Confident Money - Spring 2018

CONFIDENT

MONEY SPONSORED BY PERSONAL CAPITAL

SPRING 2018

MAKING SENSE OF YOUR TAXES IN 2018

HEIRLOOMS YOUR GUIDE TO LEGACY PLANNING

personalcapital.com/consultation

Up Front Sponsor’s Letter

THE RIGHT STUFF

O

ur leadership group frequently talks about doing things the right way. While we all aspire for obvious business metrics, we built this company on a philosophy of not just doing things right, but doing the right things.

So, after seeing the remarkable feedback on our inaugural issue of Confident Money, we were feeling inspired.

The first issue generated thousands of subscriptions. And while the numbers are interesting, the fact that they were all permission-based subscribers tells us the content has meaning. In turn, our ambition with the magazine – and, quite frankly, Personal Capital, is to be able to listen well and address what matters most to you.

This issue is chock-full of content for today’s most relevant issues. But, before you dive in, I want to reiterate the mission of this organization.

Personal Capital exists to create better financial lives through technology and people. We combine the best financial technology with highly skilled financial advisors to provide the type of insight and planning you simply can’t find anywhere else. It’s the kind of clarity and confidence you and your finances deserve.

PERSONAL CAPITAL EXISTS TO CREATE BETTER FINANCIAL LIVES THROUGH TECHNOLOGY AND PEOPLE. With more than $6 billion in assets under our management, I’m so proud that more and more investors continue to trust us with their financial lives. While humbling, our wonderful client base only inspires us to be more diligent with our efforts. We will continue to endeavor to provide you with world-class tools and insightful, objective advice you can only get from a full-fledged fiduciary.

In this issue, we’re excited to highlight a couple of critically important

SPONSOR

Personal Capital personalcapital.com MANAGING EDITORS

Anne Armento Jenn Kincaid

EDITORIAL & CREATIVE DIRECTION

Conduit Inc. www.Conduit-Inc.com

Confident Money is published quarterly Copyright 2018 To subscribe go to www.personalcapital.com/subscribe

issues. In our cover feature, “Leaving Legacies – Your Guide to Estate Planning,” we discuss modern day estate planning concerns. In our second feature, “Heads or Tails – Making Sense of Taxes in 2018,” we tackle one of the biggest topics of the day. In addition, a Q&A with Craig Birk, our head of portfolio management, provides some context on the recent volatility. Together, these are some of the biggest topics today.

I hope you enjoy the issue. It was created with you in mind and, for us here at Personal Capital, that’s the right stuff.

Warmest regards,

Jay Chief Executive Officer, Personal Capital twitter.com/@jayshah_pc

CONFIDENT MONEY

IN THIS ISSUE 03 Sponsor’s Letter 04 Heads or Tails?

Making sense of your taxes in 2018 08 Heirlooms Your guide to legacy planning 12 The Dossier News, updates, and statistics

14 Booster Shots 5 sure-fire cures for financial health 15 Q&A with Craig Birk What to watch in 2018

SPRING 2018

❘ CONFIDENT MONEY ❘ 3

“Some individuals may see the changes on their first paycheck, while others won’t know the effects until they file their 2018 tax returns in April 2019.”

HEADS OR TAILS? – Brian Wainscoat, Tax Specialist, Personal Capital

TAXES. You just cringed, didn’t you? Most people do. Tax management can be a complex, confusing and overwhelming exercise. Throw the recently passed Tax Cuts and Jobs Act (H.R. 1) into the mix and things get even more perplexing.

Set to deliver sweeping changes to the tax code, the new law is forcing everyone to take a hard look at what to expect and when. Cuts to income tax rates. Doubled standard deductions. Eliminations to personal exemptions.

What cuts are permanent? Which are temporary?

MAKING SENSE OF YOUR TAXES IN 2018 While there’s lot to keep track of, Brian Wainscoat thinks that can work to your advantage. The Tax Specialist for Personal Capital believes this is the perfect time to become one with your tax experience, i.e., build a framework of holistic, long-term financial planning, including retirement, health care, education, and more.

“I think it’s a perfect time to evaluate everything,” Wainscoat says. “It’s time to sit down with your balance sheet and go through your one-year plan, your five-year plan and your retirement options. What are your personal

❘

❘

4 CONFIDENT MONEY SPRING 2018

SPRING 2018

❘ CONFIDENT MONEY ❘ 5

goals and how do you reach them? Start a dialogue with the people who can review your situation and help make sure you optimize everything you can.”

As an overall snapshot, the bill is set to reduce taxes on average for all income groups from 2018 through 2025. In general, higher income households will receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution.

To help you sort through the plan, here are five aspects of the bill Wainscoat thinks every taxpayer should know:

No. 1 – Estate, gift & generationskipping transfer taxes

Planning for family wealth transfer is an exercise in flexibility of family goals. In the past 10 years, we’ve seen years where there was no estate transfer tax at all, and other years where even very low transfers were heavily taxed.

Most recently, there was an increase to an unprecedented $5 million lifetime exclusion. The latest round of tax changes offers a “whopping” $10 million lifetime exclusion (adjusted for an annual inflation amount) per person.

“But beware, this increase in the exclusion is only good for the next eight years,” Wainscoat says.

With that being said, families cannot bury their heads in the sand thinking they fall under the lifetime exclusion and the portability exemption to avoid estate taxes. While estate taxes are a concern in estate planning, there are other hidden or not so hidden reasons why a complete and comprehensive estate plan is still a requirement for families regardless of wealth.

No. 2 – Pass-through business income tax deduction

With the recent reduction to the corporate tax rates, there has been an attempt at aligning those cuts with pass-through businesses.

These businesses include sole proprietorships, partnerships, limited liability companies taxed

❘

❘

6 CONFIDENT MONEY SPRING 2018

As an overall snapshot, the bill is set to reduce taxes on average for all income groups from 2018 through 2025. as partnerships and S-Corporations. The alignment came in the form of a 20 percent deduction, which is based on qualified business income.

For example, say Bob is a shareholder in a S-Corporation and is allocated $5,000 of the corporation’s net profits. Bob’s deduction is $1,000, assuming he isn’t limited. There are six limitations for the ability of a taxpayer to take the deduction: 1. U.S. Business – There is no deduction for foreign business income and the pass-through must be “effectively connected” with the conduct of a U.S. trade or business.

2. Investment income – Income earned from investments through a pass-through entity that is comprised of capital gains, dividends and interest will not give rise to a deduction.

3. Compensation income – An owner’s income received in the form of wages, a guaranteed payment of any other form of compensation from the pass-through will not generate a deduction.

4. Service Business – Income of an owner of a

pass-through is from a service business and falls within certain tiers of taxable income. The owner can take a partial deduction, but not the full 20 percent deduction. This rule is complex and should be discussed with a qualified advisor to help you understand when and how it applies in a service-oriented business.

A service business is defined as “any trade or business involving the performance of services in the fields of health, consulting, financial services, accounting, or any trade or business where the principal asset is the skill of one or more of its employees and or owners.” A couple of industries that were originally included in the list of services businesses were engineers and architects, but they were removed from the final version of the Act. 5. Income threshold for all business – The deduction was introduced as a way of incentivizing small businesses and rewarding them for making domestic investments and creating jobs. Therefore, a ceiling income level (adjusted for inflation annually) was placed in service so that a 20 percent deduction is capped. Again, this rule is complex and should be discussed with a qualified advisor to help you understand when and how this applies.

6. Overall limitation – If you’ve made it this far, the Act has in any situation limited the 20 percent deduction at a cap of 20 percent of the pass-through owner’s taxable income (irrespective of capital gain income).

No. 3 – Individual tax rates

New income tax rates and brackets for a married individual are as follows: $0-$19,050 (10 percent) $19,051-$77,400 (12 percent) $77,401-$165,000 (22 percent) $165,001-$315,000 (24 percent) $315,001-$400,000 (32 percent) $400,001-$600,000 (35 percent) $600,001 (37 percent) There is one major change to income of a child known as the “Kiddie Tax.” Ordinary and capital gains tax rates for trusts are now

applicable to the net unearned income of a child. This means that unearned income of a child will hit the highest tax bracket a lot sooner than under the old rule, which taxed unearned income at the parents’ tax rates.

No. 4 – Itemized deductions, standard deduction and personal exemptions

❱ Personal exemptions have been repealed for all taxpayers. The standard deduction increased to $12,000 for a single taxpayer and $24,000 for a married taxpayer filing jointly ❱ State and local taxes deductions are limited to $10,000. ❱ Mortgage interest – Interest on a mortgage of up to $750,000 for a principal and a second residence is deductible. Interest on a HELOC is not deductible. (Mortgage debt and not HELOC debt incurred before Dec. 15, 2017 is grandfathered under the existing rules) ❱ Investment fees are no longer deductible. ❱ Medical expenses are deductible if they exceed 7.5 percent of AGI for 2017 and 2018.

This applies for regular tax and AMT.

No. 5 – Alternative minimum taxes

While the new legislation did not repeal the AMT tax for individuals as it was for corporations, the AMT exemption amount increased to $70,300 (single) or $109,400 (married) and is adjusted for annual inflation amounts.

“The overall effects of the Act may not be apparent immediately for individuals, families and businesses,” Wainscoat says. “Some individuals may see the changes on their first paycheck, while others won’t know the effects until they file their 2018 tax returns in April 2019.”

As new laws are introduced and as technical corrections as well as regulations are issued, Personal Capital will gain insight of the effects. Please continue to check in as we monitor upcoming releases of information and address them when applicable.

SPRING 2018

❘ CONFIDENT MONEY ❘ 7

HEIR LOOMS YOUR GUIDE TO LEGACY PLANNING By Michael J. Pallerino nintended consequences. Of all the reasons Jason Largey says you should have a legacy plan in place, the outcomes that you cannot foresee should be enough to grab your attention. There are no crystal balls here. Nobody knows what’s going to happen today, tomorrow or the day after that.

So, go ahead, imagine the people in your world and the assets you own.

What happens if you suddenly pass away? What if it happens unexpectedly?

Are all of your affairs and estate in order? Is there a plan in place to properly

❘

❘

8 CONFIDENT MONEY SPRING 2018

SPRING 2018

❘ CONFIDENT MONEY ❘ 9

account for and distribute everything you’ve worked so hard to earn?

Now, imagine all this could happen without any say from you – if you had no estate plan, or an outdated estate plan.

These are tough things to think about, and even tougher to discuss. “The urgency rests in the fact that this scenario happens regularly,” says Largey, Senior Estate Planning Strategist with Personal Capital. “What would you want to happen to the assets in your estate if you passed away? That question should get a dialogue started. Sitting down to do legacy planning gives you a sense of purpose – a feeling that you are doing something for the greater good. It’s easier to go through these decisions when you decide, instead of decisions happening without your input. Leaving things to chance could divide your loved ones and tarnish your memory.”

The truth is that too many people are not properly prepared for how their estate and wishes will be honored. And that is disconcerting when there’s so much at stake – your bank and brokerage accounts, retirement plans, real estate, insurance, annuities, business interests, and other assets.

Largey admits that the planning process

is as complex as it is overwhelming – both financially and emotionally. Over the years, he has seen too many families suffer through the aftermath of what happens when somebody was not prepared for the end.

He remembers the story of a widow of three children whose husband passed away and left one of his daughters as the executor of the estate and living trust, as well as a $1.2 million IRA. This daughter lived closer to her parents than the other two, so her parents made her the primary caregiver. Paying the bills. Running from one doctor’s appointment to the other.

Dealing with all of the companies that came knocking at the door when her father died.

“She had done everything that needed to be done, while the other siblings just weren’t around,” Largey says. “Yet, when mom died, the other siblings expected their one-third of mom’s estate.”

Never having the discussion with her mother, father, or siblings previously, the daughter was left contemplating if her mother’s Financial Power of Attorney allowed her to designate herself as the 100 percent beneficiary of the $1.2 Million IRA. After reviewing the situation with an estate attorney, the daughter ended up keeping the mother’s original onethird IRA designation to each of the siblings.

“One can try to make the estate plan work after the fact,” Largey says, “but wouldn’t it be better if you just make it work from the get go and communicate your decisions to the key people?”

If it’s now or later, take now

Each situation is different. People are married, or not. They have children, or they don’t. There are ex-spouses, remarried partners and stepchildren. There are homes, vacation homes, 401(k) retirement plans, IRAs, life insurance policies, etc.

It’s like a Lifetime movie, except it’s not. The scenarios are all too real. People die. Assets don’t get properly distributed. Families go to war with one another.

Why? “The biggest reason is procrastination,” Largey says. “Sometimes, there’s just

❘

❘

10 CONFIDENT MONEY SPRING 2018

something in the way of taking that first step.”

But here’s the good news – once you make the decision to move forward with your legacy planning, the rest falls into place. “The first step to planning is to take some action,” Largey says.

Personal Capital’s free retirement planner is a great place to start. Input your spending and saving goals, key dates for milestones like education funding, entering retirement, or starting to draw on social security. You’ll be able to run as many hypothetical scenarios as you like, each time seeing the effect on your projected net worth and portfolio survivability.

“With those factors in mind, you can then sitdown and scope out what you need to do and who can help. Identify the people you want to make those hard decisions when you cannot. It could be your wife, a sibling, a child (etc.). It just depends on where you are in

designations in your 401(k) retirement plans, IRA accounts, life insurance policies and bank accounts.

No. 4 – Communicate your decisions to the key people in your life

Make sure your potential heirs – i.e., family, friends, charitable organizations – have an idea of what they might receive. Make sure the key people – your executor, trustee, agent – have a copy of your estate plan.

WHAT DO YOU WANT TO BE REMEMBERED FOR?

life. You can always go back and revisit what decisions you made and make updates. Being transparent in the process is critical.”

In the end, your legacy/estate plan is a snapshot of your readiness plan. It is the document you create that helps you expect the unexpected. To help you get started on creating your legacy plan, Largey offers these four steps:

No. 1 – Take a snapshot of your assets and current life circumstances

This includes accounts such as brokerage, bank, retirement, real estate, valuable personal property (vehicles, family heirlooms, jewelry, artwork.) Make sure you identify digital accounts and digital assets you have accumulated. Review whether or not you or a close family member experienced a major life event such as birth, marriage, divorce and/or death.

No. 2 – Select an executor/trustee/ agent

If you could not speak for yourself, identify the person you would want to manage your estate as an executor or trustee until your heirs are ready. This would include a Last Will and Testament, Revocable Living Trust, etc. Identify who would make your financial decisions for you, under a General Durable Power of Attorney and who you would want to make medical decisions for you using a Medical Power of Attorney, or if a Living Will makes sense.

It’s a question most people face at least once in their lives. To help you prepare for your future, Personal Capital’s “Legacy & Estate Planning Guide” can help give you the guidance you need. The guide is designed to help you understand how these important issues may fit into your overall financial plan and how you can start planning for the future today.

Download your complimentary copy at https://www.personalcapital.com/ legacyCM.

No. 3 – Update or create your estate plan Ensure your current intentions are reflected. Update or review your estate plan every three to five years. Confirm the beneficiary

SPRING 2018

❘ CONFIDENT MONEY ❘ 11

News | Updates | Statistics

DOSSIER

Saving for both your child’s education and your

retirement are equally important. What is

feasible for your retirement should help drive how much you can help your children for college. If you prioritize helping your children, then you should understand what you’re giving up to do so.”

– Amin Dabit, Personal Capital’s Director of Advisor Services, on the importance of planning for your child’s future without sacrificing your own long-term plans

SLEEPLESS

SURVEY SHOWS WHAT KEEPS THE AFFLUENT UP AT NIGHT

THE

The grass is always greener on the plus side of the bank statement, right? Not necessarily.

According to Personal Capital’s “Affluent Investor Outlook,”* even those who seem to have every-

❘

❘

12 CONFIDENT MONEY SPRING 2018

51% 46% 42% 40% 38% 38% 24%

thing still worry about the future.

The affluent, defined as those who have total investable assets of $500,000 or more, are just as concerned as everybody else with their financial stability. Among

the worries bouncing around in their heads are retirement and tax planning, and long-term portfolio health. Here are some the things that are keeping them up at night:

Not being financially secure in retirement Haven’t properly tax optimized my portfolio Portfolio won’t withstand a market downturn Haven’t created a long-term estate plan Spending too much Will lose wealth Make tax-optimizing their investment strategy a top priority

*www.personalcapital.com/AffluentInvestorOutlook

Bookshelf Your Best Year Ever: Michael Hyatt’s 5-Step Plan for Achieving Your Most Important Goals ou want to reach your full potential.

You want to live a life that matters. But sometimes, when we are overwhelmed by life’s day-to-day ups and downs, the dream gets off track. Your big goals get pushed to the back burner. Too often, they get forgotten.

New York Times best-selling author, CEO and thought leader Michael Hyatt believes you can do better.

In fact, he thinks that this is the year you can finally close the gap

between your reality and your dreams.

In “Your Best Year Ever,” Hyatt shares a powerful, proven, research-driven system for setting and achieving goals, including how to design your best year ever in just five hours, three ways to triple the likelihood of achieving your goals, quit-proof techniques, and more.

If you’re not seeing progress in your personal, intellectual, business, relationships or financial goals, this book will give you field-tested, actionable strategies to make 2018 “The Year of You.”

IS YOUR BROKER WORKING FOR YOU? 7 QUESTIONS YOU NEED TO ASK NOW

aking sound financial decisions is never easy. And when it comes to investing your money, if you’re not getting the return you need from your broker, it may be time to move on. The truth is that many brokers are incentivized to place you in expensive products, instead of a portfolio best suited to achieve your long-term goals. And that can mean that your interests aren’t being placed first. If your relationship with your broker is beginning to feel a bit stale, Palmi Moller, a registered financial advisor with Personal Capital, recommends asking these questions to get to the bottom line:

No. 1 – What are your annual costs?

Annual fee or not, your broker may be making money by placing you in mutual funds that pay him to do so. This could make your total annual costs higher than they should be. If you’re uncertain what fees you are paying, link your accounts to your Personal Capital dashboard and use the fee analyzer to uncover the annual costs of your positions.

No. 2 – What are your sales loads costs?

If your broker isn’t charging an annual management fee, you’re most likely paying a commission every time you buy or sell a stock

or mutual fund. For example, if you gave your broker $1,000 to buy an A-Share mutual fund, your starting investment would be only $945 after he’d taken his cut.

No. 3 – How are your assets allocated?

What is your portfolio’s asset allocation? Each mutual fund manager has a different agenda, so your funds may not have proper coordination.

No coordination means your portfolio may be inefficient. Inefficiency costs money.

No. 4 – Does your broker have your best financial interest in mind?

Brokers or financial advisors who are not fiduciaries don’t meet a “suitability standard.” This means that they can conceivably steer you into products that pay them higher commissions. If your broker can’t tell you he is a fiduciary, move on.

No. 5 – Does your broker use the right technology?

Traditional brokers can lack the technological acumen to provide a sophisticated allocation in an efficient way, so they turn to simply using mutual funds and various mutual fund managers (all with various layers of fees). Find a broker who can provide service and portfolio management all in one.

No. 6 – Can your broker see your whole financial picture?

While your broker may offer you holistic financial planning, this requires a lot of work from both of you. Make sure your broker can see all the moving parts of your unique financial life in one glance, which allows them to make comprehensive financial recommendations.

No. 7 – What about taxes?

Did you know that tax management, just within the realm of investing, can increase your annual portfolio return up to 1%? Make sure your broker can build an investment plan that takes into account the impact of taxes on your bottom line.

SPRING 2018

❘ CONFIDENT MONEY ❘ 13

CONFIDENT MONEY

Booster shots 5 surefire cures for financial health

What does your real financial picture look like? Spend too much? Save too little? Don’t know? Why not make 2018 the year you turn it all around. With smart spending, consistent saving and effective investing, you can take the steps you need to meet your financial goals. Shannon Lynch, Personal Capital’s Senior Financial Advisor, offers five ways you can start building financial security:

01 02 03 04 05

BUILD AN EMERGENCY FUND

Have at least 6 months of expenses put away

ESTABLISH GOALS

Look beyond your short-term financial needs and build security

ASSESS YOUR SITUATION

Know what changes you need to make to ensure your success

TRACK YOUR CURRENT CIRCUMSTANCES Know what you’re saving vs. what you’re spending

INVEST

Create an investment strategy that matches your risk tolerance

The information and content provided herein is general in nature and is for informational purposes only. It is not intended and should not be construed as a specific recommendation, or legal, tax or investment advice, or a legal opinion. Individuals should contact their own professional tax advisors or other professional to help answer questions about specific situations or needs prior to taking action based on this information. Tax laws and authori-

❘

❘

14 CONFIDENT MONEY SPRING 2018

ties are subject to change, either prospectively or retroactively, and any subsequent change could have a material impact on your situation. To comply with U.S. Treasury Regulations, in particular IRS Circular 230, we also inform you that, unless expressly stated otherwise, the information contained in this communication is not intended to and cannot be used to avoid IRS penalties, and is provided to support the marketing of our services.

What’s driving tech stocks?

WHAT TO WATCH IN 2018 We sat down with Craig Birk, member of the Personal Capital Advisors Investment Committee to get his take on what has been the second-longest bull market of the last 100 years.

Give us a snapshot of what’s happening with the markets today.

It has been quite a ride. This has been one of the longest bull markets in history, and until recently, it’s been remarkably free from volatility. The early February sell-off – following years of steady gains – makes some people understandably nervous. Nobody can be sure where the market will go from here, but there are two important points to remember: bull markets don’t die simply from old age, and periodic corrections are the norm, not the exception.

Apple, Google, Microsoft, Amazon or Netflix.

In terms of fundamentals, valuations are above historical averages, but because of tax cuts and low In addition, Chinese technology stocks have interest rates, this doesn’t mean they’re particularly experienced a rapid rise, so a similar issue exists in concerning. The tax cuts will boost earnings for many international stock index funds. most companies (although that has not been fully That said, it doesn’t mean we’re bearish on reflected in analyst projections). technology stocks or growth stocks in general.

There is some concern about a flattish yield curve, Valuations are nowhere as extreme as we saw in which historically have been precursors for recesthe late 1990s. Both categories could very well continue rising for another year or more, but it’s sions and declining stock prices. But longer-term increasingly important to stay aware of their exporates remain stubbornly low. Today’s low corporate bond yields are providing cheap financing for most sures in your overall allocation. publicly traded companies.

Overall, we see few signs indicating economic slowdown or anything that may impact the availability of credit/liquidity. Of course, that doesn’t mean a AS WE’VE ALREADY SEEN bear market couldn’t happen for other reasons, but IN 2018, VOLATILITY it doesn’t appear likely that a credit crunch would be CAN STRIKE AT ANY the culprit at this stage.

TIME, AND SHORT-TERM

What sectors are the ones to keep an eye on?

The technology sector has been on a tear over the last two years, and now represents 24 percent of the S&P 500. If you’re an index investor take note. The technology play may be a bigger bet than what you may have realized or wanted, especially if you also own individual stock positions in

DECLINES ARE OFTEN SWIFT. THAT IS AN UNAVOIDABLE ASPECT OF OWNING STOCKS, AND SOMETHING INVESTORS MUST STOMACH IF THEY WANT TO EXPERIENCE LONG-TERM GROWTH.

It has been a combination of rapidly rising earnings and expanding valuations, meaning investors expect more growth and are willing to pay more for each dollar of earnings. That combination can work as long as earnings keep, in fact, growing.

Profit margins for corporate America are near all-time highs. One reason is dominance of the big consumer-facing technology companies in their segments. Ultimately, profits can only represent so much of GDP before the concept of capitalism and competition are deemed broken or there is populist revolt.

Is there any end in sight?

As we’ve already seen in 2018, volatility can strike at any time, and short-term declines are often swift. That is an unavoidable aspect of owning stocks, and something investors must stomach if they want to experience long-term growth. We don’t make short-term market predictions, but I will point out that it is hard to see economic growth reversing in 2018.

Stocks and the economy don’t always move in lockstep, but there is a general correlation, so that is one positive. On the other hand, this year is also bringing higher valuations, political uncertainty, and – most likely – rising interest rates. Investors bolstered by the last few years of consistent gains are getting their first dose of reality, which reflects the emotional challenges of investing in the market. So it’s important to have a strategic investment plan in place – one that fits your unique needs. This is critical to reaching your long-term goals.

How do you recommend playing the market in 2018?

Have a good plan that includes a diversified approach. While U.S. growth stocks have dominated this long bull market - which made owning anything else feel somewhat disappointing - one of the most common paths to failure is chasing what has done best in the past. Markets go up and down. Different segments come in and out of favor.

We expect that the investors who stay diversified will likely end up with more money over time, and those who rebalance along the way should fare better still.

SPRING 2018

❘ CONFIDENT MONEY ❘ 15

personalcapital.com/YourTaxGuide