Individuals will see many benefits with the passing of the $1.9 trillion bill last month, know as the American Rescue Plan Act of 2021. Economic Impact Payment (EIP) of $1,400 per individual with an Adjusted Gross Income (AGI) up to $75,000 based on their most recent tax return filing EIPs for qualifying dependents over 16 years of age based on …
Macro Overview March 2021
Every country in the world has handled the recent pandemic in different ways. One can even say every state in the U.S. has handled it differently. As a whole, as witnessed by the resurgence and resilience of our economic markets, the U.S. has handled it better than most. The effect of those efforts, most likely higher taxes and inflation, has …
Macro Overview
A quick snapshot of where we stand at the end of 2019 and the past decade. Financial markets experienced a bountiful decade for stocks and bonds, as a low rate environment fostered by the Federal Reserve and technological advances driven by innovation, catapulted values higher. The 2010 decade was the first decade to avoid a domestic economic recession, with accelerated …
Year End Tax Actions to Consider
It’s been two years since the last major tax changes were made by congress in 2017, but some of the changes were slow to be defined and understood. Here are some that affected most individual taxpayers to consider as we reach the end of the year. Withholdings and Estimates Withholdings and estimated taxes should be verified before year end, as …
Stretch IRA Rules May Change – Retirement Planning
A widely used method to defer taxes and benefit your children or grandchildren with your unused retirement funds is about to change as new rules are being imposed on distribution of funds from Inherited IRAs, also known as Stretch IRAs. Both the House of Representatives and the Senate have drafted their own versions of the new rules. The House has …
What To Keep & What To Toss – Tax & Finance
Every year, as I make my way through piles and files of receipts and statements, I question myself on what to keep and what to shred. I know I am not alone in this obstacle. The idea is to toss out what you don’t need anymore, yet keep what you might need for taxes and accounting purposes. Here are some …
Tax Rule Changes To Be Aware Of When Filing
In the middle of filing your taxes? Keep these changes in mind. This tax season is the first year where all of the changes and provisions passed under the Tax Cuts & Jobs Act are affecting both individual taxpayers and companies with broad changes for deductions and tax rates. The changes, effective January 1, 2019, affect most every tax payer …
Macro Overview – February 2019
Here is a quick summation of the major issues that are driving market volatility both to the upside and downside on a daily basis. A resilient U.S. economy drove equity markets to the best January in 30 years, propelling stock indices to new year gains which had not been seen since January 1989. Job and wage growth skirted the government …
Tax Breaks for Family Caregivers – Tax Planning
January 2019 Taking care of an elderly parent at home is not easy. New tax benefits may help some, but not all. As the number of elderly has grown nationwide, so has the need for caregivers. The baby boom generation, the largest demographical segment of the U.S. population at 74 million, are now entering their late 60s and early …
When Taxes Replaced Tariffs – Historical Note
November 2018 As a young country, the first of tariffs enacted to protect American business interests was the Tariff Act of 1789. The act was written to raise funds for the newly established government, reduce debt from the Revolutionary War, and protect U.S. companies from unfair foreign competition. At the time, Congress passed tariff amounts from 5% to as high …
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