How Will The Economy Do In 2020?

Posted by on Feb 13, 2020

How Will The Economy Do In 2020?   Will The Dow hit 32,500 or the S & P 3650 in 2020? See what Brian Wesbury, Chief Economist at First Trust believes. Click the link to watch the video.  

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Beware You May Owe Taxes!

Posted by on Dec 11, 2018

Beware You May Owe Taxes!   Did you see a bump in your net paycheck in February this year? The new tax laws aimed to lower taxes. However, not everybody will see lower taxes. Some will remain similar or higher. At a recent tax seminar, I attended, underpayment of taxes is a potential issue for 2018. The tax law was passed in December of 2017. The new withholding tables were issued the first of February 2018. It is these new withholding tables that resulted in people seeing a bump in their net paycheck. The withholding tables have seen further refinement with more clarity on the new tax laws....

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Impact of New Tax Law

Posted by on Dec 26, 2017

Impact of New Tax Law Tax reform and tax cuts have been hotly debated these last few months. Multiple versions of a tax bill have floated between the House & the Senate. The independent Tax Policy Center estimates that 80% of taxpayers would see a tax cut. On average a household would see a break of $2,100 depending on income. The Tax Policy Center also estimates 5% of the highest earners pay more under the new plan. So how will your taxes be affected? is a tax calculator based on the new tax laws. You can enter simplified information and see the difference...

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Tax Advantaged Giving

Posted by on Dec 13, 2016

Donating to a worthy charity is beneficial for the community; it can also have tax benefits. Do you have stocks or mutual funds that have risen in value over the years? You would like to trim some of the investment but you don’t want to incur capital gains tax or the net investment tax. If you are desiring to make a charitable contribution, consider donating appreciated investments. If you have held the investment for over one year, you receive the Fair Market Value on the date of the transfer. The charity receives more contribution than if you sold the stock, paid the tax and donated the...

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Do’s and Don’ts of College Planning – Tax Credits and Other Options

Posted by on May 26, 2016

College funding is often like a chess game. You have to move pieces around carefully.  Tax laws are chess moves that can be played in the years the dependent is a student. The American Opportunity Credit gives you a tax credit for college expenses.  The first $2,000 of college expense is credited to your taxes – 40% is refundable, 60%reduces your taxes but is not refundable.  25% of the next $2,000 is eligible for credit.  The total credit is $2,500 in one year.  This credit can be used on first 4 years of undergraduate courses. Lifetime Learning Credit may also be used to offset college...

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The Tax Man Cometh! Take Steps to Reduce Your Tax Bill

Posted by on Mar 31, 2016

Did your financial behavior add to your tax bill?  Consider these steps to reduce your future tax bill. Mutual fund investments are a good place to start.  New clients often ask me,  “I didn’t take the dividends and interest so it isn’t taxable, right?”  WRONG! In a non-retirement account all activity in the account has a tax consequence.  You need to choose wisely what goes into that account.  The fund managers may be generating taxable income. Mutual funds are required by law to distribute 90% of the interest dividends and capital gains to the shareholder each year.  Even if you reinvest...

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