Tax Updates and Reminders

As we head toward the end of the year, consider maxing out your contributions on tax-advantaged accounts to help manage your 2019 return. While some accounts, such as an IRA or Health Savings Account (HSA), allow you to continue making contributions up until April 15, 2020, most payroll-deduction plans such as a 401(k) will stop…

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year end tax

Now that we’re in the fourth quarter, it’s time to think about what you can do to help minimize your liabilities for the 2019 tax season and position finances for next year. The following is a sample of the usual methods. However, if you’d like us to take a more personalized, comprehensive approach, we’d be…

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U.S. stock markets were enjoying an eighth consecutive year of a bull market until volatility toward the end of 2018 erased all of the past year’s gains. In times like this, as share prices continue to bounce back and forth on a day-to-day basis, investors close to or in retirement often transition to more conservative…

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Tax season is upon us, and it’s time to figure out if and how changes brought by the Tax Cuts and Jobs Act will affect you. Bear in mind that adjustments have been made in each of these areas: Individual tax income brackets and tax rates Standard deduction (doubled) Personal exemptions (eliminated) Child credit (increased)…

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The Tax Cuts and Jobs Act of 2017 reduced federal income tax liability for some, but not all, Americans. Wealthy residents of California, New York and other high-tax states could face a higher tax bill when they file their 2018 return. While cutting tax rates on ordinary income, increasing the standard deduction and doubling the…

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Investor Decisions

The National Bureau of Economic Research recently explored how continued low returnscan influence saving, investing and retirement behaviors. According to the report, diminished returns tend to motivate people to save more in non-retirement accounts and less in their 401(k)s, alter their investment allocations, and even delay retirement and claiming Social Security benefits. While recent economic…

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The Tax Cuts and Jobs Act (TCJA) featured an important provision for divorcing couples to consider. For divorces executed after Dec. 31, 2018, alimony will no longer qualify as a tax-deductible expense, while alimony payments will be tax-free to recipients. In other words, the tax burden on that income will shift from the receiver to…

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Many social media users share nearly all aspects of their lives, from photos of cute kids and pets to their political views. And now, we even are seeing posts from exuberant investors bragging about their investment returns. For example, consider this social media post: “I strive to become a 401(k) millionaire someday, and this week,…

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One philosophy of investing, as opined by Warren Buffett, is to be “fearful when others are greedy and greedy when others are fearful. ”The nation’s eight-year bull market, however, has tested that philosophy. Most market analysts would agree that it was more important to be in the market and taking advantage of gains than to…

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Who will be affected by the new tax legislation that went into effect Jan. 1? That is a question many are asking. While “everyone” is likely to see some changes, here’s an idea of how many people fell into each income group. In 2015:   About 1.4 million Americans accounted for the top 1% of…

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