Lamont Financial Services, 250 Bel Marin Keys Blvd, Suite F3, Novato, CA 94949
(415)883-5200
 

Lamont Financial Services, a Marin County financial and wealth management firm serving the San Francisco Bay Area.

We are focused on helping clients with investment selection, risk management, tax strategies, and retirement planning. Give us a call at (415) 883-5200 to set up an introductory meeting.

Blog And Articles
August 9, 2018

James Lamont of Lamont Financial Services explains how property owners can use cost segregation and IRS approved asset classification methods to recover depreciation deductions from the past, present, and future.

Cost segregation is an IRS-approved tax saving strategy that allows commercial property owners to divide their properties into two categories: real property and personal property. The benefit of this “reclassification” is that personal property can be depreciated much faster (5, 7, and 15 years depending on the asset) than real property (39 years). This means that property owners can lower their tax burden and increase revenue simply by reclassifying assets they already own.

Cost segregation can be applied to buildings placed in service or significantly remodeled after 1987 (the year that current depreciation schedules were put into place). Many property owners aren’t aware of cost segregation and have not taken advantage of the opportunity. Some haven’t heard of it. Some have heard of it and think it might be frowned upon by the IRS and trigger an audit. It won’t–the IRS actually tells you how to do it.

Those who haven’t heard of cost segregation and have owned buildings for many years are allowed to “catch up” with their depreciation schedules and enjoy a significant windfall of tax savings and new cash flow. In 1999, the IRS announced that it would permit companies that have claimed less than the allowable […]

ira-types-lamont
October 19, 2016

Did you know that there are 11 types of Individual Retirement Accounts (IRAs)? That’s right, there are 11 ways to set aside money for retirement as an individual. Most are versions of two types of IRAs–traditional and Roth, but it’s important to understand all of your investment options. Let’s start with those two and move on from there.

  1. A Traditional IRA is an account in which an individual sets aside money for retirement prior to paying taxes. This has the dual benefit of lowering one’s taxable income while saving money for retirement. It was introduced with the Employee Retirement Income Security Act of 1974 (ERISA) and made popular with the Economic Recovery Tax Act of 1981. The money will be taxed when it is withdrawn. You can invest this money in stocks, bonds, or savings accounts through a qualifying financial institution.

  2. With a Roth IRA, contributions are made with after-tax assets and all transactions within the IRA have no tax impact, and withdrawals are usually tax-free. Many savers have found that by the time they started withdrawing funds from a traditional IRA, income taxes were higher than they would have been if they paid the taxes prior to setting aside retirement funds. Named for Senator William V. Roth, Jr., the Roth IRA was introduced as part of the Taxpayer Relief Act of 1997.

social-security-benefits-lamont
October 12, 2016

Social Security retirement benefits are meant to provide monthly income to eligible workers, as well as their spouses, survivors, and dependent children. There are a variety of strategies around when to claim benefits that can have a significant impact on the amount of money you can receive.  In order to enjoy financial security and make the most of your retirement, it’s important to think hard about when to claim your benefit.

Eligibility Requirements

You are eligible for Social Security benefits at age 62, considered “full retirement age” by the Social Security Administration. For every year you put off collecting between age 62 and 70, you’ll increase your benefit between 5 percent and 8 percent. Many elect to work longer or to rely on other sources of retirement income to maximize social security benefits.

According to the Social Security Administration, almost 75 percent of taxpayers apply for social security benefits between age 62 and full retirement age. Some regret this decision, or simply had a change of plans. Prior to 2010, retirees could that changed their mind about electing Social Security benefits were allowed to “un-elect” their benefits and re-file at a later age, provided that they pay back all the benefits received up to the point of changing their minds.

Rules Have Changed

According to the Center for Retirement Research at Boston College, this loophole cost the Social Security […]







Latest News
ira-types-lamont
October 19, 2016

Did you know that there are 11 types of Individual Retirement Accounts (IRAs)? That’s right, there are 11 ways to set aside money for retirement as an individual. Most are versions of two types of IRAs–traditional and Roth, but it’s important to understand all of your investment options. Let’s start with those two and move […]