Valerie Peck |
Tax Changes Around the Home How the Tax Cuts & Jobs Act impacted three popular deductions. Provided by Peck Financial Advisors Three recent tax law changes impact homeowners and home-based businesses. They may affect your federal income taxes this year. The SALT deduction now has a $10,000 yearly limit. You can now only deduct up to $10,000 of some combination of (a) state and local property taxes or (b) state and local income taxes or...
In this month’s recap: earnings and fundamentals encourage Wall Street, while tariff talk continues, inflation pressure mounts, and home sales decline. Monthly Economic Update Presented by Peck Financial Advisors, August 2018 THE MONTH IN BRIEF While investors kept tariffs and trade disputes in mind in August, a new earnings season provided Wall Street with a lift. Blue chips especially benefited: the Dow Jones Industrial Average rose 4.71% for the month. Broadly speaking, strong corporate profits...
The Details More People Should Know About Medicare Before you enroll, take note of what the insurance does not cover and the changes ahead. Provided by Peck Financial Advisors Misconceptions about Medicare coverage abound. Our national health insurance program provides seniors with some great benefits. Even so, traditional Medicare does not pay for dental care, vision care, or any real degree of long-term care. How about medicines? Again, it falls short.1 Original Medicare (Parts A...
How Your Credit May Affect Your Life Insurance Premiums You may be surprised to learn about the potential relationship. Provided by Peck Financial Advisors Does your credit history partly determine the cost of your life insurance? It may. The potential for such a relationship may surprise you – and the relationship is not without controversy. Insurers think a good credit history implies several things. It signals a consumer who routinely lives up to financial responsibilities...
In this month’s recap: tariff talk weighs on equities worldwide, oil prices jump 10%, and the Fed raises rates once more. Monthly Economic Update Presented by Peck Financial Advisors, July 2018 THE MONTH IN BRIEF While segments of the stock market rallied in June, assumptions that a global trade war was starting hurt the blue chips – the Dow Jones Industrial Average lost 0.59% last month. As the U.S., European Union, and China exchanged tariff...
Peck Financial Advisors Presents: MONTHLY ECONOMIC UPDATE June 2018 In May, investors were left to interpret mixed geopolitical and financial signals. The historic U.S.-North Korea summit was on, then off, then possibly on again. An apparent truce emerged in the U.S.-China tariffs battle, but it did not last. Oil rallied, but then prices fell. Federal Reserve policy meeting minutes indicated central bank officials would accept above-target inflation for a while. Other economic signals were clear...
Valerie Peck |
The Medical Expense Deduction in 2018 Tax reform has lowered the threshold. Provided by Peck Financial Advisors If you itemize, you should note the reduced medical deduction threshold for 2018. This year, you can deduct qualified medical expenses exceeding 7.5% of your adjusted gross income. Next year, the threshold for the medical expense deduction returns to 10% of AGI. (The Tax Cuts & Jobs Act of 2018 also allowed the 7.5% threshold to apply retroactively...
Valerie Peck |
Could a Trade War Soon Start? The U.S. might soon impose tariffs on certain imports. Provided by Peck Financial Advisors What if America taxes imported aluminum and steel? If it does, will other countries impose taxes in response, and what might that mean for the U.S. economy? Conversations about tariffs and trade wars have been prevalent in the news stream lately. If a trade war does begin in 2018, it is worth considering the potential...
Valerie Peck |
Retirement Planning Weak Spots They are all too common. Provided by Peck Financial Advisors Many households think they are planning carefully for retirement. In many cases, they are not. Weak spots in their retirement planning and saving may go unnoticed. Couples should recognize that they may face major medical expenses. Each year, Fidelity Investments estimates how much a pair of newly retired 65-year-olds will spend on health care throughout the rest of their lives. Fidelity...
Peck Financial Advisors Presents: MONTHLY ECONOMIC UPDATE May 2018 THE MONTH IN BRIEF April saw the S&P 500 advance 0.27% as a new earnings season unfolded – one in which investors grew uneasy about rising Treasury yields, protectionism, and privacy concerns involving tech giants. While the financial media largely focused on those anxieties, good news also appeared. The latest consumer spending and consumer confidence data was solid. Home buying picked up as listings increased slightly...
Valerie Peck |
What Should You Keep? Even with less itemizing, there are still tax documents you want to retain for years to come. Provided by Peck Financial Advisors Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto for the future. Is it okay to shred more of them? Maybe not. The Internal Revenue...
Valerie Peck |
The Major 2018 Federal Tax Changes Comparing the old rules with the new. Provided by Peck Financial Advisors The Tax Cuts and Jobs Act made dramatic changes to federal tax law. It is worth reviewing some of these changes as 2019 approaches and households and businesses refine their income tax strategies. Income tax brackets have changed. The old 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% brackets have been restructured to 10%, 12%, 22%, 24%...