Best Financial Advisors in Jackson

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• How does IRA work in Jackson?

  IRAs or individual retirement accounts are retirement savings accounts that offer various benefits to help your money grow for retirement. They provide safety and security, meaning your money is protected and less risky than other investment options. Additionally, IRAs come with tax advantages, which means you can save money on taxes while contributing to and withdrawing from the account during retirement.

• What are the different types of IRAs in Jackson?

  The different types of IRAs in Jackson include the following:

  • Traditional IRA - Contributions are subject to tax deductions;
  • Roth IRA - Withdrawals are not subject to tax;
  • Self-Directed IRA - The account holder does the investments;
  • Simple IRA - This type allows contributions from both employers and employees; and
  • SEP IRA - This allows employees to contribute to their employees' retirement savings. It's best to consult a financial advisor to understand which plan works best for you and your needs.

• How can I apply for a business tax license in Jackson?

  Business owners operating a profit-generating venture with gross taxable receipts of $3,000 must complete a business tax license application. Note that Planning Department approval is necessary before starting any business within the City of Jackson. Renewals of licenses must be done annually, usually after filing business tax returns and remitting taxes due.

• Is there individual income tax in Jackson?

  Mississippi, where Jackson is located, follows what is called the graduated income tax rate, which applies to both individuals and businesses. The tax rates are as follows: -0% on the first $5,000 of taxable income -4% on the next $5,000 of taxable income -5% on any remaining taxable income above $10,000

• How can I protect myself from financial fraud or scams in Jackson?

  Protecting yourself from financial fraud or scams in Jackson requires being vigilant and taking proactive steps. Here are some important measures: -Conduct regular checks on your banking and credit accounts. -Never share sensitive personal information, like Social Security numbers, bank account details, or credit card information with unsolicited individuals or organizations. -Learn to be skeptical and stay informed about common scams and fraud techniques. -Consult trusted financial advisors and professionals when making important decisions related to your finances.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.