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Least Tax-Friendly States for Retirees

Are you living in one of the least tax friendly states for retirees? That’s the case if you live in Connecticut, Indiana, Kansas, Maryland, Minnesota, Nebraska, New Mexico, Utah, Vermont, or Wisconsin. Those are the worst 10 tax states for retirees. The absolute worst state for retirees in terms of their tax bill, according to Kiplinger magazine, […]

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Quote Of the Week: The Home Equity Loan Is Dead

Bad news for Americans who have borrowed $448 billion in home equity lines of credit. It’s official. The new Tax Cuts and Jobs Act, just signed into law by the President, has killed the home equity deduction as of January 1, 2018.  “There is no grandfathering,” points out Greg McBride, chief financial analyst at “A […]

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Will The New Tax Bill Sabotage Northern Home Prices?

A quick read of the new tax bill shows that residents in high tax states like New York, New Jersey and California will lose out next year. Some of the new tax provisions may even prompt them to pack their bags and move elsewhere. Worse, those who stay behind may find their home values knocked down […]

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Quote Of The Week: Why Charities Fear The New Tax Bill

“The new tax code further reduces the privileged status of charitable gifts, treating them the same as purchases from Walmart for the vast majority of taxpayers.” Todd C. Frankel, “Charities fear tax bill could turn philanthropy into a pursuit only for the rich,” The Washington Post, December 23, 2017 The Takeaway: Charitable gifts will still […]

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Year-End Countdown: It’s A Handful! Capital Gains & GOP Tax Plan

It’s almost 2018, and there’s no shortage of tasks to keep us busy until the clock hits midnight. Hard to miss, but the Congress is busy passing (we think!) the Tax Cuts and Jobs Act, which will slash corporate taxes and toss in a few surprises – good and bad – for individual taxpayers like […]

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Warning: Senate Tax Proposals Could Be Harmful To Your Financial Health

Tax reform proposals are still in the negotiation stage and may never become law, but investors should be aware that proposed measures in the Senate draft could be harmful to their financial health. At present, in managing your portfolio, we have the ability to select and sell investment shares in a way that allows us […]

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Cut Your Taxes By Taking Investment Losses Before December 31

Investment losses don’t sound like a good thing, but they can be at year-end. That’s when we start scouring your portfolio to look for opportunities to lock in capital losses for the year. By selling investments at a loss, we can offset gains elsewhere in your portfolio and generate up to a $3,000 net tax […]

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The End Of The 401(k) As We Know It?

We’re keeping a cautious eye on Washington, as Congress floats various tax reform proposals that would change the 401(k) as we know it. One proposal would cap deductible 401(k) contributions at $2,400 (versus $18,000 today). Workers would still be allowed to save, but might need to do so in a Roth-type 401(k) or a non-retirement […]

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Hot Off The Press! 401(k) Limits Increase In 2018

Hot off the press! If, like most American workers, you participate in your employer’s retirement plan, you’ll want to know that the amount you can stash away is set to climb in 2018. The new limits affect contributions to 401(k), 403(b) and 457 plans. Next year, you can contribute $18,500 to your 401(k) — up […]

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Just Announced: Tax Relief For Irma Victims

Breaking News! If you’re still struggling with power outages and downed trees, here’s some welcome relief on the tax front. You don’t need to worry right away about filing tax returns that may be on extension, or making estimated tax payments due September 15. The IRS is providing help to the victims of Hurricane Irma. […]

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