Archive for the ‘Personal Finance’ Category:

2021-2022 business meal deductions are back!

Written on May 3rd, 2021 by Jamesno shouts

Have you missed partying and having business meals with your prospects, customers, and employees?

Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away.

To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:

 

 

Amount Deductible for Tax Years 2021-2022

Description

100%

50%

Zero

Restaurant meals with clients and prospects

X

Entertainment such as baseball and football games with clients and prospects

X

Employee meals for convenience of employer, served by in-house cafeteria

X

Employee meals for required business meeting, purchased from a restaurant

X

Meal served at chamber of commerce meeting held in a hotel meeting room

X

Meal consumed in a fancy restaurant while in overnight business travel status

X

Meals cooked by you in your hotel room kitchen while traveling away from home overnight

X

Year-end party for employees and spouses

X

Golf outing for employees and spouses

X

Year-end party for customers classified as entertainment

X

Meals made on premises for general public at marketing presentation

X

Team-building recreational event for all employees

X

Golf, theater, or football game with your best customer

X

Meal with a prospective customer at the country club following your non-deductible round of golf

X

 

If you have any questions on this chart, please call me on my direct line at 678-566-3711.

 

Sincerely,

 

 

James A. Daniel, CFP®, CFA, CMT, EA

The Advisory Firm, LLC

12600 Deerfield Pkwy, Suite 100

Alpharetta, GA 30004

2021 Key Financial and Tax Facts

Written on January 13th, 2021 by Jamesno shouts

Updated PDF file for download:  https://www.theadvisoryfirm.net/2021KeyFinancialFacts.pdf

Filed under General, Personal Finance Tags:

New law limits the options with inherited IRA’s

Written on December 19th, 2019 by Jamesno shouts

Despite this headline, this affects everyone, not just the wealthy.  If you inherit Mom or Dad’s IRA, you now have to completely liquidate within 10 years.  Before you could stretch it out over a much long period based on your lifespan.

https://www.cnbc.com/2019/12/17/lawmakers-may-kill-this-popular-retirement-tax-break-for-the-wealthy.html

Filed under Investing, Personal Finance Tags:

Fee-Only vs. Fee-Based

Written on December 18th, 2019 by Jamesno shouts

As a consumer you need to understand how your financial professional is compensated:

https://blogs.wsj.com/moneybeat/2013/09/20/decoding-fee-only-sometimes-it-isnt-what-you-think/

Filed under Miser Tip, Personal Finance Tags:

CFA vs. CFP: what they are and how they differ

Written on September 30th, 2019 by Jamesno shouts

Great article explaining the top two credentials in personal finance.  Having gone through both programs I’ll have to agree with everything they state, but in the end why not work with someone who is both, instead of choosing one or the other?

https://money.usnews.com/investing/investing-101/articles/cfa-vs-cfp-what-they-are-and-how-they-differ

 

Filed under Investing, Personal Finance Tags:,

It just never seems to change

Written on June 11th, 2019 by Jamesno shouts

You would think that folks would learn that there is no free lunch and that no investment person can guarantee returns.  However, folks still learn the hard way.

ps.  No regulated investment professional can accept your investment money via Venmo!

SEC Seeks Emergency Relief to Halt Ponzi Scheme Run From College Fraternity House

 

 

Filed under Miser Tip, Personal Finance Tags:

Congress voting on retirement changes

Written on May 21st, 2019 by Jamesno shouts

A link on Yahoo regarding the upcoming vote:

https://www.yahoo.com/finance/news/4-ways-that-washington-may-soon-change-how-you-save-for-retirement-154824097.html

Filed under Personal Finance Tags:

What’s the real story with 2018 taxes?

Written on February 26th, 2019 by Jamesno shouts

The media has been all over the fact that many are not getting a refund this year and actually owe taxes this year.  Actually from what I’m seeing, they are correct.  However, it has nothing to do with the 2018 Tax Cuts.

Employers lowered the amount they were withholding from employee paychecks in 2018 and now it is coming back to haunt those taxpayers.  Overall, what I’m seeing is that most are in a lower tax bracket (a few percent), but unfortunately did not withhold enough throughout 2018, so they owe.  Especially those with higher incomes (limit on state/local tax deduction is also hurting).

Go ahead and adjust your W4 so that this doesn’t become a reoccurring problem next year:  https://www.irs.gov/individuals/irs-withholding-calculator

Understanding the new tax deduction for self employed/ rental income

Written on February 15th, 2019 by Jamesno shouts

Just posted a newsletter that gives examples and explains the new 199A deduction.  Download the newsletter here:  Tax Newsletter Feb 2019

Filed under General, Personal Finance Tags:

bank consolidation

Written on February 7th, 2019 by Jamesno shouts

Today BB&T and Suntrust announced a merger.  I guess to survive and compete with the mega financial institutions they had to, but dang look at this graphic from 1996 to 2009 of how the last few standing have gobbled up everyone: (click on image and it will enlarge for viewing)

Filed under Personal Finance Tags:
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