Dennis Prout and Heidi Thompson discuss Social Security and Medicare Taxes in this episode. Tune in to understand options to consider in this current economy.
By some miracle, we were able to get Jon Sluis out of his office during tax season! We aren’t going to waste his time or yours … so we’ve come up with a list of FRESH, relevant questions! So whether you’re planning solo or as a business owner, now is the time to take a closer look at the numbers and strategies available to you.
Today, we’ll ask Jon about the new tax laws and how they are affecting people right now. For business owners, we’ll discuss business income deductions and why they are important to owners. When it comes to saving, we want to know how CPAs and advisors think differently. And when it comes to spending, how do consumers think differently?
Are you working with the right tax professional? With the April deadline fast approaching, you may have already started reviewing your financial documents for your 2019 return. But do you have a qualified professional on your planning team? There are certain questions to ask and criteria to look for before hiring anyone. Tune in today and we’ll give you some questions that may help you!
Also, as promised, we are keeping you up-to-date with the SECURE Act and how it will affect your planning.
Finally … Heidi has some pertinent Health Savings Account information you definitely don’t want to miss!
In this episode Dennis Prout talks about the economy and current situations such as the Coronavirus that could have an impact globally. Also discussed is the Secure Act and and the Required Beginning Date (RBD), which is the date an individual is required to begin taking their Required Minimum Distributions (RMD).
Chances are you have heard about the 3.8% surtax that went into effect in 2013 under the Affordable Care Act – but do you know if and when you might need to pay it? Despite changes to the tax code in recent years, the Medicare tax and net investment income tax remain in effect. This surtax requires that an additional tax be paid by those with investment income, whether from interest, dividends, capital gains or rental properties when they are above the annual income threshold. Trusts and estates are hit especially hard; they reach the income threshold at only $12,950 in 2020. For those still earning wages or self-employment income, there might be an additional 0.9% Medicare tax to consider as well.
New Legislation called The Secure Act passed in 2019 that will be effective for 2020 tax year. Also discussed in this episode is the new IRS form W4.
Dennis, Heidi and the team are back from their annual TD Ameritrade Conference in Orlando, Florida. It’s always a mind-blowing experience to hear from global experts in the world of finance and beyond. So today, we’ll cover exciting topics from blockchain to bitcoin. The global market is getting close to home. In fact, it’s already in your backyard.
And speaking of your yard, if you expect to find a pot of gold buried there, think again. Most families plan on leaving their treasures to charities, which isn’t such a bad idea considering that Millennials are turning out to be the most generous generation yet.
Did you know that Heidi and I (Shea) have been working together for 11 years now? Over the last few years we have developed a workshop for women called “Flourish.” This event teaches women how to look at planning for their financial future from the bird’s-eye view. This broad perspective helps us decide where we want to land in retirement.
Turns out, men want to hear the information too!
You’re in luck! Heidi and I are taking over the studio to share portions of our workshop with you. This is also a great show for younger family members who are trying to understand how and why they should get started.
As 2019 rounds the bend and gets closer to the finish, so are some legislative acts that we’ve been talking about. Ed Slott, America’s IRA expert, warned us about the likely passage of the SECURE (Setting Every Community Up for Retirement Enhancement) Act in 2020. As of last week, it passed both houses and President Trump signed the bill.
After analyzing over 225 million hours of working time in 2017, RescueTime found the average digital user switches between tasks more than 300 times per day during working hours. Daily we are making decisions about work while simultaneously managing our families, health and finances. Our digital lives, which was intended to make management easier, have made us accessible 24/7.
As a nation, I wonder if we are experiencing decision fatigue. How does one get ahead with their financial goals when the path to get there is crowded with so many immediate demands.
Tune in today and we talk about the psychology of money while giving you tangible ways to systemize your investment plans. If you want to learn more about how to manage decision fatigue, check out this Fast Company article.
It’s hard to believe that it’s 2020. As a kid I (Shea) would try to imagine what the year would look like. I hoped for flying cars, robot butlers and world peace. I never imagined working full time, paying a mortgage and living what would still be considered “real life.” I certainly didn’t predict that AM radio would still be alive and well and that I’d be on it! Lucky me!
What are you predicting this year? We’ve been hearing from quite a lot of entrepreneurs that they would like to sell their businesses. It feels like a good time to cut ties, but where does one land in this transaction? I have Tim Cartwright (Heidi's brother), advisor and partner at Fifth Avenue Family Office® in Naples, Florida. He’s been in the mergers and acquisitions business long enough to offer sound advice. Hindsight is 20/20, and he’s going to share it with you today.