“From each according to his ability – to each according to his need.” If the Soviets were still around they’d tell us how poor an economic system this is. Sadly the American public is too busy tweeting about the latest mind numbing “reality” TV show to care. At the start of the 21st century 75% [...]
What makes you a one-percenter? About $385,000/yr. How about a two-percenter? The Orator in Chief is one. Want to see his tax return? What can we learn from it? On the other end of the spectrum you'll find the 43% of Americans who don't pay income taxes. Media and politicians focus on income disparity. Where's [...]
In Revenue Procedure 2015-30 the IRS has announced the inflation-adjusted deduction limits for annual contributions to health savings accounts in 2016. Individuals with self-only coverage through a high deductible health plan may contribute up to $3,350. A family covered through a high deductible health plan may contribute up to $6,750. HSA rules define a high [...]
Further evidence of how emotions are self-defeating when it comes to making decisions.
Medical expenses exceeding 10% of Adjusted Gross Income are deductible on Schedule A of Form 1040. Like other income tax deductions (e.g. mortgage interest, real estate taxes) there’s a public policy basis for inclusion in the Internal Revenue Code. But what happens when federal and state laws conflict? More and more states are legalizing marijuana [...]
You’re about to reach age 70 ½. You’re facing Required Minimum Distributions from your IRAs. Want to avoid them? Still working? Here’s how: Although RMDs are required for IRAs they are NOT required for Qualified Retirement Plans (“QRPs”) such as a 401(k). As such rolling IRA balances into an employer’s QRP will allow deferral of [...]
You're in good hands with Allstate....unless they've set up a captive! Even worse - we're subsidizing this risk with our tax dollars. Whether it's home, auto, life, etc. the insurance industry is putting at risk the very risks we pay them to assume.
According to a recent survey by the Certified Financial Planner Board of Standards 86% Americans say they’re stressed about their finances. What do they do about it? Nothing...at least in a meaningful or productive sense. 27% say that having a financial plan is the best way to reduce stress 22% say the answer is having [...]
The fiduciary standard is an ongoing debate in financial services. Who is a fiduciary, what is a fiduciary obligation, is it right for everyone and what happens if it’s cost prohibitive? To understand the debate requires a bit of context. Historically financial services were delivered piecemeal. Need to get your tax return filed? Call a [...]
The average U.S. adult pays about $4,900/yr in taxes. Connecticut residents pay the highest at about $9,100 whereas Mississippi residents pay the lowest at about $2,600. Relative wealth is partly the driver. When bracket adjusted the average ranges from a high of about 12.5% in Alaska to a low of about 10.4% in Utah. In [...]