Washington lawmakers have passed a series of tax increases to address projected budget shortfalls. Bills passed and taxes include: House Bill 2081 increases B&O (business and operation) taxes on businesses. Businesses pay B&O tax on gross revenue, not profits, and depending on the type of business and revenue, the increases will range from 0.03% to […]
4 Best Practices for Qualified Charitable Distributions (QCDs)
Time flies when you are charitably inclined! In 2013 I wrote the article “Should You be Making Charitable Contributions From Your IRA?” highlighting the benefits of utilizing QCDs. Since that time, we have processed thousands of QCDs for clients, helping them optimize their charitable giving while controlling tax and Medicare IRMAA (Income-Related Monthly Adjustment Amount) […]
Putting your business cash to work
We are about one year removed from the failure of three United States banks with combined assets of $548 billion and combined deposits of $368 billion. You’ll remember Silicon Valley Bank (SVB), the largest bank to fail since Washington Federal in 2008. According to the FDIC, 89% of the $175 billion in deposits held at […]
Out of the Mouths of Babes
A few weeks ago, I was invited to teach an introduction to personal finance class to a group of local 8th graders. Two of the concepts we covered were compounding and why you need to have a real return (return above inflation). During the class, we reviewed charts of investment returns since 1926 and the […]
It’s a new year: What we know and what is to come
2020 was a roller coaster of a year with markets starting strong only to be disrupted by COVID-19, resulting in the fastest drop to a bear market in history. Even amidst widespread shutdowns, protests, and a presidential election, the market rebounded and once again reached all-time highs. With many fast-paced changes still underway, let’s take […]
Understanding the CARES (Coronavirus Aid, Relief, and Economic Security) Act
Late last week, the federal government passed an 883-page, $2.2T bill dubbed the CARES Act (Coronavirus Aid, Relief and Economic Security). Included in this big money is a $500 billion lending program for businesses, states, and municipalities. It also includes $377 billion to support small businesses, $32 billion in grants for the airline industry and […]
2020 Numbers Unlimited
Our proprietary “Numbers Unlimited” provides a snapshot of the numbers you may need to reference throughout the year for your tax, retirement, and overall financial planning. We keep it with us at all times, because we’re nerds like that. DOWNLOAD NOW
The SECURE Act: Summary and Implications for Retirement Savers
The final weeks of 2019 brought a relatively large piece of retirement legislation into law known as the “Setting Every Community Up for Retirement Enhancement” or SECURE Act. The act, which went into effect on January 1, 2020, includes multiple provisions that are sure to effect retirement savers. Here, we have outlined those that could […]
The Recession is Coming! The Recession is Coming!
How to Recession-Proof Your Stocks (and Financial Plan) No doubt you’ve been hearing it a lot lately: “A recession is coming!” How do we know? Online search volume for the word “recession” is exploding, increasing by over 5x between July and August this year. Searches for “recession-proof stocks” quadrupled during this same time period. Clearly, […]
Tax Reform and Filing for 2018
With tax season in full effect, many people are feeling the impact of Tax Reform 2018 for the first time. Therefore, we thought it helpful to review a previously posted summary of the changes to serve as a reference as you file your 2018 taxes. As always, be sure to consult with your tax professional […]