How Does the Reconciliation Bill Change Tax Law?
Part 1
One of the most significant changes to the tax law is the new 3.8% Medicare tax on “net investment income” of those earning more than $200k (single) or $250k (married filing jointly). The term “net investment income” is rather far reaching and encompasses rents, royalties, dividends, interest, and other passive activity income (partnerships, etc).
We’ll be looking at this and many of the other changes in more detail in future blogs and articles. Stay tuned!
Loss
Goals and Dreams
March 22 – “What if you lost everyone and everything in your life right now… and then somehow got them back?” Kobi Yamada
Too often we take the things, and even the people, closest to us for granted. We would be devastated by the loss of them, but we neglect to acknowledge just how important they are to us. What people or things might you have been taking for granted? Maybe it’s your spouse or your health or even your puppy.
What can you do to be more aware and appreciative of them?
Food
Goals and Dreams
March 15 – “There is no love sincerer than the love of food.” George Bernard Shaw
Have you ever wanted to take a cooking class or try a new restaurant? Or maybe you just want to try an exotic fruit you’ve seen at the market recently. Go do it. Share your love of food with a new friend by hosting a dinner or going to that new restaurant.
Enjoy your food! Enjoy your life!
Values
Goals and Dreams
March 8 – “Values are personal choices we make about what’s most important to us. Being guided by your highest values can bring immense satisfaction and meaning to life. Identifying your top values is a shortcut for identifying your top goals. Examples of lifetime values include: family, friendship, health, wealth, learning, career, community, faith, integrity, creativity, adventure and love.” Anonymous
What is most important in your life? Those are your values. Do your current goals reflect those values? Or, do you need to revise your goals? Today is a good day to start.
Fun
Goals and Dreams
March 1
“Fun is fundamental.” Doug Hall
If we don’t make time to meet or get to know people we meet (see last week’s blog), do we make time to have fun? Or if we could make time to have fun doing things we enjoy, might we not meet more people who enjoy the same things we do?
Remember when you were a kid and fun was running in the rain or making mud pies or….? What makes you happy today? What makes you smile? How do you create more fun in your life - now?
Have fun this week and play in the rain!!
Bridges
February 22
"What a world this would be if we just built bridges instead of walls." Carlos Ramirez
Too often we don’t make the time to get to know people we meet. Or maybe we don’t make time to even meet new people. Who have I met that I would like to get to know better? How can I make that happen? Is it over a cup of coffee or maybe taking a walk? Or how can I meet new people? Where do I go or what do I need to do? Work on building a bridge to someone else instead of hiding behind your own walls.
Who Knew You When
February 15
Who knew you way back when? Who believed in you before you believed in yourself? Who gave you your first break, or your first order, or bet on your future, or told you how really good you could be? These people meant the world to you at one time or another. Today, a heartfelt "Thanks" from you, out of the blue, would mean the world to them.
Dan Zadra
Did you have a teacher or coach or mentor who helped you along the way? Was your biggest supporter a family member? Who, from your past, distant or recent, would you most like to thank? Why not send them a note or email now? Remember, don't procrastinate!
Simplify
Goals and Dreams February 8
Our life is frittered away by detail. Simplify. Simplify.
Henry David Thoreau
Our lives have become much too hectic and overwhelmed with the detail. We are inundated with information from many source - so much so that it becomes difficult to move forward because we are bogged down in minutiae.
What are some ways you can simplify your life and move forward?
Procrastination
In an effort to help all of you with your goals and dreams – and, in particular, identifying those goals and dreams from your past – we will be sending a weekly quote and question for you to ponder and, hopefully, answer. The questions and quotes are designed to help you identify what is truly important in your life and the things you want to make happen.
Respond to the thoughts either privately or share them on the blog. This is your opportunity to take a few minutes to think about you and what is important to you. Enjoy!
February 1 – “Action is eloquence.” William Shakespeare.
We all procrastinate, especially when it is something that may not be very pleasant. Maybe, for you, it’s going to the doctor for a checkup or saving for retirement or taking that trip to Europe - not exactly an unpleasant task but one you have put off because “the time isn’t right.” When will the time be right?
What things will you commit to stop procrastinating about - today?
Charitable Contributions
One other step you should take if you aren't completely familiar with the requesting organization, is to verify their non-profit status. Many times, I've had clients come in with letter receipts saying that a donation was made but upon further scrutiny have found that the "charitable organization" is not listed in the IRS database of authorized non-profits. To check out the status of a non-profit organization go to www.irs.gov/charities. On the left side of the screen you will see a link to "Search for Charities". Click this link and you can search for the charity by name, city and/or state. Please note that there is also a list of recent revocations and deletion and a list of suspensions. Check these lists carefully to ensure that you are making a deductible contribution to a valid charity.
If you have further questions about this, please contact Kathy and she will be happy to assist you. Happy Holidays!