Lawrence Financial Planning
Forrest Baumhover joined Lawrence Financial Planning in 2018 after a rewarding 24-year Navy career. He holds a B.S. in English from the United States Naval Academy and an M.B.A from Old Dominion University. Forrest has been a CFP® professional since 2015. He is also enrolled before the IRS as a tax practitioner.
As a veteran and a financial planner, Forrest understands the difficulties of being financially prepared for the unexpected. His personal experience in helping sailors resolve their own financial challenges inspired him to become a financial planner.
Forrest has been quoted in USA Today, Christian Science Monitor, Business Insider, and Yahoo Finance.
Originally a native of Dade City, Florida, Forrest has lived in the Westchase community since 2014. In his spare time, he volunteers as a transportation specialist, transporting his three children from activity to activity.
BS, English, US Naval Academy
MBA, Old Dominion University
Assets Under Management:
It's hard to tell what tax-planning opportunities you and your wife have without looking at the entirety of your situation. For example, student loans, charitable contributions, or itemized personal deductions might be a factor on your personal return. IRA contributions may be an option, but you may not be eligible if you don't meet the adjusted gross income requirements. S-corporation owners may benefit from classifying part of the profit as dividend (exempt from self-employment tax), but it's hard to make the case if you are the primary source of income (i.e. You don't have employees, equipment, or contractors).
Fully developing a tax-efficient plan should probably be done with a financial planner or tax professional. However, these are all opportunities you may want to look into on your own as well.
You might be able to get a slightly lower interest rate if you refinance now. However, you should pay attention to costs related to refinancing. Also, you'll want to make note of the final monthly payment for the new mortgage.
Assuming you don't pull out more money than you need for future updates, this could be a good way forward. Just pay attention to the details.
You would file the 1040X (Amended Tax Return Form) for the respective year's amended return. According to the IRS, if filing Form 1040X for a deceased taxpayer, enter “Deceased,” the deceased taxpayer's name, and the date of death across the top of Form 1040X, page 1.
When claiming a refund, you would use Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer.