Sherman Wealth Management November 2014 Newsletter

Great New Location

Sherman Wealth Management, one of the leading financial advisory firms in the greater Washington, D.C. has relocated. According to Company President, Brad Sherman, “After two years in our startup location in Rockville, MD, we are delighted to announce that we will be celebrating the New Year in 2015 at our new location at 9841 Washingtonian Blvd Suite #247, Gaithersburg, MD 20878. Thankfully, our phone number 240-428-1622 and email both remain unchanged.

We welcome every new client with an in-depth financial consultation. We also continue to make important additions to our website with new financial information and resources for our clients. Please take a few moments to view Overcoming Fear Factors For Millennials Through Financial Planning and Mitigating Your Investment Volatility.

Happy Thanksgiving!

Sherman Wealth is grateful that we have become an important part of your family and your future. Thanksgiving presents a terrific occasion for us to express to you our sincere appreciation for your confidence and loyalty. We are deeply thankful for your business and the trust you have placed in us. We extend to you our best wishes for a happy and healthy Thanksgiving Day.

End of Year Review
November and December is a great time to set aside time to update your financial plan, review your taxes and make a few adjustments to both.

Tip 1: Review Your Exemptions
W-2 employees should pay close attention to ensure they have the right exemptions in place, particularly as your dependents change. Having too much money withheld can be a misstep, preventing you from building your savings and financial investments. On the other hand, having too little withheld may cause you to have to write a check to the IRS at the end of the year.

Tip 2: Keep Track of All Deductions
Many taxpayers find it helpful to create a half-dozen envelopes at the start of the year – to keep receipts for medical expenses, charitable deductions, home improvements, business expenses, etc. Deductions reduce taxable income and the value of those deductions are based on your marginal tax bracket, so it’s important to make sure they are being claimed correctly. Keeping accurate records for deductions throughout the year is essential.

Tip 3: Re-evaluate Your Savings and Retirement Contributions
Making contributions to a 401(k) or other retirement vehicles will increase your savings and may reduce your adjusted gross income. It is also important to pay close attention to the types of investments in taxable accounts and the types in tax-deferred accounts, such as your 401(k) plan. While it’s better if you’ve been maxing out your 401(k) contributions throughout the year, it is important to note that you can contribute to a 2014 IRA until April 15, 2015.

Investing a few hours to meet with your financial planning and tax professionals this December may pay you huge dividends. Changes in your family structure, income, as well as how much you pay for healthcare coverage or associated penalties for lack of health coverage, may make this year end-year review with appropriate adjustments even more important.

Again, we extend to you our best wishes for a happy and healthy Thanksgiving.

All The Best,

Sherman Wealth Management