Trump Tax Plan - A Quick Overview
After a surprise victory, Donald Trump is now the President-elect for the United States. I have already received many questions from clients on the implications of Mr. Trump's election, but the biggest question seems to be: "So what does this mean for taxes?" Normally I keep out of conversations that speculate on tax law changes, but since I'm being overrun with this question, let me explain what I understand about Trump's current tax plan.
Personal Budgeting - The Unexpected and The Forgotten (Pt 2 of 2)
In my first post on the cash flow killers, we discussed how to deal with “Unexpected” expenses, now it’s time to discuss how to defeat “Forgotten” ones.
Personal Budgeting - The Unexpected and The Forgotten (Pt 1 of 2)
Before we can discuss the how's of personal finance budgeting, we need to discuss a very important preliminary step. At the core, this step is the very essence of budgeting, for the soul of budgeting is to look forward, to be agents of decision with our money, and to be proactive. So my intention in this post is to help you understand the first of two key tips that, if mastered, will create the foundation for successful personal finance budgeting.
Personal budgeting - Reap the rewards!
From personal experience I have come to believe that one of the keys to success in personal finances is budgeting. Now, before you click away from this post please hear me out. I too used to feel that the only thing worse than a personal budget would be knee surgery, a car accident, or some of form of intense physical pain. However, now that my wife and I have worked through the growing pains of budgeting, I know that any pain experienced getting started will be more than compensated by the monumental rewards you reap!
Tax laws renewed - Better late than never
I am happy to report that not only did Congress fulfill my request to give us clarification on what the law will be for the next 5 years, they actually made many parts of their changes permanent. This, I was not expecting. Had I known my request would be so successful I would have added for a few more items to my wish list (sarcasm intended).
Tax Policy That Is Too Late
Here is a conversation I have had all to often the last 6 months:
"Tony, has there been any change on that 179 depreciation thing?"
"Not yet. We know it will at least be 25,000, and we are hoping something gets updated before the end of the year."
"Man! You keep telling me I need to plan.!.!.! How can I plan when we don't even know what the options are?"
Tax Planning Allows For Better Decision Making
Planning has got to be one of the most beneficial things we do as humans, and one of the hardest to get ourselves to do. We all know this! How many times have you ever wished that you would have taken a few moments to figure out something beforehand that came back to bite you? I won't raise my hand because it has happened more than I care to admit.