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Potential Credits That Can Reduce a Tax Bill

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Potential Credits That Can Reduce a Tax Bill

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A financial services firm, Worden Capital Management, LLC is a full-service firm, providing a menu of diverse services. In addition to estate and retirement planning, Worden Capital Management, LLC also assists clients with strategies for reducing their tax bill.

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A financial services firm, Worden Capital Management, LLC is a full-service firm, providing a menu of diverse services. In addition to estate and retirement planning, Worden Capital Management, LLC also assists clients with strategies for reducing their tax bill.

One common strategy for reducing a tax bill is looking for credits. Credits differ from deductions in that the former reduces the bill dollar-for-dollar while a deduction only allows a person to subtract from their taxable income, or how much income can be taxed.

One of the most cmmon credits taken is the earned income credit (EIC). In 2020, a tax payer could reduce their overall tax bill by $6,660 for a person with three or more qualifying children, $5,920 for those with two children, $3,584 for those with one child, and $538 for those with no children.

Educational credits include the American Opportunity Tax Credit and the Lifetime Learning Credit. The American Opportunity Tax Credit allows tax payers who are eligible a credit of $2,500 for the first four years of college. The Lifetime Learning Credit allows tax payers a 20 percent credit up to $10,000 or $2,000 per tax return.

The Saver's Credit allows those with moderate to low-income to take a 50, 20, or 10 percent credit on contributions made to various retirement accounts. Finally, parents also qualify for the Child and Dependent Care credit, which offsets qualified expenses for care of children or disabled dependents.

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Potential Credits That Can Reduce a Tax Bill

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A financial services firm, Worden Capital Management, LLC is a full-service firm, providing a menu of diverse services. In addition to estate and retirement planning, Worden Capital Management, LLC also assists clients with strategies for reducing their tax bill. One common strategy for reducing a tax bill is looking for credits.

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How a Private Wealth Manager Differs from a Financial Advisor

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How a Private Wealth Manager Differs from a Financial Advisor

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A financial services firm, Worden Capital Management, LLC offers Private Client Services as a part of its menu of options. Based in Garden City, New York, Worden Capital Management LLC provides its clients with strategies for building wealth, or wealth management.

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A financial services firm, Worden Capital Management, LLC offers Private Client Services as a part of its menu of options. Based in Garden City, New York, Worden Capital Management LLC provides its clients with strategies for building wealth, or wealth management.

Today's consumer can access financial services assistance through a private wealth manager or a financial advisor. While both assist their clients with making sound financial decisions, the two professions differ in a few ways.

One difference in the twois the type of clients each serves. A financial advisor might work with clients who make between $50,000 and $1 million while a private wealth manager works with high-net worth individuals with assets up to $20 million.

Another difference between the two is in the scope of their work. A private wealth manager oversees a client's assets under one portfolio while a financial advisor outsources this job to other financial professionals.

The number of services offered also differs slightly. Both offer basic financial planning, investment management, and some tax planning. However, the private wealth manager takes a deeper, comprehensive, proactive approach to assisting the client with his/her financial goals.

Finally, the way each professional assesses fees differs as well. Wealth managers typically charge fees based on assets under management (AUM), and financial advisors have different methods for charging fees, including the AUM method. Another method includes charging a one-time fee for services.

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How a Private Wealth Manager Differs from a Financial Advisor

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A financial services firm, Worden Capital Management, LLC offers Private Client Services as a part of its menu of options. Based in Garden City, New York, Worden Capital Management LLC provides its clients with strategies for building wealth, or wealth management. Today's consumer can access financial services assistance through a private wealth manager or a financial advisor.

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A comprehensive financial services firm founded in 2009 in New York City, Worden Capital Management, LLC has quickly gained a positive reputation in the industry due to its personalized financial services.

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Worden Capital Management, LLC - Committed to Portfolio Development

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Founded in 2009, Worden Capital Management, LLC is a financial advisory firm focused on delivering a wide array of financial services. To help its clients make the best financial decisions, Worden Capital Management, LLC uses wealth management and asset management strategies.

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Founded in 2009, Worden Capital Management, LLC is a financial advisory firm focused on delivering a wide array of financial services. To help its clients make the best financial decisions, Worden Capital Management, LLC uses wealth management and asset management strategies.

While asset and wealth management are well-known terms in the financial sector, they are often not fully understood by people outside the industry. These terms are often conflated, but they have a few key differences.

Asset management utilize a person or a family's holdings and capital to provide a source of passive income that can be tapped into later. The most common asset management strategies involve investment, usually in the real estate, bond, mutual fund, or stock markets. Depending on the client's current financial situation and long-term approach, an asset manager will advise diversifying an investment portfolio to maximize returns and lower risk.

Wealth management is a broader concept, looking into the overall wealth, income, and holdings to maximize their utility and protect them from a decline in value over time. The key idea of wealth management is ensuring the client's currently available wealth has more value. That is usually done through careful planning of tax returns, allowing the client to save more income, or estate planning, which helps the client's wealth stay within the family after their death. However, wealth management can also include asset management policies.

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Founded in 2009, Worden Capital Management, LLC is a financial advisory firm focused on delivering a wide array of financial services. To help its clients make the best financial decisions, Worden Capital Management, LLC uses wealth management and asset management strategies.