Broker Check

I Met You In The Summer

| September 26, 2018
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Hello Hello!

Hope everyone had a great summer! The WMGNA Team and the Friedman Family Fun Bunch did! As we head into fall and the 4th Quarter of 2018, one date sticks out on the calendar - palm sweaty knees weak heart rate up kinda date. That date…is October 15th the final date to file your personal 1040 tax return, which was actually due April 17th this year. Of course, you would have needed to file an extension by April 17th, though it is only an extension to file…not an extension to pay any taxes due…that is separate conversation!

A significant benefit of having a membership with WMGNA is that your taxes..all things related…planning-reduction-compliance-approximations-gathering-organizing and ultimately filing of returns under the coordinated auspices of a CPA, is included in your monthly/annual membership!...as the venerable President and CFO of WMGNA Brian P Beck, CPWA as well as the 2010 Hartford Business Journal CFO of the year is want to say..”everything you do affects your taxes…and your taxes affect the all things you do”.

Fortunately, as the calendar gets ominously close to moving from September to October (though September 22nd does bring us the autumnal equinox and the last 100 days of the year) we have as of this writing successfully filed the last 2 Member returns for the 2017 tax season! Now guess what the age range was for both of these families…drum roll please….if you said young sleep deprived families in their 30’s you would be wrong….hard charging executive families in their 40’s wrong again …busy, busy small business owners in their 50’s..nope…both from successful entrepreneurial families over 70! …how is that???...kids grown..doting grandparents..too much travel..things pretty much same year to year…plenty of “free time”…or so it seems! It just so happens that their lives are busy..travel…book club..family..rather large family time..and their financial lives are complicated and getting even more so with the tax law changes taking effect this year. Add in the fact that keeping track of everything ..staying organized is taking more and more time…time better spent doing something else!

So, for all those “retired” go-getters out there, some tips for the rest of 2018 and beyond. Of course, make sure to take your required IRA distribution(s) by 12-31-2018 ---> charitably inclined make your contribution directly from your IRA, with new tax law there could be significant tax savings…and allow you to give even more! For those with 401k’s still working and at least 5% ownership in that business you must also include a minimum distribution from the 401k…over 70.5 still working and not a 5+ owner no distribution required! Good time to get going on your 2018 income tax approximation for a couple reasons…make sure you are maximizing the opportunities that exist…many, many changes from 2017 that you might not be aware of! and to see where you stand so there is no April 2019 surprise! While estate tax concerns are generally if not entirely diminished for most of our members (a married couple can pass on $22million federal estate tax free..with the caveat that after 2025 the law sunsets back to 2017 levels of about half), that old estate-multigenerational plan just might be inline for a thorough review and update. Finally look to dejunk-destress and get better organized…1/2 of what we do for members is just that…and quite often we realize significant financial savings! That’s all for now..gotta go and order my 2108 Boston Red Sox A.L. East Championship gear! Keep the Faith--

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