Are taxes on the rise? Many of our conversations and decisions with clients hinge on this probability. Many of you realize that you have a strong silent partner in your IRA, the IRS. In this article, Ed Slott, sometimes called America’s retirement expert, talks about why IRAs and 401(k)s will be likely targets for increased…
Part 2 – Tax Cuts? Or Increase Taxes? If you remember, last week I discussed the upcoming election and said that we would be reviewing the upsides and downsides in the coming weeks. This week we will look at what we can expect from each candidate relating to taxes. What to Expect From…
That’s the question investors are asking. Let me explain in our Summer Market Update. After cruising for the past five months, the markets screeched to a halt on September 3rd. The Dow dropped over 800 points, and the Nasdaq plunged nearly 5%.1 All told, it was one of the worst trading days for stocks since…
Perhaps this question has crossed your mind more than once as you consider your financial future. There are many issues surrounding this question and one of the first steps to finding the answer is to evaluate where you are today. Take a snapshot of where you are currently and paint a picture of where you…
The Best IRS Tax Gift If you’re not at least 70½, you can skip this article. Forward the link to someone that is. They will appreciate your thoughtfulness. If you are at least 70½, this is for YOU. A Qualified Charitable Distribution may be THE best tax gift that the IRS has given you. At…
History in the Making – Coronavirus and Circuit Breakers Last week I was in Atlanta for a 3-day conference. I flew out of Colorado Springs and noticed three or four facemasks on the plane. There was not an empty seat on the plane. In the Atlanta airport, there were a few more masks but it…
The Wall Street Journal has done a very thorough job of estimating taxes under each of the Democratic candidates for president. The takeaway is clearly that there’s a possibility that the Democrats may once again control the presidency and one or both houses of congress. When that happens the current plans on the table (representative…
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…
Hope you’ve had a great holiday and are anticipating the new year! With some recent changes there’s more for us to maneuver around. This will be a busy year. The biggest change is the new SECURE Act. There are many provisions. Here are the most important that may affect you. As you read below green…