Archive for the ‘Personal Finance’ Category:
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
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
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
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!
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
Just posted a newsletter that gives examples and explains the new 199A deduction. Download the newsletter here: Tax Newsletter Feb 2019
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)
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