I was recently asked by a news journalist my opinion on how to avoid penalties on your required minimum distributions. Of course, my first answer was to make sure you actually take them and problem solved! I think she was looking for more…..so I did in fact answer more seriously. Personally, I always watch over all my clients that are at least 70 years old (or have a beneficiary IRA) to calculate the requirement and ensure it’s taken care of. If you don’t adhere to the rules, the tax penalty is 50% of what you should have taken out, in ... Read More
The deficit is the difference between tax receipts (inputs) and tax expenditures (outputs). The deficit has been declining over the past few years, but it’s not due to decreased expenditures, it’s due to increased revenues. The private sector has been healing itself over the past 5 years, and it shows with the tax revenue. Full Article Read More
Summer is right around the corner, so I thought I’d share the really cool chart above (and link below for interactive) for the various state gas taxes across the country. As a side note, I’m curious to see how gas taxes are addressed by states going forward. With higher fuel efficiency and hybrid technology, gas tax revenues are down since people are buying less gas. Interactive Gas Tax Chart Read More
“Nothing can be said to be certain, except death and taxes” – Benjamin Franklin Just because they’re inevitable, doesn’t mean you shouldn’t live a healthy life for longevity, and position yourself to pay the least amount in taxes. At least the final estate or death taxes. The link below has the 10 worst states to die in, at least from a tax point of view. Colorado — not on the list. 10 States with Scariest Death Taxes Read More
Out with the old and in with the new! 2012 had some ups and downs, but ended up in the positive territory for the un-managed stock market indexes. My outlook for 2013 is not quite as optimistic as it’s been the past few years for a number of reasons. In my video, I recap 2012, provide some thoughts on 2013, and discuss my philosophy how different strategies should be considered going forward. TRANSCRIPT: Good morning! Mike Brady with Generosity Wealth Management, a full-service, comprehensive wealth management firm headquartered right here in Boulder, Colorado, and I am the President. Today, I ... Read More
Here are a number of articles discussing the changes from 2012 to 2013 due to the last minute tax negotiations. The negotiations led to a wide ranging set of changes, that will affect most every American. Your Taxes Under the Fiscal Cliff Deal Everything You Need to Know About the Fiscal Cliff Deal The Good, The Bad, and The Ugly From the Fiscal Cliff Deal Read More
You’re probably hearing a lot about the Fiscal Cliff, and may be wondering • What does it really mean? • What are the implications? • What can, or should, I do? In order to answer these questions, I have a slightly longer than usual video this week (about 10 minutes), but one of the best ones I’ve done in a while (if I do say so myself). This is a very timely subect, and you’ll be hearing about the Fiscal Cliff in all the media for the next month or so. Now is your chance to be as informed as ... Read More
Two months left in 2012, and much of the Bush Era Tax Rate Cuts are set to expire. Now is the time to ensure you’ve done your last minute tax planning for 2012, and looking towards 2013. Click here for your downloadable PDF of my 2013 Tax Planning guide. Read More
I reference the important Tax Policies above that need to be addressed by the end of the year. With the election over, will the Congress finally address it? Click here for a full discussion of this. You’ll be hearing a lot about it in the next 2 months. Read More
Currently, estates under $5 million are exempt from estate taxes. Next year, barring congressional action, the exemption level falls to $1 million and the top rate rises to 55% In an election year, this is a hot potato. For years the exemption amount was unchanged at $600,000 but in the past 12 years or so it has continually gone up and down without much thought to the long term strategy. How can we, as investors and tax payers, properly plan our estates when the rules keep changing? Read the following article for more information. Estate Taxes are Going Up – ... Read More
One of my goals in my newsletter is to bring to your awareness things that I find interesting or alarming. The article below is in the “alarming” category. Japan borows more than it raises in taxes, and its debt amounts to two years’ worth of Japan’s economic output. Japan has the highest debt-to-GDP ratio in the world. Half of the country’s tax income is directed to simply servicing it’s debt. In addition to Europe and China (which I’ve written about in the past), Japan is one of the next huge players we’ll be unraveling in the future. I have great ... Read More
The average tax refund for 2010 is $3,129, up from about $3,000 a year ago. This may seem like winning the Lotto to someone who’s receiving it, but let’s not forget that it was your money to begin with. So, before you get too excited, remember it’s a refund, not a gift. CLICK FOR FULL ARTICLE Read More
Finally a government program with cost estimates LESS than projected. The $700 billion Troubled Asset Relief Program is estimated by the CBO to come in at $25 billion dollars. At the time, if you remember, it was billed as a gift and we were out the money. However, due to repayments and other fortunate events, most of the money allocated has either not been used or has been repaid. AIG and the auto industry are costing about $45 billion whereas the other aspects are giving the taxpayers $20 billion of profit, for a net of $25 billion cost. CLICK FOR ... Read More
I’ve been warning about the municipal bond market for some time now. I think the problems are starting to hit and 2011 will be a big year of reckoning. Look at the chart to the right. Ugly. Why is this happening? There’s the looming end of the Build America Bonds program, questions about how state and local governments will manage their debts, and the impact of huge pension and health care obligations that seem unsustainable. CLICK FOR FULL ARTICLE: WHAT’S WRONG WITH MUNI BONDS? EVERYTHING . Read More
20 million people will be paying the “tax on the rich” AMT come January if Congress doesn’t amend the law. Will they? My guess is yes. Will they resolve the estate tax issues by the end of the year? I doubt it. FULL ARTICLE: BIPARTISAN VOW: WE’LL FIX AMT Read More
What’s the difference between Fiscal and Monetary policy? It seems like discussions about these 2 similar, but very different, topics are forever getting confused. If you’re worried about taxes, deficits, and the debt, is that a fiscal or monetary issue? I want you to know the difference so you’re the smart one at the cocktail party discussion. Read More
2010 is the year of the Roth Conversion and maybe the end of lower taxes. In 2010 there are unique Roth Conversion rules that expire at the end of the year. With higher tax rates next year, what should you do? Listen to my video below to find out why this is so important. Read More
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The Dow Jones Industrial Average is an unmanaged, price-weighted index of 30 large capitalization stocks with dividends reinvested.
The Standard & Poor’s 500 Index (“S&P 500”) is an unmanaged, market capitalization weighted index of 500 widely held stocks, with dividends reinvested, and is often used as a proxy for the stock market.
The Nasdaq Composite is an unmanaged, market capitalization weighted index of stocks listed on the Nasdaq Stock Exchange, and are reported as price return without reinvestment of dividends.
Indexes are often used as a proxy for the stock market and cannot be invested in directly.