Archive for February, 2019:

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: