Archive for June, 2018

  • Recent Tax Law Changes & How You May Be Impacted

    Below is a condensed summary of some of the most important changes from the recent tax reform bill.  New Marginal Tax Brackets & Expanded Thresholds Who is affected? All taxpayers What changed? The seven old marginal brackets of 10, 15, 25, 28, 33, 35, and 39.6% have been replaced by seven new brackets of 10, 12, 22, 24, 32, 35, and 37% and the thresholds for the 22% bracket and above have been increased. For illustrative purposes, the top tax bracket increased from $426,700 single / $480,050 MFJ at 39.6% to $500,000 / $600,000 at 37%, respectively.  Higher Standard Deductions and Elimination of Personal Exemptions Who is affected? All taxpayers. What changed? Exemptions were eliminated (the $4,000 you would take for yourself, a spouse, dependents, etc.) and replaced by higher standard deductions. These are $12,000 for individuals, $24,000 for married couples, $12,000 for married filing separately, and $18,000 for heads of household The Threshold…

  • Social Security Claiming Considerations

    According to the Social Security Administration, nearly three-quarters of Americans choose to begin benefits prior to their full retirement age (FRA). Whether or not this is the right choice depends on a myriad of different factors which we will discuss below. Making an uninformed choice could cost you tens of thousands of dollars over your lifetime. With that in mind, prior to filing for benefits, it is wise to speak with a financial advisor who can tailor this analysis to your specific situation so that you can make the most financially advantageous choice. How Your Social Security Benefit is Calculated Average Indexed Monthly Earnings (AIME) | Social Security benefits are computed using AIME, which is a summary of a worker’s highest earning 35 years (if you have less than 35 years, your benefits will be reduced to account for those non-earning years). The Administration then applies a formula to the worker’s…

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