“What if I don’t understand the tax laws?”

A good accountant’s expertise in accounting and tax preparation enables him to leverage available tax laws and advantageous filing options which you may have otherwise been unaware of. 

“What if I don’t have time, or find the forms confusing? What if I end up owing taxes?”

A good accountant will ensure that you save time, and won’t need to worry about confusing tax forms. The best accountants take the worry and hassle out of taxes, and can apply the tax system to your best advantage so you don’t overpay.

“When should I start saving for my retirement?”

The sooner you can start, the better! If you start saving for retirement 10 years later than you could, you may end up having to invest three times more money to make up for the loss of time. 

“Should I be saving for college expenses?”

With the cost of attending college rising significantly faster than inflation, it’s critical to implement a savings plan for college expenses.

BDC can shed light on the pros and cons of your numerous investment options, including a 401k, IRA, Roth IRA, SEP, SIMPLE, 529 College Savings Plan, or a regular investment account.

“What do my parents need to do to prepare for their retirement?”

Consider this:

• The average life expectancy for men is 80 years, for women 84 years. By the year 2040, the average life expectancy for men will climb to 86 years, and for women to 92 years. 
• Ten percent of senior citizens have children who are senior citizens.
• The average cost of a nursing home is $105 per day (including room and board, drugs, and medical supplies) and the average cost of home health aid is $90 for an eight-hour shift.
• There’s a 1 in 1,200 chance of someone’s house burning down; a 1 in 240 chance of being involved in a serious auto accident; and a 1 in 4 chance of someone over 65 needing long-term care for 1 year or more.

“Should I or my parents sign up for Long-Term Care Insurance or Disability Insurance?”

Does it create a tax problem if you purchase a plan for your parents? How much insurance should you get? There are many questions with answers that begin with “It depends”. Your best bet is to connect with a financial advisor who can guide you through your unique situation. BDC can review the different options with you, help you analyze the alternate scenarios, and develop a plan.