Sam Fawaz, CPA, CFP®, Author at FIGuide

Is “Smart Money” Really that Smart?

Mar 24 2019

Ask ten people if they think they’re a good driver, and I’m willing to bet that most, if not all of them, will claim to belong to that camp. The other guy or gal is the bad driver, not me. But someone is causing all of those car accidents and traffic snarl-ups, so we can’t all be considered good drivers. The same can be said about investors. We often hear financial pundits on TV talking about what the “Smart Money” is doing. Who are these smart people? What makes them so smart? And if they are smart, what are we?… Read More

Believe it Or Not

Jan 27 2019

A longtime favorite line that I like to use when people ask me what the market or economy are going to do in the near future, is to say “Sorry, my crystal ball is in the shop.” Or I’ll repeat what famed baseball manager Yogi Berra once said: “It’s tough to make predictions, especially about the future.”

That doesn’t stop others from trying to be a broken clock by predicting early and often. And so we’re into that exciting time of year when all sorts of market predictions are made by people who are mostly claiming that they knew the …

2018 Year-End Tax Planning Tips

Nov 01 2018

Yep, it’s that time of year again. While the stock markets were busy correcting in October, making for a very volatile month, our thoughts turn to year-end tax planning.

Now is the time to take steps to cut your 2018 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).

Year-end Planning Moves for Individuals

Game the Increased Standard Deduction Allowances. The TCJA almost doubled the standard deduction amounts. For 2018, the amounts are $12,000 for singles and those who use married filing separate …

Social Insecurity & Medicare Insolvency?

Jun 25 2018

With about 10,000 baby boomers on average retiring every day, it’s not unusual for me to talk to clients and prospects who are anxious about the future of social security and medicare. Some clients, despite evidence and advice to the contrary, have gone ahead and filed for social security benefits even if it meant they would potentially reap hundreds of thousands of dollars less over their lifetimes, because they are worried that the systems are going “bankrupt”.

Given the stories and rumors that seem to float around endlessly about the imminent demise of social security and medicare, it is understandable …

Adding inSALT to Tax Injury

Jun 10 2018

Ever since I became a tax preparer in 1980, a federal deduction for state and local income, property or sales taxes have been available to taxpayers as an itemized deduction, generally without limitation. The idea behind the deduction, at least as it relates to state income taxes, is to grant taxpayers some degree of relief from double or triple taxation of the same income.

Of course, each year, thousands of professionals use their creativity and ingenuity to try to figure out the best ways to lower your federal taxes, including optimization of your state and local tax deduction. You know …

Author - Sam Fawaz, CPA, CFP®