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By Nancy Boring, Financial Advisor, Pinnacle Financial Partners
With the end of the year in sight and a new year upon us, it's a good time to subject your finances to a thorough examination.
While a financial checkup can be time-consuming, it isn't painful. In fact, it's well worth your while because determining where you are, where you want to be and the incremental steps needed to get there will go a long way to keeping your finances in good shape in the year ahead.
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Nancy can be reached at Pinnacle at (615) 690-4012 or by e-mail at nancy.boring@pnfp.com.
Millions of taxpayers will escape the alternative minimum tax this year thanks to a last-minute decision by Congress last week after months of debate. The alternative minimum tax was created in 1969 to make sure wealthy people don't deduct their way out of paying taxes, but because it was never indexed to inflation, it's gradually expanded to millions of middle class families who live in high-tax states or have many children. The patch's price tag is an estimated $53 billion. Without the fix, 21 million taxpayers would have seen their taxes increase by an average of $2,000.
Can I roll a 401(k) from a previous employer into a
Roth IRA?
Starting Jan.1, 2008, you will be able to roll money directly from a 401(k) into a Roth IRA. You will need to pay taxes when you make the rollover.
Until the recent tax law change, there was an extra step involved. You had to roll 401(k) dollars into a traditional IRA first before converting to a Roth IRA and paying taxes on the amount you converted. The rollover does not count toward the annual $4,000 IRA contribution limit.
Meharry Medical College President and CEO Wayne J. Riley, M.D., recently joined 16 other prominent business and community leaders on Pinnacle's board of directors.
Dr. Riley became Meharry's 10th president in January 2007.
Pinnacle Associates Get National Ranking
Two Nashville investment consultants of Pinnacle Financial Partners and Raymond James Financial Services have made Bank Investment Consultant magazine’s annual list of the top 50 investment consultants in the country. Brick Sturgeon ranked 8th and Brock Kidd ranked 13th among the 160 investment consultants considered for this year’s list.
Securities and Investment Advisory Services offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, an independent broker/dealer. Securities are: Not insured by FDIC, NCUA or any other financial institution insurance, are not deposits or obligations of Pinnacle Financial Partners, are not guaranteed by Pinnacle Financial Partners, and are subject to risks, including possible loss of principal.
Past Chamber President Jeff Whitehorn with Lucy Foutch
Lucy Foutch, Pinnacle financial advisor, was installed as 2008 president of the Donelson-Hermitage Chamber of Commerce earlier this month. Lucy, who has 30 years of financial services experience, is based at Pinnacle's Donelson office. She is a long-time advocate and supporter of the Donelson-Hermitage community.
Russell Creech joins Pinnacle as financial advisor and office manager for the College St. office in Murfreesboro. He comes from Regions Bank, where he served as branch sales manager for its Murfreesboro Memorial office.
Pinnacle welcomes two other associates:
Nashville's Mayor at Feb. 12 Forum Nashville Mayor Karl Dean will discuss his plans to move the city forward at the Pinnacle Forum on Feb. 12 from 4:30 - 5:30 p.m. at the Loews Vanderbilt Hotel, 2100 West End Ave. Cocktails will be served following Mayor Dean's remarks.
Dean's priorities as mayor are improving schools, making neighborhoods safer and bringing more and better jobs to Nashville.
For information or to RSVP, contact Brenda Cameron at 744-3773 or brenda.cameron@pnfp.com.
Ed Hoover, 15 years experience, mortgage advisor - Murfreesboro
Deborah Sexton, 10 years experience, credit analyst - Nashville
