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 …

45% of Americans Pay No Federal Income Tax – Fiscal Policy

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

Disparity of income has been a preponderate subject for politicians and activist groups for some time, yet in the end, it’s those that earn the higher incomes that pay for the majority of taxes. An estimated 77.5 million Americans, identified as households, pay no federal income tax. The non-partisan, non-profit tax group known as The Tax Policy Center released income …

Which States Have the Highest Gas Tax – Fiscal Policy

Max Smith, CFP®, CIMA® | Kent Forsey, CFP® Client Education, Energy Markets, Fiscal Policy, Taxes

Many states continue to grapple with the effects of falling fuel prices.  Resource-heavy states like Alaska are particularly hard hit.  Even states that do not produce gasoline are being affected.  The lower fuel costs are bringing in less gas tax revenue in some states causing budget deficits. Taxing gasoline is controlled by the states, not the federal government, allowing states …

Trump Tax Proposals – Fiscal Policy

Max Smith, CFP®, CIMA® | Kent Forsey, CFP® Fiscal Policy, Tax Proposals, Taxes

A new presidency usually brings the promise and hope of a more efficient government, lower taxes and a simpler approach.  With a new administration now in place, the pursuit of these ideals is in play.  Trump’s proposals aim to simplify taxes by reducing the number of brackets from the current seven, to three. Some argue that this simplification may actually …