Retiring Soon? Do You Have all Your Questions Answered?

Written by Kevin Jacobs on November 4, 2011 in broken arrow, Certified Financial Planner, CFP, fee based, fee only, Fee Only Financial Planner, Financial Planning, Investing, Retirement Planning, Tax Planning, Tulsa - No Comments

If you are looking at retiring soon, do you have the answers to the questions to adequately prepare for this time in your life?  I have listed below and also included in the video typical questions I help clients answer.  If you have these questions, you may want to consider seeking out a financial planning professional.

  • Will I outlive my retirement savings?
  • What will I spend my time in retirement doing?
  • Will social security be available to me?
  • Should my annuity really be inside of an IRA account?
  • How much money do I really need to retire?
  • I want to retire early.  How much should I be saving now?
  • I am a teacher.  What pension payout option should I select?
  • What will be my cost of living in retirement?

What Should You Expect from Step By Step Tax and Financial Planning

Written by Kevin Jacobs on November 3, 2011 in Certified Financial Planner, Enrolled Agent, fee based, fee only, Fee Only Financial Planner, financial advisor, financial planner, Investing, Retirement Planning, Tax Planning - No Comments

SBS_What_to_Expect (Click here to listen to short audio version of this blog.)

What should you expect if you engage Step By Step Tax and Financial Planning for holistic tax and financial planning services?

1.  Straight Talk

2.  Easy Access

3.  Value for Your Money

4.  All-Inclusive Approach

5.  Adaptive & Ongoing Service


Looking for a Planner? Want to know who we serve best?

Written by Kevin Jacobs on November 2, 2011 in broken arrow, Enrolled Agent, fee based, fee only, financial planner, Investing, Oklahoma, Retirement Planning, Tax Planning - No Comments

I often get asked who would be a good fit for the services we offer here at Step By Step Tax and Financial Planning.  Well just watch this short 2-minute video and you will find out.

Five Factors that Influence Your Investment Decisions

Written by Kevin Jacobs on August 10, 2011 in broken arrow, Certified Financial Planner, CFP, Enrolled Agent, fee based, fee only, Fee Only Financial Planner, financial adviser, financial advisor, Financial Education, financial planner, Investing, Oklahoma, Retirement Planning, Tax Planning, Tulsa - 1 Comment

When you are making an investment decision, it is important to remember these five factors and the how they effect your decision-making process.  These variables include:

1.  Time Horizon

2.  Risk Capacity

3.  Expected Return

4.  Asset Class Preference

5.  Tax Status

Emotional Decision Making Often Leads to Poor Outcomes

Written by Kevin Jacobs on August 8, 2011 in Economics, Investing - No Comments

Below is a blog entry I wrote on May 6th, 2010. If you do not remember, this was the day of the infamous “flash crash.” As I was thinking about what to send out this evening in preparation for what could be a very volatile (prices go up and prices go down) period in the market, I found this article said it all. I encourage you to not panic and to make decisions based off of emotions. If you have a long-term plan in place, there is the high likelihood you do not need to do anything different than what you are doing now. If you do not have a long-term in place, you may want to consult with a professional to help put a thought-out and objective plan together. As you read the article below, please remember how you reach financial security. You do not reach it overnight but rather by taking “one step at a time!”

By: Kevin F Jacobs
Written: May 6th, 2010

Today was an unprecedented day in the stock market. At one point the Dow Jones was down nearly 1,000 points (I can’t believe I am even writing that number).

I want to stress that the best thing to do is to remain focused on the things you can control, i.e. your savings rate, your asset allocation, your debt-to-income ratio, etc. You can not do anything about what the market does day to day, but you can do something about those things mentioned above. You are going to hear many “talking” heads on the radio and TV give various explanations for why things happened the way they did. However, the real question is how these events are going to affect you and the ones you love. We have a tendency to get lost in the stress of everyday life and we forget to make note of the blessings we have each day.

I am not telling you to be oblivious to what is going on in the world but that you need to work on the things you can do something about and let everything else take care of itself. It is important you do not overreact to short-term market events. During times like these it is important to remember the basics regarding your financial life:

1.Live on less then you make
2.Have $0 consumer debt
3.Don’t buy more house then you can afford
4.Pay as little in taxes as you are allowed
5.Have proper cash and emergency reserves
6.Save for the short-term and invest for the long-term
7.Spend time with your family and those you love instead of watching the latest stock market charts.
As for the rest of it, take a deep breath and remember to control the things you can and let go of those things that are outside of your power.

Looking for a financial planner? Consider a Fee-Only Adviser

Written by Kevin Jacobs on July 25, 2011 in fee based, fee only, Financial Planning, Investing - No Comments

Are you looking to work with a financial planner? Are you confused of who you should contact? Do you know how the adviser you are meeting with is getting paid? Do you want someone who is working for your best interest? Consider the benefits of working with a fee-only adviser who is held to a fiduciary standard. Check out the video above for more details.

Five Fundamentals of Fiscal Fitness

Written by Kevin Jacobs on July 21, 2011 in fee based, fee only, Financial Planning, Home Buying, Investing, Oklahoma, Tax Planning, Tulsa - 1 Comment

Are you looking for a way to heat up your financial plan? Check out the fundamentals of fiscal fitness below.
1. Save 10% of gross income
2. Have proper cash and emergency reserves
3. Buy house you can actually afford (usually 2-2 1/2 times gross income)
4. Fully fund available retirement plans
-Take advantage of the “guaranteed” tax savings the government wants to give to you.
5. $0 Consumer and Credit Debt

Open Letter Regarding BA Business Conference on March 3rd-4th, 2011

Written by Kevin Jacobs on February 16, 2011 in Uncategorized - 3 Comments

We are planning on a great conference and we want you there.  Last year’s conference was well received by all who attended and it was only our first year.  We have learned from our mistakes and improved this year!  We are hosting incredible speakers who will inspire you to grow both personally and professionally.

The planning committee desires nothing other than your success and that is the mission behind this event.  We believe this event serves the membership of the Broken Arrow Chamber of Commerce and the surrounding communities well.

I can speak from personal experience my tax and financial planning business improved from attending last year’s conference.  The Monday after last year’s conference I set out a game plan to reach a certain level of success in 2010.  On December 15th, 2010, I hit that level and I did not think it was possible until I attend the BA Business Conference last spring.

I encourage you to take a risk and come to this conference.  We want to see you, your business and the local communities succeed in 2011.  Be part of the solution and “finish the race!”

Sincerely,

Kevin Jacobs, CFP®, EA

Owner of Step By Step Tax and Financial Planning, LLC

Chairman-BA Business Conference 2010 and 2011

918-806-6596

Claiming Homebuyer’s Credit on your 2010 Tax Return

Written by Kevin Jacobs on February 8, 2011 in Uncategorized - No Comments

Question:   I was wondering what documentation you are suggesting your clients submit to claim the $6,500 home-buyer’s tax credit.

Answer:  Here is what I would do for a client

  • Paper file return
  • Properly complete Form 5405
  • Copy of HUD Settlement Statement showing signature of buyer and seller
  • Copy of mortgage statements from the last 5 years you lived in your previous home

If you follow this guideline and your claim is legitimate, you should not have a problem receiving your refund.  Keep in min you will probably need to wait 6- 8 weeks to get your refund, so please be patient.  For more information, please visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

Services Offered By Step By Step Tax and Financial Planning

Written by Kevin Jacobs on February 8, 2011 in Uncategorized - No Comments

I often get asked to give a brief summary of the services I offer here at SBS.  With that in mind, I have written the following blog post.  Enjoy and please comment!

At this time, we have three predominant services we offer to individuals and businesses:

1.  Fee-Only Financial Planning Retainer Service for Pre-Retired Married Couples and Entrepreneurs

Step By Step Tax and Financial Planning is a fee-only financial planning firm in the metro-Tulsa, OK area. What makes us different from many financial firms is that we offer professional, objective tax and financial planning services on a one-to-one personal level. We are an independent firm whose complete focus is on the client.

We work with a small number of individuals in order to best serve each one, remaining focused on the needs of our clients. The only compensation we receive is directly from our clients. We do not receive commissions, referral fees or third-part incentives. 

2.  Individual and Business Tax Planning and Preparation

Along with the holistic financial planning services we offer to our clients, Step By Step Tax and Financial Planning, LLC also services the tax preparation needs of many individuals and businesses. Kevin Jacobs, CFP®, EA is enrolled to practice before the IRS.

The fees for tax preparation are very straightforward. We serve the needs of our tax preparation clients on an hourly basis. For individual clients, the hourly rate is $75/ hour for the first four hours and $37.50 for each additional hour after the initial four. For business returns, the hourly rate is $75/ hour. There is a minimum fee of $75 for all returns.  If you are looking for a second opinion on your individual or business return, we also offer that service at our standard business tax preparation rate.  There are no additional charges for e-filing or document preparation.

3.  401k Retirement Plan for Small (as few as one participant) to Medium-Sized Companies

If you are looking to start a 401k plan for your company or if you are not happy with your current provider, please contact me so we can discuss the benefits of a multiple employer plan.  Most small businesses do not know the liability they take on in offering a plan to their employees.  On top of that, the fees charged by most providers are astronomical for the small to medium-sized businesses.  You have nothing to lose by setting up an initial consultation for us to discuss your company’s retirement plan.

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