There’s no tax on any of these tips. I’m sure you saw the headlines about the bill passed last week. For Washingtonians, it caps off a few months of pretty substantial tax updates related to financial planning. Let’s go over it: The Federal Tax Bill There are a ton of summaries out there created by capable, professional pundits, but here are five of the most impactful changes I see affecting my client base as a whole: Tyler’s note: I’d be remiss if I didn’t mention that the bill has clear winners and losers. If you’re reading this then it’s likely you are part of the group disproportionately receiving the upside benefits. But you won’t have to look far or for very long, …
WA Cares Fund: Now What?
I’M NOT MAD AT ALL ABOUT THE RIDICULOUSNESS OF THIS WHOLE DEBACLE, OLYMPIA, IT’S JUST A SOFTWARE QUIRK THAT HAS TURNED THIS INTO ALL CAPS AND INCLUDED THE FOLLOWING EXCESSIVE EXCLAMATION MARKS!!! Now that we’ve all hit a pillow, what are Washingtonians supposed to do now, given that the Powers That Be have put WA Cares Fund on hold? Here are my thoughts: If I were to handicap this outcome, I’d say there’s about a 50% chance the Cares Fund is doomed, either by being delayed into oblivion by the state Legislature or it’s made optional by Initiative 1436. The remaining 50% chance would be of some kind of significant reform to the program, which has many qualities in need …
Tax Refunds Are Down – That’s a Good Thing
Beware: AUTHOR HAS BEEN TRIGGERED I am strangely enraged by people who defend this weird desire to have a big tax refund. They tend to say, “I like knowing there’s something coming my way in April.” This is largely anecdotal, but I hear it all the damn time. Earth, to you Big Refund People: Your argument is terribly flawed and this is a supreme example of what’s wrong with personal finance in America. Disclaimer: None of this massive rant applies to lower-income folks who may have tax complications due to the Earned Income Tax Credit or other various matters related to income uncertainty. They have it hard enough and don’t need me sending bad karma their way. No, this is …