Having prepared taxes for almost a decade, I have learned what our best clients do to get ready for tax preparation. US Income Tax law is quite complicated and can be intimidating if not overwhelming. Before entering the financial planning profession, I used outside preparers for my increasingly complex personal return.
Thanks to the tax law changes, many taxpayers must now take the Standard Deduction on their federal income tax returns. Additionally, the threshold for medical expenses jumped from 7.5% of Adjusted Gross Income to 10% in 2019. There are strategies that can help save taxes in the short term or long term.
Your Taxes and the Government Shutdown The current federal government partial shutdown is affecting the IRS and your taxes. On January 7th the IRS announced that they will accept tax returns starting on January 28th. The IRS will issue refunds on schedule. There are other issues that might hold up returns. The IRS has recalled …
Charitable Giving under the Tax Law Changes The sweeping tax laws changes from year ago have a great effect on charitable giving. These are likely to be even more profound in 2019 as taxpayers better understand the law. The new law increases the amount a taxpayer can deduct from 50% of adjusted gross income (AGI) …
Sunday ACP Conference My most important professional organization is the Alliance of Comprehensive Planners (ACP). ACP’s tax-focused model and financial planning philosophies align with my own. I, very much, look forward to the conference each year. It has been my pleasure to be part of the conference committee for this National level conference for the …
Financial Planning Weekly Thoughts for October 20, 2018 Read More »
10/7/18 Sunday Simplifying Some days are just not good ones to be dealing with personal finances and that is OK. Though I am passionate about financial planning, there are those days when I just don’t want to deal with my own finances because other things are going on in my life or I am just …
9/16 Living on less than one makes doesn’t have to feel like money diet. It is about an approach to lifestyle. The cliche of giving up the expensive latte has merit. It can be replaced by an upscale cup of coffee prepared at home for less. Ultimately, there is money saved while still having a …
9/9 How do you teach your kids about handling money? There are so many different ways and each kid learns differently. Some ideas include allowances, paid for chores, charitable giving, helping budget for a desired toy want, paying their own phone bill, and using a set limit for purchasing new clothes. Each one of these …
9/2 Do you have replacement coverage on your homeowner’s insurance? If not, you may end up with a big bill if you have complete rebuild. 9/3 Are you investing in your professional education and advancement? Consider that your individual human capital today will become your future financial capital. 9/4 How much do your investments cost …
8/28 Automating savings is the by far the easiest way to put away for tomorrow’s financial needs. Sending a small amount to a 401K or bank savings account directly from a paycheck is painless once established. Likely after a few times, it won’t be miss it as much and increasing the savings contribution in a …
We are about halfway through the summer with activities in full tilt. My son, Ryan, and I are enjoying the change in schedule. Now I am reflecting on what I need for me this summer while supporting my son’s best interests and making a deliberate effort to recharge my batteries that were drawn down from …
Recharging My Parenting Batteries While Letting My Son Expend His! Read More »
Coverdell Educational Savings Accounts (ESAs) are a useful source for education funding. Often, these accounts are overlooked because of their limitations. By understanding ESA rules, proactive parents can provide kids money education not just education funding. Understanding the ESA Rules Contributions: Anyone may contribute to an ESA for a child under 18 years of age. …
Make Money Smart Kids with Educational Savings Accounts Read More »
