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

blankA 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

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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 »

New U.S. Tax Law – Tax Rates For Individuals/Families In 2018

A sweeping new income tax law has been passed (H.R. 1), known as the Tax Cuts and Jobs Act of 2017, on December 22, 2017. How will it impact you? Let’s take a look.

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

New U.S. Tax Law – Options To Consider In The Final Days Of 2017

A sweeping new tax law has just passed in the final days of 2017. Given the swift passage of this legislation so close to year-end, taxpayers have been left with limited time to respond proactively. Nonetheless, below are some last-minute options you may have for reducing your taxes due for 2017 (for tax returns prepared in 2018 for tax year 2017). Learn more about this new, December 2017 U.S. tax law that takes effect January 1, 2018 here.

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Taking action in this final week of December, 2017 may be helpful for three reasons: 1) itemized deductions will be limited beginning in 2018, 2) tax rates are generally higher in 2017, rendering deductions more valuable in tax year 2017, and 3) ‘lumping’ itemized deductions, such as charitable contributions, together every few years may become more common under the new tax rules given the higher standard deduction and limitations to itemized deductions. Read the rest of this entry »

Equifax Data Breach – What Do I Need to Do?

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Equifax, one of the three largest U.S. consumer credit agencies, announced this month that a large data breach occurred estimated to affect 143 million Americans, or more than 57% of American adults.

This breach is believed to have included the theft of highly sensitive personal information, including Social Security numbers, names, birth dates, and addresses. 

For this reason, we have outlined some immediate and long-term actions you can take to begin protecting yourself right away.

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