way to begin passing down wealth to the next generation while minimizing your tax obligation. Cashing out stock and passing along the cash may mean paying capital gains taxes. The proceeds may also be subject to income taxes. This tax may depend on the type of account holding the stock and how long the investment was in the account.

Transferring stock to your children, grandchildren, or other loved ones may help them learn about investing in the stock market while reducing the assets you may eventually want to pass down through the inheritance process.

How To Get Started Gifting Stock

There are a few different ways to give stock as gifts, but the simplest ones involve setting up a brokerage account.

If you plan to give stock as gifts to your children, a custodial brokerage account allows you to transfer shares and buy and sell stock on your child’s behalf. Your child may take control of the account once they are a certain age, usually 18 or 21.

If you want to give stock to an adult with no strings attached, you may transfer them to that person’s existing brokerage account—or open and fund a brokerage account for them yourself. Talk to your financial professional for more information on giving stock as gifts this holiday season.

 

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

Stock investing includes risks, including fluctuating prices and loss of principal.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #1-05337702.

 

Footnote

1 How to Give Stock as a Gift (And Why Tax Pros Like the Idea), Nerdwallet, https://www.nerdwallet.com/article/investing/gifting-stock#

YEAR-END PLANNING CONSIDERATIONS FOR BUSINESS OWNERS

The end of the year can be a chaotic time for business owners. It is a time to compile data, review the numbers, evaluate strengths and weaknesses, and determine growth opportunities for the future. A business owner would be keen to review several factors in preparing year-end documents and preparing for the following year. Here are five tips that may assist with organizing a strategy.

 

1. Tax Planning –Have necessary steps been taken toward filing required business and individual tax returns, so they get filed on time? The type of business will determine the tax consequence. There are five general types of business taxes and tax changes that can be applied.

  • Income Tax

All businesses aside from partnerships file an annual income tax return. Partnerships file an information return.

  • Estimated Tax

This tax comes from income generated by interest, dividends, alimony, self-employment income, capital gains, prizes, and awards.

  • Self-employment Tax

Owed if earnings were $400 or more or church employee income was $108.28 or more.

  • Employment Taxes – These taxes include:
    • Federal income tax withholding
    • Federal unemployment (FUTA) tax
    • Social security and Medicare taxes
  • Excise Tax
    • Manufacture or sell certain products
    • Operate certain kinds of businesses
    • Use various kinds of equipment, facilities, or products
    • Receive payment for certain services

*Several forms may be required depending on the type of business.

  • Tax Changes
    • The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate income tax rate from 35 percent to 21 percent. If the business is, for example, an LLC and has grown considerable it may be possible to elect to be taxed like a C corporation while the tax rate is low. This act is set to expire January 1, 2026.
    • Some business can take advantage of the qualified business income deduction (QBI) that offers a deduction worth up to 20 percent of their share of the business’s income. However, specified service trades or businesses (SSTBs) may not be eligible for this deduction if their income is too high. Some example of STTBs are Financial Professionals, Law Firms, Accountants, Investment Managers, Medical Practices, and more. i Determining if you can claim it and calculating the deduction amount is complex and it is highly encouraged to seek the assistance of a financial professional.

 

2. Understanding the value of Life Insurance –

Life insurance is not just about preserving lost wages for surviving family members and evaluating how loved ones may transfer the business to them. Life insurance cash values can potentially become an asset that can be used to, for example, finance a buy-out or borrow against the policy or multiple policies to help cover business expenses. ii

 

3. Cybersecurity is a way of life now. Are you staying on top of new threats and measures to lower the possibility of attacks?

Breaches within the cyberspace of companies have become a real threat. Hackers are sophisticated and regularly create innovative techniques to break into company databases. What steps are being taken to stay updated with the evolving threats and means of protection against cyberattacks? iii

 

4. Whether to defer or accelerate income?

Smaller businesses often use the cash method of accounting on their books and tax returns. If the business is expected to be in a lower tax bracket the following year, consider deferring income to the following year. However, if the expectation is that the business will be in a higher tax bracket, consider accelerating income into the current year, for example, sending invoices and attempting to get paid sooner so income will be taxed at the current tax rate.

 

5. Record of Out-of-Pocket “Business” Expenses

  • Mileage log – A record of tracking miles to show to the IRS
  • Money spent out of personal accounts
  • Cash receipts (Gas, Uber or taxi cab, and other expenditures.) iv

 

Important Disclosures

 

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Please keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation, and lifestyle choices. Guarantees are based on the claims paying ability of the issuing company.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

 

This article was prepared by LPL Marketing Solutions

 

Tracking # 1-05341284

 

Footnotes: i Tax Cuts and Jobs Act, Provision 11011 Section 199A – Qualified Business Income Deduction FAQs | Internal Revenue Service (irs.gov) ii How Can I Borrow Money From My Life Insurance Policy? (investopedia.com) iii 6 Ways Cybercrime Impacts Business (investopedia.com) iv Reimbursable out-of-Pocket Costs Definition (investopedia.com)