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Defining and Achieving Financial Wellness

Your 4% Withdrawal Strategy May Not Be Enough

YOUR 4% WITHDRAWAL STRATEGY MAY NOT BE ENOUGH Get the Tax Guidance You Need to Help Live the Retirement You Desire There’s a lot of concern among industry experts about whether the popular 4% withdrawal rule can provide enough income...

New Year, New You: 6 Resolutions for 2022

Last-Minute Financial Tips to End the Year

The Basics of Long-Term Care

At some point in our lives, most of us will need assistance with daily activities like dressing, bathing, driving, and cooking. Long-term care involves a variety of services designed to meet a person's health or personal care needs....

A Recipe for Financial Planning Success

Does thinking about investing leave a bad taste in your mouth? With all the jargon that gets tossed around, it’s not uncommon to feel like you have egg on your face when you try to make sense of it all. Here’s some food for...

October is Financial Planning Month

October as Financial Planning Month, which makes it an excellent time to review the 8 Wealth Management Issues® that we use to help build your wealth management plan: Investment Management: Discussing your unique needs allows me to...

What to Do with Your Retirement Plan When Changing Jobs (Pt. 2)

If you’re changing jobs, you may be wondering about what to do with your accrued retirement plan savings. Obviously you’d like to maximize your retirement savings and minimize the taxes you pay on them, but it isn’t...

What to Do with Your Retirement Plan When Changing Jobs (Pt. 1)

Are you changing jobs? If so, you may be thinking about what to do with the retirement plan savings you have accrued. Your goal is likely to maximize your retirement savings and minimize the taxes you pay on them, but it isn’t...

College Checklist: Financial Tips for Freshmen

It’s that time of year again: back to school. For millions of Americans, that means students are headed off to college, many for the first time. While these students may be enjoying newfound freedom, it’s important to...

Expect the Unexpected: Hidden Costs on Campus

Whether you’re paying for your child’s college education with a 529, scholarships, loans, or a combination of these, there are other expenses to consider when making a budget for your child to attend college. Here are a few...

5 Things You Didn’t Know about 529 Plans

While you may know that 529 College Savings Plans offer tax-deferred savings and tax-free withdrawals, there are several aspects of 529s you likely don’t know about. The benefits of college savings programs extend well beyond tax...

Using Your Child Tax Credit to Pay for College

The Child Tax Credit, which has existed for over two decades, was recently expanded under the American Rescue Plan from $2,000 to $3,000 (children 6-17) or $3,600 (children under 5) per child, depending on a family’s income....

Leaving a Legacy: What Your Estate Plan Doesn’t Cover

A few weeks ago, we spoke about the 6 steps of estate planning. But estate planning isn’t just about setting up a will and getting financial documents in order. It’s also about thinking about the legacy you want to leave...

The 6 Steps of Estate Planning

Estate planning can often be a neglected part of financial planning, because it can be uncomfortable or difficult to think about dying or becoming incapacitated. However, it is important to consider who will handle your...

5 Ways You SHOULD Spend Your Tax Refund

Every year, millions of Americans receive a tax refund. This year, you may have been one of them. While in theory it’s best to prepay your taxes accurately with no anticipated refund—after all, a refund means you have...

5 Ways You Shouldn’t Spend Your Tax Refund

Every year, millions of Americans receive a tax refund. This year, you may have been one of them. While in theory it’s best to prepay your taxes accurately with no anticipated refund—after all, a refund means you have...

2021 Child Tax Credit: What You Need to Know

Starting in July, many parents are expected to get a financial boost in the form of direct monthly payments to support the cost of raising children. As part of the most recent stimulus bill passed in March, Congress raised the 2020...

New Washington Payroll Tax - Act Now to Opt Out

You may have heard that a first-of-its-kind program, a result of the Washington State Long Term Care Trust Act, instituting a compulsory short-term care benefit is going into effect soon in Washington. What you may not know is there is...

Tax Deadline Extended to May 17, 2021

The Treasury Department and Internal Revenue Service have formally extended the individual federal income tax filing due date to May 17th, 2021. What this means to you: We must receive all outstanding documentation in our office by...

Important 2020 Tax Return Update

To our valued tax clients: We ask for your patience as we do expect delays in processing many returns this year. We are currently awaiting needed IRS forms, tax software updates and additional information. We will contact you if we...

Tax Truths and Tall Tales – Part 2

With something as complicated as the US tax code, it makes sense that a few tax myths have developed along the way. Often, these myths are centered on what is and isn’t deductible. Last month we explored whether pet expenses,...

Tax Truths and Tall Tales – Part 1

With something as complicated as the US tax code, it makes sense that a few tax myths have developed along the way. Often, these myths are centered on what is and isn’t deductible. Here are a few examples that can help you sort...

Read This Before You File

Following such an unprecedented year, the Internal Revenue Service recently shared important reminders for taxpayers, many of which may be relevant to larger numbers of taxpayers than in previous years. Keep the following in mind as...

Expect the Unexpected: 5 Common Tax Surprises and How to Avoid Them

After nearly a year of living through “unprecedented times,” you are likely trying to avoid any unwelcome surprises. Planning ahead can prevent you from being caught unaware and, more importantly, keep you on track....

2020 Tax Season: How COVID May Affect Your Taxes

2020 was a year like no other, so it should be no surprise that your 2020 taxes may be the same. For many, this year’s tax filing may include unemployment insurance claims, stimulus check income, and more, all of which may...

Keep IRS Notice about Economic Impact Payment

If you received an Economic Impact Payment earlier this year, be sure to keep Notice 1444 “Your Economic Impact Payment” with your tax records. The image above is an example of what this notice looks like. This notice,...

CARES Act Tax Deduction for Charity Donations

The holiday season is upon us, and for many, that means spreading joy by giving to others. We at Gene Bell & Associates are giving to Bellingham Food Bank's Food4Tots program, which feeds over 250 babies in our local community....

5 End of Year Tax Moves to Consider

With only a month left to go in the year, it’s time to think about year-end tax planning that can potentially lower your tax bill in 2020 and beyond. Here are five potential tax moves to consider before the end of the year....

Home Office Deductions – Do You Qualify?

If you have spent the majority of this year working remotely, you likely have invested in making your work from home space more, well, workable. Maybe you purchased a new desk or laptop or upgraded your internet connection. With 2020...

How do elections affect the market?

If you’re anxious about the election, you are not alone. Emotions run high in any election year, and this year is certainly no exception. Round-the-clock news coverage may make it easier to stay informed, but it can also make it...

5 Reasons Not to Retire – Yet

Thinking of retiring soon? Below are a few reasons why you may actually want to hold off on retiring just yet: Lower Social Security benefits: If you claim Social Security before full retirement age,* you’ll receive a lower...

College and Coronavirus: Optimizing 529 Plan Savings during a Pandemic

Learners of all ages, from kindergartners to graduate students, made a dramatic shift only a few months ago to virtual learning. As the new school year begins, many schools and universities plan to continue online courses or offer a...

Additional Unemployment Benefits: What We Know So Far

If you are one of the more than 30 million Americans that is currently receiving unemployment benefits, you may have been happy to hear about President Trump’s recent executive order offering an additional $400 per week on top of...

4 Ways the CARES Act May Affect Your 2020 Taxes

The 2019 tax filing deadline’s move from April 15th to July 15th may not have be the last time COVID-19 affects your taxes. There are several aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that could...

How Staying Safe Could Lead to Substantial Savings

With all the time spent at home lately, it’s no surprise that many people have been saving money. What some call the “homebody economy” has led many to spend less on travel, commuting-related expenses, entertainment,...

4 Fun Facts about the 4th of July

This 4th of July will provide a much-needed chance to relax in the sun and enjoy the holiday with family. As you plan your celebrations, read on to learn a few fun facts that you may not know about Independence Day. Declaring...

Additional Weekly Federal Unemployment Assistance Ends Next Month – Here’s How to Prepare

When it was enacted in March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act significantly expanded unemployment benefits by adding on an additional $600 per week to what states traditionally pay the unemployed, which...

Still Waiting on Your Stimulus Check? Here’s What You Need to Know

If you’re still waiting on your Economic Impact Payment from the IRS, you’re not alone. Around four million taxpayers have not received the funds because the IRS did not have direct deposit information on file for them. On...

Economic Update for the State of Washington

Whether you work for or manage a business in our state, you have undoubtedly been impacted by COVID-19. See below for a few highlights of recently released information about the state’s Safe Start plan and unemployment assistance...

COVID-19 Resources for Businesses and Families

As the situation with COVID-19 continues to develop, Gene Bell & Associates' priority is always the health and well-being of our staff and clients. Our sincere hope is that you and your loved ones are staying safe and healthy. Make...

Financial Assistance for Small Business Owners Affected by COVID-19: Disaster Assistance Payments

Even the most prepared businesses need to plan for what happens if cash flow decreases or runs out. With the uncertainty of how COVID-19 will affect your business long term, you may be wondering how long you can continue to pay your...

Financial Assistance for Business Owners Affected by COVID-19: Paycheck Protection Program Loans

Even the most prepared businesses need to plan for what happens if cash flow decreases or runs out. With the uncertainty of how COVID-19 will affect your business long term, you may be wondering how long you can continue to pay your...

Financial Assistance for Small Business Owners Affected by COVID-19: Economic Injury Disaster Loans

Even the most prepared businesses need to plan for what happens if cash flow decreases or runs out. With the uncertainty of how COVID-19 will affect your business long term, you may be wondering how long you can continue to pay your...

How We are Handling the Ongoing COVID-19 Situation

Dear Valued Clients, The health and well-being of our staff and clients is always our top priority, so we wanted to reach out to provide an update on how we are handling the ongoing COVID-19 situation. Based on the guidelines of the...

Staying Calm When the Market Isn’t

Cable news networks provide content every minute of every day, which means they have an interest in continuing to report on the same news story—even when nothing has changed. Our smartphones ding constantly throughout the day,...

5 Easy Ways to Save Money in 2020

Did you make a New Year’s resolution to save money? Have you been successful? Below are a few very simple ways to help you curb unnecessary spending and save more money this year without making huge changes or sacrifices. Track...

Gift Tax Deadline

The 2018 gift tax return deadline is almost here Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return...

Vehicle-Expense Deduction

Vehicle-expense deduction ins and outs for individual taxpayers It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs...

Careful Tax Planning Required

Careful tax planning required for incentive stock options Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a...

Some Deductions May Be Smaller on 2018 Tax Returns

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized...

3 Big TCJA Changes

3 big TCJA changes affecting 2018 individual tax returns and beyond When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and...

Why You Shouldn't Wait

Why you shouldn’t wait to file your 2018 income tax return The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year...

Hurdles to Investment Interest

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One...

Still Time for 2018 Donations

There’s still time to get substantiation for 2018 donations If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations....

Marginal Income Tax Rate

What will your marginal income tax rate be? While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain...

2 Major Tax Law Changes

2 major tax law changes for individuals in 2019 While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019....

A Review of Tax Cut and Jobs Act

A review of significant TCJA provisions impacting individual taxpayers Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your...

Year-end To-do List

Year-end tax and financial to-do list for individuals With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible...

Conducting a year-end risk assessment? Try this.

Donation Deduction

Check deductibility before making year-end charitable gifts As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy....

Play Your Tax Cards Right with Gambling Wins & Losses

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report...

Do You Need to Adjust Your Withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive.

Get Started on 2018 Tax Planning Now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months.

What's Your Mileage Deduction?

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions.

Don't be a Victim of Tax Identity Theft: File Your 2017 Return Early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15.

Tax Cuts and Jobs Act: Key provisions affecting individuals

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.

2018 Retirement Plan Contribution Limits

401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018.

7 Last-Minute Tax-Saving Tips

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31.

Annual Fall Craft & Antique Show

The 28th Annual Fall Craft & Antique Show is here! There will be a fun mix of handcrafts, holiday décor, re-purposed treasures and gourmet foods. There will be over 100 vendors that will fill the Northwest Washington Fair Expo...

National Comic Book Day

Today is a very important day, indeed. It's National Comic Book Day! Did you know that our very own Gene Bell loves comic books? Some of his all time favorites are Hawkeye, Batman, Silver Surfer and Starman!

9/11 Remembrance Day

On September 11, 2017, and the days leading up to it, the nation will mark the anniversary of the 2001 terrorist attacks that rocked our country. As we reflect on that moment in our history, we will honor the victims, first responders,...

Local Fall Favorite: BelleWood Acres

With Autumn making it's grand entrance soon, what better way to start off the season than by visiting our local Bellewood Acres? A local favorite, Bellewood Acres brings locals and out-of-town guests together each year.

Northwest WA Fair

The Northwest Washington Fair is finally here! This is a 6 day event located in Lynden, WA. There are all kinds of entertainment for people of all ages, including fair rides, local food, draft horse competitions, craft displays, and...

Marriage: How a Name Change Impacts Taxes

A name change can have a huge impact on taxes. All the names on a taxpayer's tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here's what you should do to avoid the delay of filing your

Summertime Scams

Even though we are past the tax season and most of you have already completed your 2016 taxes, there are still scams you should be aware of this Summer. Scams continue to grow and claim victims, which is why we want to make sure you...

Independence Day

Independence Day is a day of family celebrations with picnics and barbecues, showing a great deal of emphasis on the American tradition of political freedom. Many people display the American flag outside their homes or businesses on...

Vacation Ideas to Save Money

Summer is right around the corner, and what better way to start off your by planning a vacation! Here are a few tips that could save you quite a few bucks, especially if you are on a tight budget. Choose a local location. The further...

Memorial Day

Originally called Decoration Day, the last Monday of May is a day to remember those who have passed in service of the United States of America. Many people visit cemeteries and memorials to remember their lost loved ones. It is...

Local Spring Activities

Local Spring Activities

Valentine Cookies!

Valentine's Day Cookies!

Tax Season is Here!

The New Year of 2017 has only just begun, and we are already in the depths of tax season. The tax filing season officially began on January 23rd. Where on earth did all the time go? The year of 2016 quickly passed us by, and here we...

Welcome to the Gene Bell & Associates Blog!

Join Gene Bell & Associates and our community of colleagues and friends as we blog about financial wellness - with tips, insights, and a little humor. The Gene Bell & Associates Blog is where we will keep you updated with the newest...