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Taxes are a critical part of each client's financial plan. Our job as financial planners is to look at the ENTIRE picture and make recommendations accordingly. Unfortunately, most "financial planners" are only money managers or asset gathers and focus primarily on rate of return with little knowledge of the other areas of financial planning.

New Savings Limits The IRS recently announced increased contribution limits for retirement plans such as TSP, 401(k)s, and 403(b)s for 2020.

2019 is quickly coming to an end.  As the holidays and end of year approaches, it is a good time to review the tax planning components of your financial plan.  

Little pumpkins have arrived!

Taxes and tax planning are a critical part of the financial planning process. When taxes are discussed, the conversation is often focused purely on federal taxes, whereas state taxes are glossed over. This results in missed financial planning / tax planning opportunities. At Mason & Associates, we place an equally important emphasis on state taxes. The Virginia Tax Code, in particular, provides a number of opportunities, one of which is a deduction for disability income.The Tax Code of

At Mason & Associates, security is always on our mind. We want to encourage our clients to educate and protect themselves to eliminate phishing-related risks. Check out SEM’s recent technology blog post and watch their phishing webinar if you have not yet seen, or as a refresher. The more you take precautions such as these, the less likely you’ll fall for a cyber-attack. “Education is arguably the single most important part of any cybersecurity prog

Virginia Group Long Term Care Insurance ProgramThe VRS Long Term Care Open Season for active employees has been extended that concludes on October 11, 2019.  “Open Season” does not adequately describe this rare opportunity. The public typically associates an open season with an annual open enrollment period for company benefits; however, these two events are not the same.Open enrollments occur annually, whereas open seasons are rare and may NEVER happen again. To put t

Virginia Retirement System (VRS) Long Term Care (LTC) Abbreviated Underwriting! Alert: Virginia Retirement System Employees LTC Open Season September 16 – October 11, 2019 Virginia Group Long Term Care Insurance Program Mason & Associates was recently notified of the VRS Long Term Care Open Season for active employees that concludes on October 11, 2019.  “Open Season” does not adequately describe this rare opportunity. The public typically associates an open season

As a result of the 2017 Federal Tax Reform Law that took effect in 2018, many taxpayers took the standard deduction ($24,000 married filing jointly) because it was higher than the total of itemized deductions.For Virginia taxpayers, the state requires if you take the standard deduction on your Federal tax return, you must do the same on your Virginia return. Many people were better off at the Federal level taking the larger standard deduction ($24,000 increased from $12,000). An unintended. . .

The TSP Modernization Act is here! The new rules appear to be: Increased flexibility 4 in service distributions per year – 1 per quarter No limit on the number of partial withdrawals after separating from services, except limited to no more than one every 30 days Ability to specify the type of distribution, such as Roth or Traditional, or some combination of the two Not required to make a full withdrawal after 70 1/2, though

Student loan debt has become the second highest consumer debt category, exceeding $1.5 trillion for over 44 million borrowers in the United States. A student in the 2017 graduating class started his or her career with an average debt of $28,650 (Friedman). Parents advising their children to take on this liability are unknowingly facilitating the first, and perhaps the most devastating, financial

Open Season for the 2020 plan year of federal benefit programs is just around the corner: Monday, November 11 - Monday, December 9, 2019. Make sure you're informed to evaluate your coverage, plan options, enrollment type, and make appropriate updates to the following benefits:

We are honored to be named one of the Top 3 Financial Services in Newport News, VA. Three Best Rated® selects local business and professionals based on a rigorous 50-Point Inspection which includes everything from checking

Please beware of a scam phone call from individuals impersonating Social Security employees. If you suspect you have received a scam phone call, report the details to

Just over halfway there! Both babies are growing healthy and we can't wait to meet them!THE OFFICE IS ALSO GROWING!We would like to introduce two new full-time employees, and our summer intern.Grecie and Jan come to us with industry experience and we are thrilled to have them on board. They serve as Investment Operations Assistants, and help prepare and process annual reviews, client service requests, and new business.  Jan has over 22 years of community banking experience, and has spen

Mason & Associates has a new Advisor!   We are excited to announce the latest addition to our financial planning team, Tommy Blackburn, CFP®, CPA, PFS. Tommy and his wife, Jess, have relocated from Richmond to Williamsburg in order to join the Mason financial planning team. Tommy and John Mason were classmates and 2010 graduates of the Pamplin School of Business at Virginia Tech. Since graduation, Tommy has earned the following credentials, CERTIFIED FINANCIA