Taxes

Student Loan Forgiveness

Posted on October 26, 2022

If you haven’t heard, the beta version of the public student loan forgiveness application went live.  This application for student loan forgiveness is the largest ever one-time student loan discharge ever offered by the US government. While student loan forgiveness has become a polarizing political issue it has also become a reality for millions of Americans and the potential planning implications are too important to ignore.   First the facts: Currently there are 1.6 trillion dollars in outstanding public student loan debt in the United States. Over 43 million Americans currently have student loan debt. The current student loan forgiveness program will...

Death, Taxes, and Market Volatility

Posted on October 10, 2022

It’s always difficult (some say impossible) to accurately explain the entirety of the financial markets at any single point in time.  There are several macro factors affecting the equity, bond, and real estate markets as a whole that are worth acknowledging as well as our response to them.  Its important to note, this is not personalized financial advice, do not take this as investment advice and please reach out to us concerning any opportunities you may have before you pursue them.   Inflation First and foremost, inflation is the bogeyman that has likely been blamed for all of the market woes at one...

Sample Advanced CTC Check

Should you Opt Out of the Monthly Advance Child Tax Credit Payments?

Posted on September 11, 2021

With the monthly Advance Child Tax Credit Payments starting to be sent out in mid-July, we’ve received several inquiries from clients as to whether or not they should opt out of these payments (to avoid potentially having to pay it back when they file their 2021 returns). As such, I thought it would be helpful to provide an overview of how it works, how to calculate your 2021 amount, and how to decide if you should opt out of the monthly advanced payments.   By Laurence Schiffman, CFP® September 11, 2021   Estimated Read Time:  12-14 minutes If you don’t care about the details, scroll to the...

Hand Sanitizer and Masks are Tax-Deductible (and HSA eligible)

Posted on April 2, 2021

Last week the IRS announced that amounts paid for Personal Protective Equipment (PPE), which includes masks, hand sanitizer, and sanitizing wipes are tax-deductible medical expenses if the primary purpose for purchasing them was to help prevent the spread of COVID-19. They also made this ruling retroactive to January 1, 2020. Unfortunately, in order to qualify for the deduction for medical expenses you need to itemize your deductions and only the portion of your medical expenses above 7.5% of your AGI is tax-deductible so very few people will actually be able to claim those deductions. Don’t fret though because there’s a twist to...

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Traverse Planning is a dba of Clear Creek Financial Management, LLC. Clear Creek Financial Management, LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Clear Creek Financial Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Clear Creek Financial Management, LLC unless a client service agreement is in place. Traverse Planning® is a registered trademark of Laurence Schiffman. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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