Money Matter$

Since the tax changes in 2018, most Americans are using the standard deduction rather than itemizing, as the standard deduction has nearly doubled—and SaLT tax deductibility is limited to $10,000. That means charitable contributions—which are itemized deductions—no longer have the same tax benefit for most. There are two ways you can plan to maximize the impact of your generosity: Donor-Advised Funds (DAFs) or Qualified Charitable Distributions (QCDs) from your IRA.

With the help of my son Adam’s knowledge about everything money, I can now call myself an “everyday millionaire“, a phrase coined by Chris Hogan, author of Everyday Millionaires. The total of my bank accounts and investments minus my debts comes to more than $1 million.

December was the worst month for the stock market since February 2009, when the world still thought banks might become extinct. While we have no similar global catastrophe on our radar, there is definitely worry in the stock, bond and commodity markets. An upcoming recession is on everyone’s minds, and the two most disturbing market forces today are: 1. Rising interest rates 2. Tariffs & trade wars

The rules of a 1031-exchange are fairly straight-forward, but the execution is anything but. You need to have a 1031-exchange company on-board, as well as your tax-preparer.

We have an order of priority for most folks for how to save and invest. The following items have eligibility requirements, so are not “one-size fits all”:

Beginning in 2018—and until 2026—the federal tax code has been changed fairly dramatically. How does this affect you, and what should you be doing to take full advantage of these changes?