Macro Overview

Kent Forsey, CFP® Client Education, Economic Update, Macro Overview, Taxes, US 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

Kent Forsey, CFP® Financial Managment, IRA's, IRS, Tax Planning, Tax Returns, Taxes

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

Kent Forsey, CFP® Inheritances, IRA's, Taxes

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

Kent Forsey, CFP® Records to Keep, Tax Returns, Taxes

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

Kent Forsey, CFP® Tax Returns, Taxes

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

Kent Forsey, CFP® Debt Limit, Macro Overview, Stocks, Taxes

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

Kent Forsey, CFP® Caregivers, Tax Planning, Taxes

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

Kent Forsey, CFP® Tariffs, Taxes

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 …

Macro Overview – April 2018

Kent Forsey, CFP® Lending, Macro Overview, Mortgage Rates, National Budgets, Taxes

Although the market is always climbing a wall of worry, consider these points as we try to make sense of recent market fluctuations. Markets were rattled in March as a looming trade war between China and the U.S. enhanced market instability.  The administration announced $60 billion in tariffs for Chinese imports, with a detailed list of products which will be …

A Brief History of Tax Cuts – Historical Note

Max Smith, CFP®, CIMA® | Kent Forsey, CFP® Blog, Taxes

With so much effort right now by the current administration to lower taxes, an historical look at previous efforts seems appropriate. For nearly a hundred years, tax cuts have been a centerpiece of political strife among politicians, with both parties at times lobbying for lower tax rates. An accepted belief has been that lower taxes widen the Federal deficit and …