Financial Resources & News

Monthly Market Update (March 2024): 3 Things You Need to Know

The U.S. economy continues to show resiliency and disinflation progresses as the February CPI report showed that inflation is still gradually receding. The first quarter’s rally became a “everything rally” as global stocks and bonds posted positive gains with many indices hitting record highs. Here are 3 things you need to know: This year’s first quarter gain for the S&P 500 is the 12th...

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Monthly Market Update (February 2024): 3 Things You Need to Know

Several all-time highs were achieved by the major equity indices in price during February. That included an all-time high for the Nikkei, surpassing its previous record from 1989, and the S&P 500 also broke through the 5,000 mark. Here are 3 things you need to know: The Magnificent 7 (+12.1%) powered the U.S. equity gains, posting their best performance in 9 months and now +14.1% YTD....

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There’s Still Time to Fund an IRA for 2023

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, excluding extensions. For most people, that date is Monday, April 15, 2024. You can contribute to a traditional IRA,...

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The Corporate Transparency Act: New Reporting Requirement for Small-Medium Sized Businesses

On January 1, 2024, the Corporate Transparency Act (“CTA”) comes into effect, requiring more than 30 million small and medium sized businesses to report ownership information to the Financial Crime Enforcement Network (a unit of the Department of Treasury, known as FinCEN). The CTA is designed to enhance transparency into entity structures and to fight money laundering, tax fraud, the financing...

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Monthly Market Update (January 2024): 3 Things You Need to Know

The resilience of the U.S. economy will likely be a continuing theme in the months to come, as will be the Fed’s timing (the Fed elected to hold interest rates steady at the first Federal Open Market Committee meeting of the year on January 31st). Here are 3 things you need to know: The S&P 500 recorded new highs and was up +1.59% in January. The Magnificent 7 accounted for 45% of the...

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SECURE 2.0 Provides New Retirement Savings Options in 2024

The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may receive matching employer contributions to a workplace...

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Monthly Market Update (December 2023): 3 Things You Need to Know

The excitement about potential cuts to interest rates continued in the markets and investors had much to cheer as the year closed out with the S&P 500 index approaching its all-time high (4797 level). Here are 3 things you need to know: Gains in the broader market were largely driven by the “Magnificent 7” (Alphabet, Amazon, Nvidia, Meta, Apple, Tesla, and Microsoft). They accounted for...

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Tax Alert: Transfer of Clean Vehicle Tax Credits Starting in 2024

Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). Starting in 2024, you may be able to elect to transfer the new and previously owned clean vehicle tax credits to dealers who are eligible to receive advance payments of either credit. You will receive an immediate financial benefit from...

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New Short-Term Rental Tax Filing for California

Starting in 2024, California is mandating owners of short-term rental properties to file the new personal property tax statement (Form BOE 51-STR– page 32-33). According to the California Senate Bill No. 60, Chapter, 307, a “short-term rental” in the state refers to any residential property or portion of a residential property that is rented to an individual or group for 30 consecutive days or...

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Monthly Market Update (November 2023): 3 Things You Need to Know

Markets closed November in a positive mood thanks to tentative signs of economic moderation in the U.S. and falling inflation across developed markets. Here are 3 things you need to know: The S&P (+9.1%) saw the best month since July 2022, and reversed three months of losses. It was the best month for the Bloomberg US Bond Aggregate Index (+4.53%) since May 1985. Real estate’s (U.S. REITs)...

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Monthly Market Update (October 2023): 3 Things You Need to Know

Heightened volatility, robust economic data, and concerns about the sustainability of government finances appear to be driving the recent movement in intermediate to long-term Treasury yields with the yield on the 10-year Treasury note topping 5% for the first time since 2007. For now, the stock market is taking its cues from the bond market. Here are 3 things you need to know: The Bloomberg...

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2023 Year-End Tax Tips

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable...

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Caring for Your Aging Parents

Caring for your aging parents is something you hope you can handle when the time comes, but it's the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family and friends, but today Americans are living longer...

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Charitable Giving Strategies

By: Arash Navi, CPA, CFP®, Wealth Manager America has been recognized as the most generous country in the last decade according to the Charities Aid Foundation’s World Giving Index.1  Charitable giving is deeply ingrained in American culture, reflecting the spirit of philanthropy and the desire to contribute to the greater good. Americans don’t just donate money to charities but 42% also...

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Medicare Open Enrollment Begins October 15

If you are covered by Medicare, it's time to compare your current coverage with other available options. Medicare's Open Enrollment period begins on October 15 and runs through December 7.  Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or your budget. During this period, you can: Switch from Original Medicare...

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