Archive for the ‘Personal Finance’ Category:

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:

Is my Home Equity loan interest still deductible?

Written on July 16th, 2018 by Jamesno shouts

Prior to 2018, mortgage interest on $1M primary mortgage and Home Equity loan interest on a loan up to $100k were deductible on your Schedule A itemized deduction form of your tax return.  With the new tax law that has changed and caused a bit of confusion:

For mortgages taken out in 2018, the total combined mortgage loan amounts (primary and home equity/second) where interest can be deducted has dropped to $750,000.  The question is what about Home Equity Loan interest?  The new tax law made it sound as if Home Equity loan interest would no longer be deductible, however per the IRS that is not the case.  If a Home Equity loan was taken out to specifically make improvements to the property then the interest on the loan can still be deducted on your Schedule A.  The caveat is that the loan has to be to improve the residence it is loaned against, no using it to pay off credit cards, vacations, etc…

For more info see the IRS’ statement on this:  https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law

non-deductible IRA distributions?

Written on June 22nd, 2018 by Jamesno shouts

This question came up recently with a client that had both Non-deductible contributions in an IRA mixed with Pre-tax (deductible) contributions.  When you take a withdrawal how much is taxable?  It is called the Pro-Rata rule with the IRS and you have divide your after tax contributions by the entire retirement balance to figure out non taxable basis.

Kudos to Wells Fargo for putting out this great info sheet that explains the whole thing:  https://www08.wellsfargomedia.com/assets/pdf/personal/investing/retirement/taxes-and-retirement/pro-rata-rule.pdf

Filed under Investing, Personal Finance Tags:

How will this correction play out?

Written on March 2nd, 2018 by Jamesno shouts

Filed under Personal Finance Tags:

Pre-Retirement Survival Guide

Written on February 10th, 2018 by Jamesno shouts

Everything you always wanted to know, in one handy reference guide:

Filed under Miser Tip, Personal Finance Tags:
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