No matter how old your kids get, there’s a good chance they’ll still play some sort of role in your financial plan. Let’s talk about some of the common scenarios we see where children somehow come into play during the retirement planning process.
We're continuing our list of tax changes from the 'Act', passed in December 2017. 10 That Went Away 1. Personal and dependency exemptions suspended. The Act suspended personal and dependency exemptions. However, the increased standard deduction, enhanced child tax credit, and overall tax rate changes may offset or minimize the impact of this suspension on many taxpayers. 2. State and local tax deduction capped. The deduction for individual state and local income taxes, state and local property taxes and sales taxes is capped at $10,000. Experts indicate the cap [...]
In December 2017, lawmakers passed the Tax Cuts and Jobs Act (the 'Act'), a sweeping reform law that impacts pretty much everyone. Since we just finished the crush to April 15th, I thought it would be a good idea to recap what this year will bring. Our follow-on email will address the 10 Breaks That Went Away. 10 New Tax Breaks 1. Doubled standard deduction (2018-2025). In 2018, the standard deduction is $12,000 for single taxpayers, $18,000 for taxpayers filing as heads of household, and [...]
They say these days that there’s a holiday of every day of the year. It’s kind of true. In fact, the month of April, for example, is home to Bowel Cancer Awareness Month, Fresh Florida Tomato Month, Fresh Celery Month, Multiple Birth Awareness Month and National Soft Pretzel Month (sorry hard pretzels, you guys have to wait until the overall National Pretzel Month in October). What does all this have to with finances? Well, April is also National Distracted Driving Awareness Month, which gave us the idea to discuss some of things that distract us financially. And since every single other thing in existence gets a holiday, we’ll make up our own to discuss on this week’s podcast. It’s National Distracted Investor Awareness Month. We’ll reveal the distractions that often peel our attention away from being good investors and savers and give you tips on how to stay on track.
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