Author - Woodward Advisors

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New IRS Rules That May Affect Your Investments
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4 Ways To Avoid Investor Fraud
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How Tax Loss Harvesting Works
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Whose Side is Your 401k Provider On?

New IRS Rules That May Affect Your Investments

The IRS has established new tax reporting requirements for broker-dealers (including mutual fund companies and other custodians of financial assets) that will begin in January 2011.

For most securities purchased and sold on or after January 1, 2011, broker-dealers will be required to report cost basis information to the IRS on Form 1099-B, as well as whether the holding periods for the transacted securities were short-term or long-term in nature.

While you may currently receive cost basis information on the supplemental pages of your year-end Consolidated Tax Statement, your financial institution has not previously provided this information to the IRS.  …

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4 Ways To Avoid Investor Fraud

Investor fraud has become an all too common newspaper headline, affecting individual investors, charitable organizations, and even pension funds. Here are four common sense tips that may prevent this costly crime from happening to you.

1.  Know your advisor.

Advisors are registered with government organizations.  You can research a firm’s registration and review any record of past complaints with either the Securities and Exchange Commission (www.sec.gov) or your appropriate state regulatory agency.  If a firm is a broker-dealer, you can research its complaint history with the Financial Industry Regulatory Authority (www.finra.org).

You should also be aware …

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How Tax Loss Harvesting Works

Just as farmers work to bring in the bounty of the harvest every Fall, come 4th quarter investors can work to bring in a bounty of their own.  In the later case, they’re harvesting something much less appetizing than produce, though certainly no less valuable – tax losses!

When the financial markets are volatile like they’ve been the past couple of years, investments purchased at different times end up with very different unrealized tax situations.  This means you may have the opportunity to “harvest” or sell some of your investments and bank the tax losses to use on your …

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Whose Side is Your 401k Provider On?

The regulatory environment for financial advisors is in flux.  Most significant among these changes is what standard of care advisors will adhere to when serving the public.  Advisors who are fiduciaries are legally and ethically obligated to do what is in their clients’ best interests.

Brokers, on the other hand, have no current legal obligation to do what is best for  their clients.  They are held to a lower standard which says their advice only has to be “suitable” for a particular client’s situation.

The difference between these two standards is immense and consequently brokers often find themselves in situations …

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