The latest tax news from Washington State includes a long- term care tax on W2 income. For details, please refer to our Financial Plan, Inc. blog post authored by our own Justin Gross, CFP® entitled What to Know and How to Plan for Washington State’s LTSS Trust Act. While the aforementioned article lays out 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 […]
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 […]
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 […]
The Nature of American Tariffs
With all the buzz surrounding the recent increase in U.S. tariffs, a discussion regarding the nature of tariffs is timely. We often hear commentators opine that higher tariffs are certain to be a drag on the U.S. stock market. However, a brief review of the nature, purpose, and history of American tariffs, and the current […]
2018 Tax Reform Bill: How the New Tax Reform Will Affect You
Since passage of the recent tax reform bill, the Tax Cuts and Jobs Act of 2017 (TCJA), major changes have been made to the U.S. tax code. Given the magnitude of the changes and the variety of versions reviewed and debated by Congress, there is plenty of confusion and misunderstanding around what was approved in […]