As tax season winds down, many people were surprised to receive a tax bill and are now bewildered about what to do next. The Tax Cuts & Jobs Act of 2018 eliminated many deductions, including the SALT deduction (state and local tax), charitable contributions for those who don’t itemize, among many other strategies normally applied before year-end to reduce taxes. The only remaining strategy to reduce tax may be by way of investing in tax-free, municipal bonds. If you’re in a high income tax state, owning municipal bonds will generate interest that’s both state and federal tax-free. If you want to reduce your taxes this year, now’s the time to revisit your investment plan. Top state income tax

Travel is an investment in life and should not be considered an expense. Corporate America is not known for its generous vacation time and there are other reasons why travel may not make the annual to-do list. World travel brings more than a check-mark to a bucket list, it adds to the substance of life and can open the doors one would have never thought possible. While predicting the rate of return on a stock is something that is the very nature of financial planning, the return on investment from travel is incalculable and should be made a priority. There are some real-world considerations that can inhibit one's ability to freely travel the world, the most significant being financial and ti

It’s counterintuitive to think that being conservative with your investments isn’t effectively protecting your assets and can pose an even greater risk to your financial plan over the long-run. A conservative portfolio is usually comprised of cash, CDs, US Treasury, and high-grade corporate bonds. An increasingly aggressive portfolio will depend on the amount of stocks added to the mix. The dilemma facing conservative investors is the choice between accepting the volatility that comes naturally with owning stocks and a slow moving portfolio that will suffer a loss of purchasing power as a result of the most important silent killer, inflation. Fear drives investors decisions far more than rea

Many people are surprised to learn they are going to be paying more tax this year. This is thanks to the recent tax law changes, the Tax Cuts and Jobs Act, that was put into law by the Republican majority effective January 1, 2018. In no certain terms was it obvious what the full impact would be until tax time as this was the most significant change to the tax code in decades. The biggest reason for the increase in tax due is the cap on deductions at $10,000. If you live in California, New York, or another state with high state and local income tax, you would feel the pain more than others as those taxes are no longer fully deductible. The new tax rules also eliminated other deductions that

If you’re self-employed, it’s prudent to put your business plan into words, which is the first step to putting your vision into action. There is every reason that a business owner should write a business plan and plenty of reasons why a regular employee should do the same. The most basic reason is to put into words what you are trying to create for yourself and your future. Here are a few suggestions for developing your business plan. Mission statement Describe in a sentence or two what it is that you’re trying to do and why you’re doing it. What’s in it for you and how would your clients, and the world, benefit? Financial goals Revenue goals are the most critical part of a business plan as