Convergence Companies

Join us in congratulating Dan Hamlet on his new independent advisory business, 360 Integrated Financial! Dan is a Certified Kingdom Advisor®, and he is passionate about helping his clients integrate their faith with their finances. He has chosen to partner with Convergence Financial to help give support to his clients! To learn more about Dan, visit here: https://lnkd.in/g6bH5ked Congratulations, Dan!

Getting a large raise is exciting, but how do you make the most of it? Here are some examples. While adjusting your financial plan, don't forget that you can achieve your long-term goals while still rewarding yourself now. It just takes balance.

The December jobs report outpaced expectations, coming in at 256,000, which was 103,000 more than expected. With strong job reports often being a sign of a healthy economy, the CME FedWatch Tool now indicates there's a 2.7% chance the Fed will cut rates at their next meeting this month.

High earners have likely been told to use catch-up contributions in retirement saving, but have you ever wondered what the true potential benefits are? Read our latest blog with 2 important upcoming changes and 3 potential benefits with example scenarios!

Take a look at some year-end numbers for 2024! In case you missed it, here's a link back to our December market commentary with a recap of activity in December: https://lnkd.in/ghqEfkPn

The Standard Deduction applies to most tax filers, but if these three situations apply to you, it is not available to you. For 2024 taxes, the Standard Deduction is $14,600 for single or married filing separately, $21,900 for Head of Household, and $29,200 for surviving spouse or married filing jointly. For questions about the Standard Deduction, contact your accountant!

Here are 5 ways you can calculate depreciation as a business owner: 👉Straight line: Calculate a depreciation amount that is the same year after year for the life of the asset- the simplest method 👉Declining balance: Provides larger deductions sooner- best suited for assets that lose value faster in the early years 👉Double declining balance: Depreciates assets twice as fast as the declining balance method- best suited for assets that become obsolete quickly 👉Sum of the years' digits: Results in larger depreciations amounts early in an asset's life, but not as aggressive as declining balance- best for assets that produce at a higher capacity in the early years 👉Units of production method: Uses the number of units an asset actually produces, instead of time, as a factor- useful for companies that produce or manufacture goods

Members of the Federal Open Market Committee (FOMC) and the Federal Reserve (Fed) itself are often described as either hawkish or dovish. Hawkish= primary goal is to control inflation, likely to raise rates Dovish= primary goal is to maximize employment, likely to lower rates Here's how the policy stance of 2025 voting members of the FOMC compares to 2024 voters!

A 401(k) plan with an auto escalation feature comes with advantages and disadvantages for the employee. What do you think of this feature?

529 Savings Plans are far more popular than 529 Prepaid Tuition Plans, which might explain why only 9 states offer them. This table is for general characteristics of these plans. Some state savings plans require residency. For questions about which plan is right for you, speak with your financial advisor.