Last week trade wars were and still are in the news. Dow Falls 800 as Yuan Reels, Trump Jabs at China Last weekend horrific news of two more mass shootings in the US. Mass Shootings in ElPaso, Dayton Leave 31 Dead Data hacks, overdoses, deadly weather, shark sightings..... The drumbeat of bad news never ceases. As I write this mid-day on 8/5/19 the CRSP US Total Stock Market Index (effectively the entire publicly traded US stock market) has fallen 5 days in a row, and today looks to be another down day. However, year-to-date the index is still up. I love this terrific video from Loring Ward* "The Best Time to Invest 1927-2017". It gives some perspective about the …
Did You Get a Business Owner’s Tax Break in 2018?
Last December, I went to my annual two day tax education class and sat with several old-timers at lunch. I felt like a whippersnapper next to them. One of them opined "I remember the Tax Act of 1986" and proceeded to entertain us with stories of fixing mistakes using a quaint cut and paste method with an X-acto knife! Rule #1: Do not antagonize the person using holding the knife. Yikes! The most recent major overhaul to the tax code is officially known as the Tax Cuts and Jobs Act of 2017 (TCJA). I doubt I will be regaling the youngsters with stories about these changes to the tax code 32 years from now - but you never know. TCJA went into effect for the 2018 tax …
Are You A Clueless Spouse When It Comes To Finances?
In my work helping single women make sense of their money and their taxes, I frequently talk to women who used to be married, but are not now. If you are a married woman, the odds are high you will not be married in the future. Longer lifespans for women and increasing rates of divorce among those over 50 mean that many married women will inevitably become widows or divorcees. Eighty per cent of women will end up solely responsible for their finances, often for a decade or more. Some are ready for this responsibility - many are not. I have spoken to widows who haven't seen a bill in decades. Divorcees who lived in nice houses, drove nice cars, went on lavish trips who were …
If You Outlive Your Term Life Insurance Did You Waste Your Money?
Later this year, the first of my husband's and my term life insurance policies expire. Twenty years ago, I found out I was pregnant. In between waves of nausea I remember thinking "We should get life insurance". We chose 20-year term life insurance policies. Term life insurance pays a benefit in the event of the death of the insured during a specified term. It is especially important for people with young children. In the event of an untimely death, life insurance helps the surviving spouse and children maintain their lifestyle. It's important for anyone with earnings, but also for stay-at-home caregiving spouses. If the caregiver spouse dies how much would it cost to hire out all …
Were Your Taxes Lower in 2018?
We are nearing the end of the first tax season post Tax Reform, formally known as the "Tax Cuts and Jobs Act". The majority of filers saw a reduction in their tax liability this year as noted by my colleague Bill Starnes. Many people, however, got lower refunds. This is because their tax withheld during the year was less. Your tax refund is not your tax liability. Your tax liability is the amount of tax you owe. Your tax liability in 2018 compared to 2017 depends on a lot of things. Whether you itemized or took the standard deduction Whether you are self-employed and got the new Qualified Business Income Deduction Whether you have children and how old they are …
