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...
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...
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...
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...
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)...
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...
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...
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...
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...
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...
By: Henry VanBuskirk, CFP®, Wealth Manager As a lifelong California citizen, I’ve had the opportunity to enjoy our state’s beaches, mountain trails, and diverse cuisine. However, all of these niceties come at a price that we Californians refer to tongue in cheek as the “Sunshine Tax”. The “Sunshine Tax” of course isn’t an actual tax, but our collective understanding as Californians that our...
The boogie man (i.e., the Federal Reserve) showed up early rather than waiting for Halloween and major stock and bond market indices were down for the month keeping the historical pattern typically seen during September intact. Here are 3 things you need to know: The S&P 500 index closed the month down 4.87% - its worst month since December 2022 and the fourth year in a row that the index...
The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the...
The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the FAFSA,...
A 2023 survey revealed a notable shift in public opinion over the past decade about the value of a college degree: 56% of Americans think a four-year college degree isn't worth the cost due to students graduating with significant debt and a lack of specific job skills vs. 42% who believe college is worth it. The survey numbers have almost reversed from ten years ago, while college enrollment has...
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