Akron Life December 2022

FINANCIAL PLANNING

Andrea Teodosio Foundation

Humane Society of Summit County Through animal adoption ser vices, humane law enforcement and education, the organization welcomes animals for however long it takes to find new homes, as long as the animals are medi cally and behaviorally healthy. Partnering with other animal welfare organizations and spe cialized rescues to help find loving homes for animals when appropriate, Summit County Humane Society cares and advocates for vulnerable animals and enriches the lives of pets and people. Your Impact: Help save pets in Summit County that are victims of cruelty, neglect and abandonment and find them homes through adop tion. Twinsburg, summithu mane.org

After losing their daughter in a skiing accident, area judges started this foundation that supports various local charities, including the Summit Medina County Battered Women’s Shelter. Recently, its grant helped Summit Metro Parks buy tri-shaws, electrically assisted bikes with seats that transport riders of all abilities as another person bikes. Your Impact: Allow the foundation to continue to honor Andrea Rose’s legacy of kindness by supporting causes dedicated to the elderly, children, the arts and nature. Munroe Falls, andrearose.org

TAX-SAVING TIPS

[ Nathalia Teixeira is a senior majoring in journalism and minoring in sociology and photojournalism at Kent State University. ]

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EVERGREEN TIPS One Size Does Not Fit All. Tax tips are helpful, but strategies will differ for each individual and business. Work with a professional who can customize a plan that identifies specific tax-saving opportunities for your unique circumstances. Start Early. Although there may be last-minute actions you can take to save on taxes, planning early enables you and your accounting advisor to optimize the full spectrum of tax-saving strategies. Work with a Professional. Tax laws are constantly changing and many tax-saving strategies are complex. Getting professional advice helps assure that you are on top of the latest tax law changes and are taking full advantage of available tax-saving opportunities. YEAR END TAX-SAVING TIPS After a challenging year of high inflation and stock market losses, the following are three examples of year-end tax-saving tips to discuss with your advisor. Weigh Roth IRA Conversions. With the S&P 500 Index down more than 20% in 2022, this may be a good time to consider a Roth IRA conversion which enables you to transfer pre-tax IRA funds to a Roth IRA for future tax-free growth. Consider Tax-Gain Harvesting: When the stock market is down, if your taxable income is below $41,675 (Individuals) or $83,350 (married couples), you might consider selling a concentrated stock position. You will be in a 0% capital gains bracket, enabling you to take gains or diversify your taxable portfolio without triggering a tax bill. A Qualified Charitiable Distribution (QCD) enables you to make a charitable gift from your IRA. Rather than counting as an itemized deduction, a QCD may reduce your adjusted gross income and allow you to satisfy annual required minimum distributions. W3 FINANCIAL GROUP ° 330.867.3578 ° W3FINANCIALGROUP.COM TAX SAVI G TIPS EVERGREEN TIPS One Size Does Not Fit All. Tax tips are helpful, but strategies will di ! er for each individual and business. Work with a professional who can customize a plan that identifies specific tax-saving opportunities for your unique circumstances. Start Early. Although there may be last-minute actions you can take to save on taxes, planning early enables you and your accounting advisor to optimize the full spectrum of tax-saving strategies. Work with a Professional. Tax laws are constantly changing and many tax-saving strategies are complex. Getting professional advice helps assure that you are on top of the latest tax law changes and are taking full advantage of available tax-saving opportunities. YEAR END TAX-SAVING TIPS After a challenging year of high inflation and stock market losses, the following are three examples of year-end tax-saving tips to discuss with your advisor. Weigh Roth IRA Conversions . With the S&P 500 Index down more than 20% in 2022, this may be a good time to consider a Roth IRA conversion which enables you to transfer pre-tax IRA funds to a Roth IRA for future tax-free growth. Consider Tax-Gain Harvesting: When the stock market is down, if your taxable income is below $41,675 (Individuals) or $83,350 (married couples), you might consider selling a concentrated stock position. You will be in a 0% capital gains bracket, enabling you to take gains or diversify your taxable portfolio without triggering a tax bill. A ualified Charitiable Distribution (QCD) enables you to make a charitable gift from your IRA. Rather than counting as an itemized deduction, a QCD may reduce your adjusted gross income and allow you to satisfy annual required minimum distrib tions. W3 FINANCIAL GROUP | 330.867.3578 | W3FINANCIALGROUP.COM

Fee-Based Planning offered through W3 Wealth Advisors, LLC, a State Registered Investment Advisor. Third Party Money Management offered through Valmark Advisers, Inc., a SEC Registered Investment Advisor. Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. W3 Global Accounting provides only tax and accounting. W3 Financial Group, LLC, W3 Wealth Advisors, LLC and W3 Global Accounting are separate entities from Valmark Securities, Inc. and Valmark Advisers, Inc. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.

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