Category: Income Tax

Tax Time… The Home Stretch

With it nearing the “home stretch” of tax time – probably most people’s least favorite time of the year – I figured I would pass along a couple of things that have helped take the edge off and keep me smiling. The caveat: everyone’s sense of humor differs, so what makes me laugh may or may not make you laugh.

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Free Solo, Greenwich Entertainment, 2018

The Movies. A cool way to “get away from it all” can be either to go to the movies or rent a movie at home – or binge-watch TV which has become more and more popular. Under the topic of movies, a well-done documentary can be especially funny or entertaining.

  • “FREE SOLO” – Recently this film deservedly won the Oscar for Best Documentary. The story of rock-climbing the world’s tallest and most dangerous rock walls – without ropes. Totally fascinating, breathtaking… and painful all at the same time.

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Is Good Boring?

Does it seem to you that with the stock market rebound since late December that you feel “good” or “better” today than you felt in early January?

If you DO feel good, that “good” feeling today may not be as strong as the “pain” you felt in January following December’s big decline.

If you do NOT feel “good” or “better” today, is it attributable to the markets? (Unlikely) A job or the economy? Family? The political environment?

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The reason I ask is that good and bad feelings – especially related to the stock markets – come and go. However, extensive research* says that “bad” or “painful” times are felt more strongly than “good” times. Maybe good is boring but I would rather have good than bad. Continue reading “Is Good Boring?”

A Tax Strategy You May Not Know

Talking taxes on a Friday is a lot easier than talking taxes on a Monday (thank you for reading in Winter Haven, FL)! And believe it or not, at this time of year it is good to be talking taxes no matter what. Preparation and planning are the name of the game. *

Investing in your retirement
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Here’s some “good” news when it comes to taxes and tax strategies: the Roth IRA, Roth IRA conversion and Roth 401k are alive and well. The “good” part is that for nearly ALL of you reading this, you ARE eligible for both the Roth IRA conversion and the Roth 401k (if your company offers a Roth 401k) even if you are in the higher/highest income brackets or own a business! And these strategies can be employed NOW for 2019. Continue reading “A Tax Strategy You May Not Know”

New Tax Law Changes

As we roll full steam into the New Year 2019 it helps to be aware of a handful of changes related to taxes and tax-deductible contributions to 401k plans, IRAs and the like.

Important to recognize (when in a calm state of mind) is that with last year’s introduction of one of the most sweeping tax law changes in decades, filing for tax year 2018 may contain both pain, in terms of lost SALT deductions, and valuable lessons for how to proceed in tax year 2019. In the meantime, consider the following.*

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The Year Ahead

Where do we stand going into the Year Ahead?

It is always helpful to define where stand today and understand a few points about how we got here. So as a sequel to my last post, here are a handful of data points about today’s economy and market stats from the recent past. Several of these may surprise you.

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5 End of Year Questions

It is nearing year-end and I cannot emphasize enough how important it is to double-check certain items NOW. The best financial advisers can and should be drawing your attention to these items in order to make your year-end easier and less stressful. 

Here is a list of questions I review annually with clients:

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Reflections From the Beach

Thank you to my friend and loyal reader, Bob, for the title of today’s edition. The idea of “reflection” came up last weekend while I was enjoying time in a wonderful Southern beach town where the restaurants and bars were full, the sidewalks hopping with people of all ages, the lovely (large) homes newly built or renovated, people enjoying relaxing time on the beach – even the dogs’ tails were wagging with joy! Times are GOOD in lots of places!

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These things are what we live for. These things also take planning and discipline – because good times come in cycles. Nearly everyone with whom I spent my weekend is engaged in a different and exciting line of work: from real estate finance, to “retired”, to the medical profession (both human and animal), to start-up tech… to owning or having sold their own businesses. Conversations were around “what’s next?” in terms of work, homes, vacations, kids’ camp, and kids’ college. Continue reading “Reflections From the Beach”

What’s Your Financial Life Emoji?

What Emoji are you feeling these days when it comes to your financial life? Recall that an “emoji” is that little character that expresses an emotion using the keys on your computer or phone keyboard. Happiness, joy, confusion or sadness… there’s an emoji for it all. But just because the markets have been mostly joy … :o) … does not mean that your financial life is all joy and satisfaction. :/ (That is the “uncertainty/confused” emoji.)

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14 Numbers That May Surprise You

These are from a recent article in the Journal of Financial Planning (May 2018) – and they are not snoozers! In fact, several truly surprised me. Check ’em out. And I did not make them up – these are all from formal surveys.

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