The IRS limits annual contributions to tax advantaged accounts. The good news is for many accounts those limits are increasing for 2019. Here is a summary of some of the most popular accounts and their new limits. The other news is there has been a cost of living adjustment (COLA) to Social Security payments. The adjustment is…
A promotion was just launched from Ally Bank for their online savings account, and we thought it was worth passing along. In addition to having one of the highest interest rates for a savings account, currently 1.9%, they are now offering a 1% signing bonus on your initial deposits between now and the end of October. For…
We are pleased to present you with the 3rd Quarter Market Review. The stock and bond markets continued their 2018 theme of varied returns in the 3rd quarter. This can often lead to some confusion when reading a news headline about a "strong market", as we need to take a closer look into the details to see what has…
In America, taxes and health care are both complex and often confusing systems. Today we are going to break down one small aspect that can have big savings implications and can become a financial planning strategy to add to your arsenal. In 2003 Health Savings Accounts (HSAs) were created to supplement high deductible health plans so patients…
While the new tax laws that took effect at the beginning of 2018 will likely lower most tax rates and the overall tax burden for most taxpayers, the new laws will also force a record amount of people to claim the Standard Deduction. Standard Deduction vs. Itemized Deductions Every year, every taxpayer gets to choose between the Standard…
The new tax laws have brought sweeping changes to both the individual and corporate tax codes. One of the incentives that has not made many of the headlines is the flexibility added to 529 education accounts. What are 529 accounts: These accounts are named after Section 529 of the Internal Revenue Code and they are designed to encourage…
In December 2017, Congress passed far-reaching tax legislation, which takes effect in 2018. The tax bill features many changes that may affect individuals and businesses, and it’s important to understand what is changing and how it may affect you. As with any tax-related topic, this is meant to give you an overview of the changes, but your…