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July 13, 2023 in College Planning, Estate Planning, Tax Management
How the SECURE 2.0 Act Changed 529 Plans Changes to 529 Plans in the SECURE 2.0 Act The SECURE Act was initially passed by Congress at the end of 2019 and was intended to improve retirement savings opportunities. It was a big deal at the time and the most significant piece of retirement legislation since the 2006 Pension Protection Act. Congress came together to pass SECURE 2.0 at the end of 2022 to...

July 3, 2023 in Estate Planning, Insurance, Tax Management
Health Savings Accounts: Pros, Cons, and Retirement Considerations What if your child needs braces? The cost may be as much as $6,000 for metal braces—more modern versions can run as much as $13,000. Your health insurance may cover only a portion of the cost. If you're well past the braces stage, what if you or a loved one needs extended care, which almost 70% of those turning 65 today are expected...

May 23, 2023 in Estate Planning, Tax Management
Estate management can be a complex and daunting task for many people, but it’s a critical step in helping your assets get managed and distributed according to your wishes. One popular tool that can be used in estate strategies is a living trust. A living trust can provide a flexible and efficient way to manage assets during your lifetime and after your death, but it’s important to understand how it works...

February 12, 2019 in Expenses, Financial Life Planning, Tax Management
Shrinking Tax Refunds 1.  The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds? (Washington Post, 2/10/2019) This article has Q&A taking you through the reasons why. Hint: Some of the explanation is because of changes to the tax code, but also because less taxes were withheld from employee paychecks than in prior years due to changes in the withholding tables, and in the lower rate withheld from bonuses and employee stock compensation...

July 17, 2018 in Investing, Tax Management, Young Adult Series
No, we are not in a 9-year-old bull market 1. Currently some clients, and pundits, are voicing concerns about the longevity of the current bull market. In the September 2017 article “No, This Is Not the Second Longest Bull Market Ever”, Barry Ritholtz and Michael Batnick laid out the case that the period running from mid-2015 to early 2016 "absolutely was a bear market." Barry also explains how he measures...

July 3, 2018 in Tax Management
  Have you heard about that new Postcard-sized Tax Return? Kelly Phillips Erb, aka @taxgirl, gives us a first look in Here's How The New Postcard-Sized 1040 Differs From Your Current Tax Return. Yes, the new 1040 is smaller but it comes with at least six additional schedules, or forms, that many taxpayers will have to attach to the main form. And the font size is TINY. Does Your State Rely...

April 25, 2018 in Family Money, Retirement Planning, Tax Management
How do you save for “retirement” if you don’t participate in a 401(k) plan? Katie Lobosco with CNN Money writes “The good news is that there are other accounts you can open yourself that offer similar benefits. For some self-employed people, the benefits can be even better than a traditional 401(k) plan's.” Roth IRA’s are great for kids with earned income Kimberly Lankford with Kiplinger’s Personal Finance notes “Contributing to a...

December 22, 2017 in Tax Management
Here is a copy of a letter we sent to our SAGEbroadview clients: Year-End Reflections on the New Tax Law Dear SAGEbroadview Clients and Friends: We interrupt your busy holiday season with a reach-out on this week’s U.S. tax code overhaul. While the ink still dries on this sweeping new legislation, you may be wondering whether there are ways you can or should spring into action immediately, before year-end, to reposition yourself for...

December 13, 2017 in Charitable Giving, SAGE Reads, Tax Management
Being smart about charitable giving  1.   As Barry Ritholz notes in this oldie but goodie -- “giving to charity is personally fulfilling and it helps those in need, but some charities are better than others in channeling donations to where they are most needed.” Find out how to do your homework before you give.  Be Smart About Charity (Bloomberg View, 12/4/2014)  +   GiveWell is a nonprofit dedicated to finding outstanding giving opportunities through in-depth analysis. Thousands of hours...

December 5, 2017 in SAGE Reads, Tax Management
The Tax Cuts and Jobs Act of 2017 Senate Republicans passed their tax reform bill in the wee hours last Saturday morning. Senate Majority Leader Mitch McConnell told reporters that the GOP tax bill would pay for itself. Independent analysis rejects this notion. Next step: turning two bills into one. When chambers pass different versions of a bill, conferees appointed from both the House and Senate meet to reconcile the bills they...