A new year means new tax changes. With the recent SECURE Act, and the Tax Cuts and Jobs Act back in 2017, there are many updates to the tax code that could affect how much money you keep and how much goes to Uncle Sam. I’ve included some of the most significant tax-related changes for…
Upper Middle Class, Middle Class Will Feel It The Most It continues to look highly likely that EVERYONE will see higher taxes in the future. Even though politicians say they won’t increase taxes on the middle class and the poor, it is mathematically impossible not to. In my opinion proper financial planning will absolutely be…
To some people, the practice of exchanging valentines is great for children in elementary school, but it’s hardly something for adults. Right? Well, one of the toughest, most resilient men you’ll ever meet doesn’t think that valentines are silly. And he should know – after all, he just received over 20,000 of them.1 The Oldest…
Hopefully your tax day preparations are going along this year without a hitch. When it’s all over let us lend a big hand and take care of all of yourshredding. It’s a Saturday morning rain/snow or shine. We’ll have some coffee ready too. The big truck is coming and if you like you can watch…
Social Security has been low and reports show it will continue to be and will remain low. According to the article below, the Social Security cost of living adjustment has averaged 1.4 percent for the last 10 years. That is certainly less than inflation. Social Security’s purchasing power has decreased by thirty-three percent since 2000;…
Here is a list of reasons this article explains why 401(k)s are not good retirement choices going forward. I will list them, and the article will give you an explanation for each reason. Every distribution you take will be taxed at your highest rate. Double taxation is often the norm. Mandatory withdrawals required at age…
You’ve heard about the Coronavirus outbreak in the Chinese city of Wuhan. As I finish this Wednesday afternoon update, there have been over 6,000 confirmed cases, with more than 130 deaths.1 Most cases have been within China itself, but the virus has spread to a small number of individuals in over fifteen countries. As you…
States, who cannot print money, are requiring more and more revenue as they fall further behind in retiree pension and health care requirements. It is highly likely that state and local taxes will have to be raised even further. I would like you to visit www.truthinaccounting.org. Some states only have 10 percent of the money…
This is a little-known rule that is available to participants of 401k’s and 403b’s. The rule says you can withdraw money from these accounts when you terminate employment at age 55 without paying a penalty. You still must pay the income tax on the money, but there is no penalty. The rule goes into effect…
This is a spectacular article written by the actor Rob Lowe, where he – in wonderful detail – describes the amazing emotional, physical and financial stress ALL nonprofessional caregivers must endure. He offers great advice and reassurance. Many of us will find ourselves in this position if we don’t prepare. See more in the Newsweek’s…