Having an emergency fund is important in nearly every stage of life, but having one in retirement is essential. Most retirees are no longer earning income and are living off a fixed income from retirement accounts and/or Social Security. Therefore, it could be argued that you should have a loftier savings fund in retirement than while you are working. Emergencies can happen to anyone at any age, but the things that are likely to come up in retirement years are usually more expensive, such as healthcare costs, dental work, and expenses associated with long-term care needs. Many retirees are still living in …Read More
MON, MAY 7th, 2018
As we take a deep breath after filing our 2017 taxes and begin to look forward to warmer temperatures and Spring flowers, we should take a few minutes to focus on setting ourselves up for tax success in 2018.
Many of us have enjoyed a bit of extra income as the new tax rates have started to flow through our paychecks. While enjoying the extra cup of coffee, lunch or additional 401k contribution that the extra income is affording us, we need to pause and shift our attention to our tax withholding for 2018. With …Read More
FRI, FEB 2nd, 2018
Two days ago I was interviewed and quoted by Reuters News regarding the Fed’s January FOMC statement. But the dialogue and policy decisions – or lack thereof – from this rather uneventful meeting was not what I wished to truly cover. The January meeting was Janet Yellen’s last. It was the end of an era – cut far too short by a man who only made a change because he wanted to place his mark on the Fed – whatever that means. The best person for the job wasn’t what mattered. And make no mistake, Janet …Read More
THURS, JAN 25th, 2018
The IRS has provided little guidance regarding virtual currencies such as bitcoin, Ethereum, and Litecoin. The most notable IRS publication, Notice 2014-21, states “For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.”
What does this IRS statement mean to virtual currency users? It means that you will need to file and/or pay taxes if you traded, sold, or used virtual currencies to make a purchase. Consider the following scenarios:
1. If you bought a virtual currency and sold it for a gain, …Read More
THURS, DEC 21st, 2017
As you have likely seen in the news, The Tax Cuts and Jobs Act was passed by both the House and the Senate this week. This bill is widely expected to be signed into law by President Trump. The bill brings important changes to most American families – likely including yours.
At Albion Financial Group, we are not accountants nor are we attorneys. However, as a financial advisor, we want to make sure you are aware that this bill likely impacts you and that there are year-end actions that may be financially beneficial. Most importantly, we …Read More