Blog
4 Important Tax Items Every Retiree Should Know About
Once you retire, it's helpful to keep several tax opportunities and tax consequences in mind. Retirement may mean that you’ve stopped working, but it doesn’t mean that you’re finished with worrying about taxes. Many...
Read More
IRS Releases 2020 Contribution Limits
Today 11/6/2019, the IRS has officially released 2020 contribution limits. These limits largely mirrored industry predictions that have come out over the past few months. Plan Type 2020 2019 401(k), 403(b) & 457 Plans Elective...
Read More
Know the Basic Rules of Required Minimum Distributions (RMD's)
Required Minimum Distributions:Get to Know the Basic Rules What are required minimum distributions (RMDs)? When you turn 70½, the IRS requires you to start making annual withdrawals from your retirement account. This rule is...
Read More
When is the best time to start taking Social Security benefits?
When is the best time to start taking Social Security benefits? Since you can begin taking Social Security benefits any time between the ages of 62 and 70 (assuming you have worked long enough to qualify), this is a question we hear...
Read More
The ABCs of 529 College Savings Plans
The ABCs of 529 Savings Plans The benefits include a variety of investment options and potential tax advantages. Key Takeaways Alleviate the impact on financial aid. Be more flexible thanks to fewer account restrictions. Control the...
Read MoreShow All
HSA and FSA - Open enrollment time 2019
HSA and FSA: What’s the Difference? For Some Employers, it’s almost Open Enrollment time! It’s that time of year when you stare blankly at your open enrollment web page or packet full of glossy brochures. Suddenly,...
Read More
5 Steps to reduce Portfolio Risk
The uptick in market volatility from earlier this month has been gaining momentum. China announced this week that new tariffs will be imposed on $75 billion worth of U.S. goods. ur investment allocation and financial planning strategies st
Read More
Market Update-Volatility is Back
Stocks have entered another bout of volatility following two months of calmness. The S&P 500 had a stretch of 36 straight trading days without closing up or down more than 1% prior to Wednesday’s 1.08% decline. More volatility..
Read MoreIs there a way to Avoid Federal Income Taxes on your RMD?
Financial Advisors in Maine that can help you Avoid Federal Income Taxes on your Required Minimum Distribution.
Read More6 Financial Tips for Young Adults
Unfortunately, personal finance has not yet become a required subject in high school or college, so you might be fairly clueless about how to manage your money when you're out in the real world for the first time. To help you get...
Read MoreShould I name a Trust as a Beneficiary of My Retirement Accounts?
At IIS Financial Services we encourage our clients to review their beneficiary's. To ensure you've named the correct beneficiary and provided the necessary information. you should perform a regular review.
Read More
7 Questions about 529 College Saving Accounts
Q: What is a 529 plan?A: Named after Section 529 of the Internal Revenue Code, 529 plans are investment accounts used to pay for a beneficiary’s education expenses. 529 plans are sponsored by states (just about every state...
Read More
How to Use an HSA to Save for Retirement
A health savings account is a beneficial tool for retirement planning. Money deposited into an HSA is tax deductible. MILLIONS OF AMERICANS either have or are eligible for health savings accounts, but many fail to understand their...
Read More
Quarterly Market Update: Markets Rebound but Risks Remain
After suffering their worst quarterly decline in a decade to close out 2018, stocks bounced back in the first quarter of 2019 and erased most of their losses. But conditions remain shaky and caution is warranted.
Read MoreSEP IRAs: Retirement Plans for Self-Employed and Small Business Owners
If you're a small business owner or sole proprietor, you may be one who manages it all: sales, marketing, customer service, billing, and quality control. Planning for retirement can get lost in the shuffle. Opening a SEP IRA is a...
Read More
Important 2018 Tax Filing Information
As tax filing season kicks into high gear, things are a little different this year since changes to the tax code implemented in 2018 will now become evident to taxpayers across the country when they go to file their returns prior to...
Read MoreWhen is a Roth IRA better for you than a traditional IRA?
The debate over Roth vs. Traditional IRA accounts, and which one is better, comes down to two things, mostly: flexibility and taxes. Roth IRA's requires paying taxes up front but offer more flexibility later and may be the best option...
Read MoreAs a Small Business Owner, do you qualify for the 20% tax deduction?
As a Small Business Owner, do you qualify for the 20% tax deduction? It’s not too late for the 2018 calendar year to qualify for the full (20%) QBI or Qualified Business Income Deduction.
Read More10 Financial Moves to Make before the End of the Year
At year end, it’s beneficial to review financial objectives in determining whether any last-minute action is warranted to help ensure you remain on track with your financial goals. Below are some of the more common planning...
Read More2019 Retirement Plan Contribution Limits
On November 1, 2018 the Internal Revenue Service in Notice 2018-83 announced the cost-of-living adjustments that apply to dollar limits for retirement plans for the tax year beginning on January 1, 2019. As widely anticipated, due to...
Read More4th Quarter Investment and Financial Planning Newsletter
Each quarter, we like to review the factors that influenced the financial markets during the previous months of the calendar year and look ahead to what we can expect in the coming months. With so much attention on the recent market...
Read MoreSeptember 2018 Monthly Newsletter: Five Frequently Asked Life Insurance Questions
Because September is Life Insurance Awareness Month, we are utilizing this month’s Financial Planning newsletter to answer 5 frequently asked Life Insurance Questions. Question #1: How often should I review my existing policies?...
Read More3rd Quarter Investment and Financial Planning Newsletter
At the beginning of each quarter, we like to review the factors that influenced the financial markets during the previous months of the calendar year and look ahead to what we can expect in the coming months. A look back at the 1st...
Read MoreJune 2018 Monthly Newsletter: 6 Financial Items to Review at Mid-Year
With the official start of summer almost upon us, it’s important to take time for a mid-year financial checkup that could yield rewards long after your vacation photos are buried deep in your Facebook feed. Personal and financial...
Read More2nd Quarter Investment and Financial Planning Newsletter
At the beginning of each quarter, we like to review the factors that influenced the financial markets during the previous quarter and look ahead to what we can expect in the coming months. Quarterly Update In 2017, domestic markets...
Read MoreRecent Market Volatility and what does it mean?
By now, you’ve most likely have read the deadlines, full of scary-sounding words like the rout and storm, plunge and crash. Whatever you want to call it, investors have certainly endured a rough time over the past few days. The...
Read More2018 Investment Outlook and Updated Tax Changes
Dear Friends, Colleagues, and Clients of IIS Financial Services, At the beginning of every year, we like to review the factors that influenced the financial markets during the previous year, look ahead to what we can expect this coming...
Read MoreNovember 2017 Monthly Newsletter
The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it. Amidst all the action, we understand how easy it is to wait until the New Year to consider financial changes. But taking a few...
Read More2017 Third Quarter Investment Newsletter
Monday, October 9th marks the 10-year anniversary of the S&P 500's highest point before the Great Recession. While the ensuing decade has provided quite a rocky road for the markets at times, the recovery is undeniable.[1] In fact,...
Read MoreFallout from Equifax Breach
On Thursday, September 8, Equifax (one of the nation's three major credit reporting agencies) announced a cybersecurity incident that could potentially impact approximately 143 million U.S. consumers and almost half a million Mainers,...
Read More5 Financial Items to Review after the Mid-Year
The year is more than halfway over. Have you acted on all those financial resolutions that you set at the start of 2017? If not, there's still time to complete them and take other favorable actions. Here are some suggestions:
Read More2017 Mid-Year Review Newsletter
First Half of 2017 Market Recap The S&P 500 and Dow Industrials both extended their quarterly gains to post their strongest first-half performances in since 2013. Technology (+17.23%) and Healthcare (+16.07%) led the six month broad...
Read MoreSimple Tips for Ramping Up Your Retirement Savings
No matter where you are in your life, saving for retirement is likely one of your most important financial goals. But, even if you have professional guidance and a clear strategy for your desired future, you could still be missing some...
Read More2017 First Quarter Investment Newsletter
The first quarter of 2017 is now behind us, and although we won't have complete economic data for a while, we do know that domestic stocks had a solid start to the year. Going forward in to the second quarter of 2017, we have many data...
Read More2016 Tax Filing and 2017 Tax Planning Information
It's that time of year again as 2016 tax returns need to be filed by April 18th. IIS Financial Services' 2016 and 2017 annual tax planning guides are located below. These free, two-page guides will provide you with quick access to the...
Read More2017 Annual Newsletter
Dear Friends, Colleagues, and Clients of IIS Financial Services, Our team at IIS Financial Services hopes you're having a great start to 2017! At the beginning of every year, we like to review the factors that influenced the financial...
Read More10 Tips for Year-End Financial Planning 2016
The holiday season is a time of year when many of us reflect on our lives. It's also a good time to reflect on your financial plan. We want to provide you with a checklist to review some items that may impact your overall financial...
Read MoreHow an HSA Can Offset Costs during Retirement
It’s all too easy to get caught up in ways to save for retirement, but it's also important to keep in mind ways to reduce costs during retirement. With the rising costs of health care and the unpredictability of your future...
Read MoreShould a Trust be the Beneficiary of your Retirement Accounts
For many Americans, the assets in their Individual Retirement Account represent a significant portion of the wealth they hope to leave to their loved ones. You may have heard that creating a trust and naming it as the beneficiary of...
Read MoreSpring Quarterly Investment Newsletter
Review of Q1 and Start of Q2 2016 After a rocky start to the year, most stocks ended the first quarter slightly higher, which is remarkable considering the negative sentiment that caused stocks to selloff in the early weeks of 2016....
Read More9 Questions to ask your Accountant this tax season
Some CPAs may be too busy to do comprehensive tax projections as part of the tax-preparation appointment, but that should not preclude you from asking the following questions: 1. Will a life event or major purchase affect my taxes?...
Read More2016 Annual Financial Market Analysis and 2015 in Review
2016 Annual Newsletter: The Financial Markets and 2015 in Review Dear Friends, Colleagues, and Clients of IIS Financial Services, Now that 2015 is in the rear-view mirror, let's take a look at some of the factors that influenced...
Read More