Assistance After Your Farm Or Ranch Floods

Recent rain, blizzards, and snowmelt from warmer temperatures have caused significant damage across the Midwest in recent weeks.

For those who have been impacted, programs and resources are available through the Farm Service Agency (FSA) to assist farmers and ranchers as they work to recover from the impact of these events.

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Storing Important Documents – What You Should Be Doing Now

Where do you store your important papers and documents? Are they easily accessible in case of an emergency? Do your loved ones know how to get to them if something should happen to you? Here are some tips on what documents you should keep (and where). Read the rest of this entry »

Tax Rates & Retirement Contribution Limits for Individuals & Married Filers in 2019

As we begin gathering up tax documents in anticipation of filing 2018 tax returns, it is also a good time to look ahead to our expected tax liability for 2019. Now is the perfect time to make any adjustments to withholding rates or retirement contributions for this year.

Each year, the IRS adjusts tax brackets to account for inflation. The following brackets took effect on January 1, 2019.

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How to Make Better Decisions

By understanding, identifying, and mitigating the common problems inherent in the decision-making process, we can make better choices and gain greater confidence.

When making important decisions, such as whether to make an investment, how to deal with certain income taxes properly, whether to move, what do to about a new or current job, or how to respond to sharp declines in financial markets (or sharp appreciation), a common process goes as follows:

Common Decision-Making Process Read the rest of this entry »

Railroad Employees Save Taxes After Supreme Court Ruling

A recent Supreme Court ruling provides potential tax savings for railroad employees. Wisconsin Central Ltd. v. United States holds that stock-based compensation provided to railroad employees is exempt from federal employment taxes. According to the 5-4 ruling, for employees of railroad companies such as Union Pacific and BNSF, stock option income is not considered money remuneration under the Railroad Retirement Act (RRTA) and, therefore, not subject to payroll taxes.

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New U.S. Tax Law – New Tax Rates for Businesses in 2018

The Tax Cuts and Jobs Act (TCJA) passed in December 2017 created sweeping new tax law changes. This article is about businesses and entities. For more information about changes to individual and family income taxation in 2018, see this article.

The following rates took effect January 1, 2018. Read the rest of this entry »

Understanding Medicare in Retirement

According to AARP, couples age 65 who retired in 2017 were estimated to pay $275,000 for health care over the course of their retirement. This is a 6% increase over 2016’s projections, and over a 70% increase since annual research began in 2002. The majority of retirees will enroll in Medicare to help cover medical costs during retirement. However, there are several things you need to know about how Medicare works, and how to enroll in order to avoid penalties. Read the rest of this entry »