A couple of federal personal tax credits are available for the installation of certain energy efficient or clean energy property in your home. Expenditures must be for items that meet various energy efficiency standards (e.g., Energy Star). The energy efficient… Read More
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BWFA ENHANCES SUPPORT FOR FEDERAL EMPLOYEES
BWFA is proud to announce that several of our employees now hold the ChFEBC℠ (Chartered Federal Employee Benefits Consultant) designation. A ChFEBC℠ is a prestigious designation for Financial Advisors, CPAs, and others, who have successfully completed an intensive training course… Read More
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WHY REGULAR FINANCIAL PLAN REVIEWS ARE ESSENTIAL FOR LONG-TERM SUCCESS
Your financial plan review is one of the most critical aspects of successful financial planning. Many people assume that once their financial plan has been created, they can ‘set and forget.’ However, there are several reasons why it’s necessary to… Read More
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Investment Management: A Different Way to Think About Financial Goals
As far as achievements go, Tara Dower’s speed run of the Appalachian Trail surely takes some beating. The professional ultrarunner completed the 2,200 miles from Maine to Georgia in just 40 days and 18 hours, beating the previous fastest known… Read More
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Presidents Address: Building with Purpose – Lessons from Marjorie Merriweather Post
At BWFA, we believe that smart decisions today build stronger communities and brighter futures for tomorrow. As we look to history for examples of this philosophy in action, few figures embody this more vividly than Marjorie Merriweather Post. Born in… Read More
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NAVIGATING LOSS WITH COMPASSION: HOW BWFA SUPPORTS YOU THROUGH GRIEF AND TRANSITION
At BWFA, we understand that life’s challenges can be overwhelming, especially during times of loss or transition. That’s why we go beyond financial planning to offer compassionate support to help you navigate these difficult moments. Whether you’re dealing with the… Read More
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MEET BWFA’S SPRING INTERNS
BWFA is committed to education in finance and supporting students as they explore career opportunities in our industry. We work hard to design a meaningful program for our interns to hone their skills, learn about various aspects of finance and investments,… Read More
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PENALTIES AND INTEREST FOR PAYING AND FILING FEDERAL INCOME TAXES LATE
If you fail to file your federal income tax return and pay your tax by the due date, you may have to pay one or more penalties, plus interest.Although you are allowed an automatic extension for filing your return if… Read More
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WHAT TO KNOW ABOUT INHERITING RETIREMENT SAVINGS ACCOUNTS
The SECURE Act of 2019 dramatically changed the rules governing the inheritance of IRA and retirement plan assets. Retirement savings account owners and their loved ones should understand these complicated rules. Depending on a number of different factors, inheriting retirement… Read More
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SAVING FOR COLLEGE: THE IMPORTANCE OF 529 ACCOUNTS
The rising cost of higher education has made saving for college a crucial financial goal for many families. With tuition rates increasing yearly, proper planning can help alleviate the burden of student debt and ensure a smooth transition into higher… Read More
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GRATEFUL: A CORE VALUE AT BWFA
As we step into a new spring season, I find myself reflecting on a word that carries profound meaning both personally and professionally: GRATEFUL. At BWFA, gratitude is more than just a sentiment—it is a guiding principle that shapes our… Read More
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2025 Kickstart Premier Event
BWFA and Dr. Asha Subramanian invite you to kickstart 2025 with a premier webinar series. Learn how certain foods and nutrients work to promote or discourage disease. Join us and take charge of your health this year with the food… Read More
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GOVERNMENT-SPONSORED DISABILITY INSURANCE PROGRAMS
Although these programs may not offer the comprehensive protection you’d like, they can help you and your family if you can’t work. SOCIAL SECURITY DISABILITY BENEFITSTwo programs administered by the Social Security Administration pay disability benefits. The Social Security disability… Read More
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UNDERSTANDING MEGA BACKDOOR ROTH CONTRIBUTIONS
The Mega Backdoor Roth Strategy is a powerful strategy that allows high-income earners to contribute significantly more to a Roth account than standard contribution limits allow. This strategy is especially beneficial for individuals who have already maxed out contributions to… Read More
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THE POWER OF A LIFE REVIEW: REFLECT, REFOCUS, AND RENEW
Retirement is often seen as the grand finale, the culmination of years of hard work, planning, and perseverance. But I prefer to think of it differently. Retirement isn’t the end of the story—it’s the beginning of your “second act.” It’s… Read More
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TAX PREPARATION CHECKLIST 2024
As tax season approaches, staying organized is key to maximizing deductions and minimizing stress. This comprehensive checklist will ensure you’re fully prepared and on track for filing. PERSONAL INFORMATION Personal Data Social Security Numbers and birthdates for you, your spouse… Read More
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100 Miles Through Zion: A Journey of Resilience, Friendship, and Self-Discovery
From the relentless desert climbs to the emotional highs and lows, this transformative experience taught BWFA client Kristen Ghaffarian that with the right mindset and support, she could conquer anything. I was invited by Milestone Events to be an ambassador… Read More
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NAVIGATING THE POST-ELECTION FINANCIAL LANDSCAPE: INSIGHTS FOR BWFA
The conclusion of the 2024 U.S. election is leaving many investors wondering what lies ahead. With markets responding dynamically we aim to help ourclients stay grounded. At Baltimore-Washington Financial Advisors (BWFA), our goal is to provide clarity during these pivotal… Read More
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BWFA VOLUNTEER DAY AT LITTLE PORTION FARM
BWFA is proud to support various organizations that are making a positive impact in our community. Recently, BWFA staff members had the opportunity to volunteer with The Little Portion Farm in Ellicott City, MD. We helped with a variety of… Read More
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TAPPING THE EQUITY IN YOUR HOME
Over time, the value of your home has likely grown and your mortgage balance has been reduced (or even eliminated). The equity you now have in your home is a reservoir of funding potential. You may decide to tap into… Read More
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CHANGING JOBS? KNOW YOUR 401(K) OPTIONS
If you’ve lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It’s important to understand your options. WHAT WILL I BE ENTITLED TO? If you leave your job (voluntarily or… Read More
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OUR SUMMER INTERNS
At BWFA, we are committed to education in finance and supporting students to explore career opportunities in our industry. The goal of our summer intern program is to provide students with mentorship and guidance as well as meaningful work experience… Read More
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Travel is a Great Way to Maintain Mental Well-being
Mental wellness is integral to having a fulfilling life. The World Health Organization (WHO) describes mental health as “a state of well-being in which an individual realizes his or her own abilities, can cope with the normal stresses of life,… Read More
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Applying for a Mortgage
Since most people finance their home purchases, buying a home usually involves applying for a mortgage. Here is some basic information to help guide you through the process. MORTGAGE PREQUALIFICATION VS. PREAPPROVAL Before applying for a mortgage, you’ll want to… Read More
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Understanding Probate
When you die, you leave behind your estate. Your estate consists of your assets — all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take… Read More
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Top 5 Tips to Creating a Successful Succession Plan
Have you ever wondered what’s going to happen to your small business when you retire? If you are an owner who’s been stressed deciding who should take over your small business when you retire, pass away, or become incapacitated, you… Read More
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Why People in “Blue Zones” Live Longer Than the Rest of the World
“Blue Zones” are geographic areas with lower rates of chronic diseases and a longer life expectancy. Diet, fasting, and exercise are factors associated with Blue Zones. Italy, Greece, Japan, Costa Rica, and the US have a Blue Zone. Chronic diseases… Read More
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How Will I Manage to Send My Child to College?
Being able to send your child to college is a common goal for most parents, but a diploma doesn’t come cheap. The best thing to do to achieve your goals is to start saving as early as possible, even if… Read More
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Asset Allocation
Asset allocation is a common strategy that you can use to construct an investment portfolio. Asset allocation isn’t about picking individual securities. Instead, you focus on broad categories of investments, mixing them together in the right proportion to match your… Read More
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How Financial Planners Can Help High-Net-Worth Individuals
Everyone has specific goals they wish to achieve. From buying a home, getting married, saving up for our child’s education, lowering our tax burden, and building a large retirement corpus. To do all these things, you need a carefully crafted… Read More
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How to Avoid Financial Woes During This Tax Season
Tax season is like that uninvited guest who shows up yearly, adding more stress to our already busy lives. Whether you’re a small business owner or just managing your finances, the complexities of tax laws and the fear of making… Read More
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Retirement Plan Considerations at Different Stages of Life
Throughout your career, retirement planning will likely be one of the most important components of your overall financial plan. Whether you have just graduated and taken your first job, or are starting a family, enjoying your peak earning years, or… Read More
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Maryland’s Save4College State Contribution Program
The thought of paying for college can be overwhelming for many people, but a lot of the stress and pressure can be relieved with careful planning. There are many college savings options and saving in a 529 plan is a… Read More
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Six Keys to More Successful Investing
A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help… Read More
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Transferring Your Family Business
As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your… Read More
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Strategies for Maximizing Retirement Contributions Before Year Ends
Rounding out another year comes with a long list of things to get done. Between the holiday rush and the end of the year, you might not have thought about your year-end tax planning, specifically maximizing your retirement account contributions. If you… Read More
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Tips for Charitable Giving and Year-End Tax Planning
As the year draws to a close, you should consider your year-end tax planning. One strategy to help you with this is charitable donations. Not only is December a critical time for many nonprofits to meet their financial goals, but smart… Read More
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The Best Year-End Tax Planning Strategies for Individuals
Smart tax planning is as important as ever for taxpayers looking to manage their cash flow while also paying the least amount of taxes possible over time. As the year-end approaches, now is the time for individuals, business owners, or family offices… Read More
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Tax Planning Actions to Take Before the Year Ends
With the end of the year in sight, now is the time to begin assessing your 2023 tax obligations to see what you could do to reduce your bill. As a first step, ask the professional advisors from Baltimore-Washington Financial… Read More
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Year-End Tax Planning If You Have a Lower Income
If you have earned less than anticipated this past year, there are a handful of tax strategies to help you. You may have an opportunity for portfolio rebalancing, Roth IRA conversions, and much more. Read on to learn how the… Read More
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Year-End Tax Planning If You Have a High Income
If you find yourself in a higher tax bracket for 2023, you might face a larger tax bill than you initially expected. That said, there are plenty of year-end tax planning strategies higher-income earners can leverage to help reduce their overall tax… Read More
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Baltimore-Washington Financial Advisors Named One of America’s Top RIAs 2023 by Forbes
On October 10, 2023, Baltimore-Washington Financial Advisors was ranked 41 on the Forbes list of America’s Top 250 RIA Firms. In their ranking announcement, Forbes noted that they have compiled a list of RIAs with “strong pedigrees when it comes… Read More
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Helpful Tips for Year-End Tax Planning
It’s been a unique year. We have seen the market rebound and inflation slow down while also experiencing interest rates reaching highs, we have not seen in over two decades. It is important to remember that the end goal shouldn’t… Read More
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BWFA Institute & Internship Class of 2023
At BWFA, we are committed to education in finance and supporting students to explore career opportunities in our industry. The goal of our summer intern program is to provide the students with mentorship and guidance as well as meaningful work… Read More
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Trust Basics
Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility — many types of… Read More
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Getting Started: Establishing an Emergency Fund
In times of crisis, you don’t want to be shaking pennies out of a piggy bank. Having an emergency fund, or a financial safety net, in place can ensure that you’re protected when a financial emergency arises. One way to… Read More
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Fundamental Concepts for New Investors
Investing involves setting goals for the future and weighing the risks and potential rewards associated with a wide variety of investment opportunities. If you are a new investor, this might seem like an overwhelming task. But take heart. Becoming familiar… Read More
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ABCs of Financial Aid
It’s hard to talk about college without mentioning financial aid. Yet this pairing isn’t a marriage of love, but one of necessity. In many cases, financial aid may be the deciding factor in whether your child attends the college of… Read More
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Budgeting 101
Do you ever wonder where your money goes each month? Does it seem like you’re never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money… Read More
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Tax Tips: Long-Term Care Insurance
Your chances of requiring some sort of long-term care increase as you age, and long-term care insurance (LTCI) can help you cover your long-term care expenses. Although tax issues are probably not foremost in your mind when you buy LTCI,… Read More
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Selecting an Executor
What is an executor? An executor is a personal representative who acts for you after your death. You nominate or designate an executor in your will to settle your estate. The person chosen will act in your place to make… Read More
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The Pros and Cons of Rebalancing Your Portfolio
BWFA provides fee-only fiduciary standard investment management that focuses on long term decision making. We avoid short term trading, market timing and emotional reactions to day-to-day volatility, to provide clients with investment results to meet their individual needs over their… Read More
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Financial Planning Issues for New Parents
My wife and I recently celebrated the birth of our first child, so it felt appropriate and timely to discuss some of the financial planning issues related to growing a family. As you prepare for life with your new child,… Read More
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Understanding the Net Investment Income Tax
If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax). This 3.8% Medicare tax applies to some or… Read More
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Minimizing Estate Taxes
The act of giving away your property, either during life or at death, will probably be subject to one or more of several types of taxes (collectively referred to here as estate taxes), either on the federal level, state level,… Read More
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Funding a Roth IRA
With the potential for tax-free retirement income, Roth IRAs may be appealing investment vehicles. There are three ways to fund a Roth IRA — you can open an account and contribute directly, you can convert all or part of a… Read More
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Healthy, Wealthy & Wise
“When health is absent… wealth becomes useless.” — Herophilus, Ancient Greek Physician That might have been the case 2,300 or so years ago, but it’s a doctrine I live by today, specifically noting the benefits of regular checks for both… Read More
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Choosing a Continuing Care Retirement Community
What is a Continuing Care Retirement Community (CCRC)? CCRCs are retirement facilities that offer housing, meals, activities, and health care to their residents. These communities appeal to people who are currently in good health, but who worry that they may… Read More
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How Medicare-Related Taxes Affect High-Income Individuals
The health-care reform legislation enacted in 2010 included Medicare-related taxes that first took effect in 2013. These taxes target high-income individuals and families. Here are the basics: ADDITIONAL MEDICARE PAYROLL TAX If you receive a paycheck, you probably have some… Read More
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Always Improving to Meet Our Clients Needs
As investment advisors it is our mission to help our clients achieve their financial, as well as life, goals. Throughout this relationship with our clients, we are there during many of the high points in their lives, but we are… Read More
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Choosing an Income Tax Filing Status
Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to… Read More
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Multi-Generational Family Wealth Planning
Legacy and family are both inherent parts of wealth planning. Take steps to create and preserve multigenerational family wealth with these tips. When we think about wealth planning, we often turn to concepts like personal finance management, investments, and retirement… Read More
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Sticker Shock: Creative Ways to Lower the Cost of College
Even with all of your savvy college shopping and research about financial aid, college costs may still be prohibitive. At these prices, you expect you’ll need to make substantial financial sacrifices to send your child to college. Or maybe your… Read More
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BWFA Institute & Internship Class of 2022
This summer, we celebrated the 10th Anniversary of our Institute & Internship Program with our 2022 team of eight bright and talented interns. The goal of our summer intern program is to provide the students with mentorship and guidance as… Read More
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10 Tips to Help Your Marriage Survive Retirement
While you may view retirement as a long-anticipated emancipation from the work world, it is also a period of considerable change and adjustment. If you are married, some of the most profound changes will take place within the context of… Read More
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Rolling Stock Market Returns: The Antidote for the Daily Stock Market Watcher
Rolling returns are a great way to measure investment performance (in this example the S&P 500 index). These rolling returns don’t correspond to calendar periods. We begin to understand investing more clearly as we compare the rolling stock market return periods… Read More
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Dealing with Divorce
Divorce can be a lengthy process that may strain your finances and leave you feeling out of control. But with the right preparation, you can protect your interests, take charge of your future, and save yourself time and money. You… Read More
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Tax Planning Tips: Disability Insurance
The income you receive from disability income insurance may or may not be taxable. The taxability of disability income insurance benefits depends on what type of benefits you receive, whether the premiums were paid with pretax or after-tax dollars, and who… Read More
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Who Should Inherit Your Wealth?
Some people fantasize about receiving an inheritance like it will be a dream come true. But when it comes to giving an inheritance and deciding who should receive what, the process can be a lot less thrilling. Setting up wills… Read More
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Rob Carpenter is Baltimore magazine’s Thought Leader of the Month
Baltimore-Washington Financial Advisors, Inc. (BWFA), was founded in 1986 and is headquartered in Columbia, Maryland. BWFA is among the largest and oldest independent, fee-only financial advisory firms in the Baltimore/Washington metropolitan area. BWFA acts as a fiduciary and serves clients… Read More
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Decisions, Decisions: Choosing Among Retirement Plan Contribution Types
If your employer-sponsored 401(k)or 403(b) plan offers pre-tax, Roth, and/or non-Roth after-tax contributions, which should you choose? How do you know which one might be appropriate for your needs? Start by understanding the features of each. PRE-TAX: FOR THOSE WHO… Read More
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Capital Gains Tax
What is capital gains tax? Capital gains tax is imposed on gains realized from the sale of capital assets such as a home, an investment, or a business interest. Special maximum tax rates generally apply to long-term capital gains; these… Read More
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Tax Benefits of Home Ownership
In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax… Read More
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Volatility in the Markets
The military conflict in Ukraine over the past month is very disconcerting. The situation remains intense with no end in sight. We hope for a swift, peaceful, and just resolution of the war between Russia and Ukraine. At BWFA, we… Read More
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Transitioning Into Retirement Can Be A Good Thing
If you’re considering retirement within the next five years or so, you’re in the retirement “zone.” This is a critical time period during which you’ll be faced with a number of important choices, and the decisions you make can have… Read More
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Are Bonds “Conservative Investments”? Maybe Not.
BWFA has been underweighting allocations to bonds and other interest-rate-sensitive investments, given that many of these choices pay very little, and there is a risk to principle eroding, if interest rates go up. Bonds may not be as glamorous as… Read More
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10 Resolutions That Will Boost the Value of Your Company
2021 is in the books. If your goal as a business owner is to build a more valuable company in 2022, here are some New Year’s resolutions to consider: 1. STOP CHASING REVENUE. A bigger company is not necessarily a… Read More
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Understanding Defined Benefit Plans
You may be counting on funds from a defined benefit plan to help you achieve a comfortable retirement. Often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement. To help you… Read More
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Taking Advantage of Employer-Sponsored Retirement Plans
Employer-sponsored qualified retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you’re not participating in it, you should be. Once you’re participating in a plan, try… Read More
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Baltimore-Washington Financial Advisors Named BEST FINANCIAL ADVISOR by Howard Magazine 7 Years in a Row
October 28, 2021, Baltimore-Washington Financial Advisors is pleased to announce it has once again been named ‘Best Financial Advisor’ by Howard Magazine’s Best of Howard Readers’ Choice Poll. “We are honored to be among Howard County’s Best,” said Rob Carpenter,… Read More
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Internships at Baltimore-Washington Financial Advisors offers training in financial services
Baltimore-Washington Financial Advisors welcomed 9 summer interns who worked on a variety of different projects supporting the financial planning, investment management, and tax teams. “The goal of our summer internship program is to provide the students with mentorship and guidance… Read More
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Baltimore-Washington Financial Advisors Featured as Leaders of Finance in Baltimore Magazine
Each year, Baltimore Magazine publishes its list of financial leaders, some of the best-known names in the industry, right in your backyard. BWFA is among those that earned this prestigious position. Founded in 1986, Baltimore-Washington Financial Advisors is among the… Read More
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BWFA Professionals Receive Additional Credentials: Certified Elder Planning Specialist (CEPS)
Our mission at BWFA is to provide our clients with comprehensive wealth management by offering asset management, financial planning, and tax services at one firm. In the past this most often took the form of providing expert advice to those… Read More
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The Individual 401(k)
If you’re self-employed or own a small business, you’ve probably considered establishing a retirement plan. If you’ve done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees (SIMPLE) IRA plans. These plans… Read More
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Car Insurance for Travelers
The rental car you’re driving while on vacation or a business trip is nice — you almost wish you could take it home with you. But what happens if you have an accident while you’re renting it? When you do… Read More
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Health Insurance for Travelers
You were having a great time on your vacation — until your toddler woke up from her nap with a fever. If you were at home, you’d take her to the pediatrician right away and rely on your health insurance… Read More
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Financial Planning for Executives – Webinar
Can you imagine running your business without a strategic plan? Of course not, however, many successful executives have no personal financial plan. Our comprehensive and proactive approach professionally organizes and manages your financial affairs, ensuring that you are maximizing all… Read More
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Health Insurance and COBRA: Sometimes You Can Take It With You
If you’re like most Americans, you count on your employer for health insurance coverage. But what would happen to your health insurance if you suddenly stopped working or no longer qualified for benefits? No one can predict the future. It’s… Read More
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Income Tax Planning and 529 Plans
The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states… Read More
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BWFA Institute & Internship Class of 2021
This summer, a team of nine interns worked on many different projects that supported the financial planning, investment management, and tax teams. The goal of our summer intern program is to provide the students with mentorship and guidance as well… Read More
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Understanding Your Credit Report
Your credit report contains information about your past and present credit transactions. It’s used primarily by potential lenders to evaluate your creditworthiness. So if you’re about to apply for credit, especially for something significant like a mortgage, you’ll want to… Read More
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Nonqualified Deferred Compensation (NQDC) Plans: A Primer for Business Owners
A nonqualified deferred compensation (NQDC) plan is an arrangement between an employer and one or more employees to defer the receipt of currently earned compensation. You might want to establish a NQDC plan to provide your employees with benefits in… Read More
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Understanding IRAs
An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work,… Read More
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