Taxes

• Tax Planning
  Comprehensive Financial Planning is the ongoing process to proactively address financial issues both large and small that fall within one of the seven major categories of personal finances; Retirement Planning, Investment Planning, Tax Planning, Estate Planning, Insurance Planning, Major Purchases & Event Planning, and Cash Flow Monitoring.
• Roth IRA
  Under Federal law, individuals saving in a traditional IRA may be able to receive some tax advantages on the money they contribute, and the investments can grow tax-deferred. If the individual selects a Roth IRA, the contributions are after-tax and the investments grow tax-free.
• Form 1065
  Sole proprietors and partners may deduct contributions for themselves on Form 1040, U.S. Individual Income Tax Return. (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner’s Share of Income, Credits, Deductions, etc., you get from the partnership).
• Income Tax
  A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It’s similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts. The deferred salary is generally not subject to federal or state income tax until it’s distributed. However, a 403(b) plan may also offer designated Roth accounts. Salary contributed to a Roth account is taxed currently, but is tax-free (including earnings) when distributed.
• Tax Deferral

Investment

• Investment Management
  Vermillion Six Step Investment Planning Process starts with an evaluation of your current holdings, and the setting of your long term goals. Our firm views investments as the fuel that propels you and your family toward and through retirement similar to how fuel within an engine of a boat propels the boat toward the target landing area. How comfortable the boat rides, and how safely it lands, depends on how fast it travels and how well the boat is driven. Similar factors will affect your investments as you set a path for you achieving your financial goals.
• Mutual Funds
  When you establish a profit sharing plan, you must take certain basic actions. One of your first decisions will be whether to set up the plan yourself or to consult a professional or financial institution – such as a bank, mutual fund provider, or insurance company – to help with establishing and maintaining the plan.
• Bonds
• Money Market Funds
  The money contributed may grow through investments in stocks, bonds, mutual funds, money market funds, savings accounts, and other investment vehicles.

Accounting

• Accounting Services
  The employer may pay fees charged by the IRA provider for services in connection with establishing and operating the payroll deduction process. The employer may pay its own internal costs (such as bookkeeping and overhead) for setting up and operating the program. However, the employee must pay the fees related to setting up and maintaining the IRA.
• Bookkeeping Services

Planning

• Financial Planning
  CFP® professionals, such as Vermillion Financial Advisors, are comprehensively trained in the seven disciplines of personal finances to provide a holistic approach to financial planning.
• Retirement Planning
  There are two general types of pension plans — defined benefit plans and defined contribution plans. In general, defined benefit plans provide a specific benefit at retirement for each eligible employee, while defined contribution plans specify the amount of contributions to be made by the employer toward an employee’s retirement account. In a defined contribution plan, the actual amount of retirement benefits provided to an employee depends on the amount of the contributions as well as the gains or losses of the account.
• Annuities
  Life Annuities – Unlike 401(k) plans, cash balance plans are required to offer employees the ability to receive their benefits in the form of lifetime annuities.
• Long Term Care
  While it is true that many current financial expenses will change with retirement (e.g. employment expenses disappear and your health insurance costs decrease), these expenses are often replaced with other new expenses. Instead of driving to the office, you may be driving to the golf course more often. Medicare will be less expensive than your former health insurance, but now you may carry long term care insurance that was not previously part of your expenses. In fact, now that your free time has increased and work is no longer part of your everyday routine, you may actually end up spending more money than before by taking extended, more elaborate, or more frequent vacations.
• Asset Management
  You will learn about various concepts of investing through informative discussions between you and your advisor, answering many questions about investing such as; “how taxes impact your portfolio”, “when to review an asset”, and “the difference between diversification and asset allocation policy”, just to name a few. Key factors to consider when designing a portfolio are presented and discussed. The purpose of these discussions is to increase your knowledge; thereby helping you to make better informed choices and to allow you to participate in the investment decision-making that will follow.