Campbell Wealth Management - March 2019

Campbell Wealth Management - March 2019

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CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 600, Alexandria, Virginia 22314

for the Future BLUEPRINTS

As I met with each tradesman and planned the future of our office, it struck me how familiar it all was. Every single detail is planned out and coordinated — just like we plan out every detail for our clients’ financial and retirement plans. We look at so many details, from their estate to any and all insurance the client has — like life insurance and risk-management insurance. We look at income, find out where it comes from, and strategize the best ways to help our clients withdraw from retirement accounts. This is just the tip of the iceberg. When it comes down to it, we’re putting together a blueprint of someone’s retirement. This blueprint guides clients every step of the way to help ensure the end result is what they envisioned. And if something needs to be redrawn, we’re here to make those adjustments. As with any plan, sometimes changes do need to be made to adapt to unforeseen circumstances. A good plan is adaptable. That said, we can’t overstate how important retirement planning is. Just like we can’t just start hammering away at drywall and hope to end up with our dream office, you don’t want to jump into retirement without knowing where you want to go, or where you dream to go. The reality is that very few people have a plan, let alone a process to implement a plan that they follow every day. Most people improvise Continued on Page 3 ...

As you know, we recently made the move into a new building. As with any move, it wasn’t without its hiccups. We first signed the lease to our new office about a year ago. It wasn’t until September 2018 that we actually started making the move. In theory, everything should have been said and done before the end of the year. As I said, there were hiccups. For instance, the person who was in charge of the new lease agreement retired, adding some confusion to the move. The other big hiccup was our new office space wasn’t ready. Not even close. It was barebones and essentially needed to be built out from barebones. Thankfully, the property manager gave us the option to move into an interim office space and wouldn’t charge us until we moved into our official new space. While it wasn’t perfect, we made do. In January, work finally began on our new space. Everything started coming together after I met with architects, contractors, interior designers, and so on. There was meeting after meeting of planning and getting every detail just right for our future home. I wanted to make sure everything was going to be just right for our team and our clients. I had to think through everything from ceiling vents to where to hang flat-screen TVs for client presentations.

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4 Rainy Day Activities Enjoy Yourself !

As the weather warms up, the urge to get out of the house becomes stronger. However, any plans you might have can be abruptly canceled due to rain. If you find yourself stuck inside for the day, here are a few

The rain smattering against your windows creates the perfect background noise to delve into the pages of a new adventure. Create Your Own Film Festival Having a movie or TV series marathon is another great way to pass the time. You can watch some of the classics, like “Forrest Gump” or “Singing in the Rain,” fill the day with “The Lord of the Rings” series, or start a new Netflix show. If you want to involve your kids in the binge-watching, you can let them pick out one of their favorite movies too. Piece Together a Puzzle A rainy day is a great opportunity to pull out a puzzle. You can also grab your friends or family members and make the puzzle a team activity. With the whole day ahead of you, you’ll have several hours to devote to one of your favorite hobbies. Don’t let the rain keep you down! Instead, take advantage of the weather and enjoy a cozy day at home.

activities to keep you occupied.

Get Bakin’ A wet and chilly day is an excellent opportunity to warm yourself up with some baked goods. Bake your favorite snickerdoodle cookies or fudge brownies, and pour yourself a mug full of hot chocolate or cider to get through the stormy day. Read a Book If you have a bookshelf full of novels you’ve not cracked open, a rainy day is the perfect time to jump in. Settle down on the sofa with a cuddly blanket and enjoy some uninterrupted reading.

AVOIDING AN AUDIT 2 Red Flags the IRS Looks for Every Year

Most taxpayers will never have to worry about being audited by the IRS. If you do things by the book year after year, chances are you’ll be just fine. Whether you file on your own or work with a tax professional, as complicated as taxes can seem, most people don’t make mistakes. But sometimes people do. And sometimes people intentionally mislead the IRS in order to boost their tax return or reduce what they actually owe. In either case, the IRS does look for key indicators that a tax return needs further scrutiny. How do they do it?The IRS begins by analyzing any given tax return. In a majority of cases, a tax return is chosen at random. The return is run through a software programwhich looks for anything out of the

will look into it. If your deductions are high for a legitimate reason, you likely have a complete record to back it up. Another red flag for the IRS is early withdrawal from retirement accounts. There are instances when people legitimately need to make withdrawals before age 59 1/2. The IRS typically issues a 10 percent penalty if defined exceptions aren’t met (such as certain medical or education expenses). The IRS has found that upwards of 40 percent of taxpayers don’t report the early withdrawal when they don’t qualify for exemptions. However, as Kiplinger reports, the IRS is made aware when a person makes an early withdrawal and when the numbers don’t add up, the result is an audit.

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