Issuu

February 8, 2018

Your MONEY Securing your future

Beware of disappearing deductions By RoBeRt thee, CPA

many donors.

By now, most people have probably heard and read about the major changes made to the Internal Revenue Code by the Tax Cuts and Jobs Act that will be going into effect, for the most part, in 2018: big cuts in tax rates for corporations and individuals, doubling of the exemption for the estate and gift tax, a new deduction for “pass-through” business income, etc. No doubt these changes will benefit many businesses and individuals and result in more cash in their bank accounts. However, these cuts don’t come without a cost; to mitigate the already sizeable projected dent in There are hundreds of changes to the tax code that affect almost all taxpayers. It’s important to work with the federal deficit, many revenue-raising pro- your tax advisor to avoid unpleasant surprises and keep your tax bill as low as possible. visions were put in place, mainly in the form to a combination of all formerly fully deduct- ing income like investment advisor fees, unreof limitations and outright elimination of ible state and local taxes, including income imbursed employee travel, and tax return time-honored tax deductions. tax and property tax. preparation fees, to name a few, could be Here is a summary of some new rules This is especially onerous for residents of deducted to the extent they exceeded 2% of that have not received a lot of publicity but Nassau and Suffolk where real estate taxes adjusted gross income. These expenses are will negatively impact many taxpayers. (Note: are high, and whose income is subject to New no longer deductible. most of these changes are scheduled to be York State tax. only temporary and would technically disapCharity pear after 2025, but it’s anybody’s guess Home Equity Interest Although this deduction has not been whether or not they will be extended by a Prior to the change, homeowners could taken away, the combination of the increased future Congress and administration.) deduct the interest on up to $100,000 of debt standard deduction ($24,000 for joint returns) secured by the residence where the loan was and the curtailment of other deductions State and Local Taxes not used to acquire or improve the home. mentioned above will result in fewer taxpay This change has received much publicity, This deduction is no longer available. ers being able to itemize. This means that especially in high-tax states like New York and charitable donations will not yield any tax New Jersey. The itemized deduction for taxes Miscellaneous Itemized Deductions benefit for many people, and may hurt some paid is now limited to $10,000; the cap applies Previously, expenses related to produc- charities as the tax incentive to give is lost for

Business Entertainment Previously, half of the cost of businessrelated, substantiated entertainment could be written off. Now, the government will no longer be partially subsidizing the cost of taking customers to the theatre, arena, etc. Business Losses Under prior law, corporations and individuals that incurred business net operating losses could mitigate the damage by carrying the losses back to the prior two years and obtaining a refund of the tax paid. This could provide a much-needed infusion of cash into the business. To the extent not carried back, net operating losses could be carried forward up to twenty years. Effective for losses incurred after 2017, carrybacks can no longer be claimed; furthermore, carryforwards can be used indefinitely, but cannot offset more than 80 percent of income in a given year. A new restriction limits the amount of business losses of an individual that can be deducted from other income (such as wages, interest, etc.) in the year of loss to $250,000 for singles and $500,000 for joint filers. The balance is treated as a net operating loss carryforward. n Robert Thee, CPA, is a Tax Director in the Woodbury office of Gettry Marcus, CPA, P.C. He can can reached at RThee@GettryMarcus.com.

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Back to basics By Kristen Castillo The financial statistics are staggering. According to the National Endowment for Financial Education, Americans are using retirement savings to cover hardships way before actually retiring, and 1 in 5 teens lack basic personal finance skills. Also, 40 percent of millennial-age parents say financial strain is stressing their marriage. It’s time to get a handle on your finances, say money experts. Learn money basics now, and teach the next generation, too.

Making a plan for your money is the first step in a prosperous financial future.

Financial hygiene Smart yearly financial practices By Jeanelle d. horCasitas Being smart with your money is important for ensuring a prosperous financial future. But financial fitness and freedom isn’t as easy it sounds. In fact, it takes a lot of practice and discipline to make your money work for you. Here are a few tips to help you get started and stay on track. Set Your Financial Goals Making a plan for your money is the first step. Perhaps your goal is to increase your income. Do you simply want some extra money for fun and vacation; or to put toward bigger purchases like buying a home? Reflecting on what you individually, or with a spouse, want to achieve financially in the next year will keep you motivated. Additionally, it keeps you accountable. Make it a fun activity by drawing or writing out your goals somewhere you can see them daily. The more you can remind yourself of these goals the likelier you are to stick with them! Make a Budget There is a common misconception that creating one budget will work all year long. Unfortunately, additional, unanticipated expenses come up each month (car problems, birthday gifts, social events). Making a solid outline for your budget at the beginning of the year is helpful for organizing bills and expenses that typically won’t be subject to change. Once this is in place, you have a boilerplate budget to adjust for each month. Compare your actual versus expected expenses at the end of each month. This can help you understand where you can make budget cuts and where you can put your money toward other financial Publishers Clifford riChner stuart riChner Executive Editor sCott Brinton

Section Editor Karen Bloom Editorial Designer Cover Design Jeffrey a. negrin

goals such as savings, retirement or paying off debt. There are many wonderful budgeting apps out there today for you to choose from, or you can always develop your own on an Excel spreadsheet. Keep in mind, budgets are not one-size-fits-all, therefore, spend time thinking about it and designing it in a way that fits your lifestyle. Get a Free Credit Report For those of you who didn’t know, you can get a total of three free credit reports each year from one of the following credit reporting agencies: Equifax, Experian and TransUnion. It’s simply going to AnnualCreditReport.com and requesting your free credit report. You will be asked a series of personal information questions and, if answered correctly, you will be given your credit report. Requesting from all three credit-reporting agencies is necessary to ensure there are no discrepancies. Another tip is to spread out the timing of when you request your reports. Request one at the beginning of the year, one halfway, and then one toward the end of the year. This will help you to see if there have been any significant changes in your credit throughout the year, and whether or not you need to make any appeals or claims if there are any discrepancies or errors. If you’re interested in learning more about how to stay up-to-date with your finances, check out the Federal Deposit Insurance Corp.’s Smart Money financial education program or Credit.org’s Financial Instructional Training Academy’s personal finance education webinars. Both of these financial education programs are easy to find online, and the best part is that they are free. n

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Four Steps Want to take control of your financial outlook and reduce overall stress? According to Matt Bryan, assistant vice president of distribution marketing for The Guardian Life Insurance Company of America, you have to do the four things that financially confident people do. 1. Make a plan. “Live within set means. Have a written plan with specific objectives, and review it annually,” says Bryan. Focusing on the long term can ease stress and increase happiness. Start by writing down your short- and long-term financial priorities. Then list what you think it will take to achieve them. 2. Raise your financial IQ. Bryan says you have to commit to understanding fundamental financial concepts and products, including investments, insurance and annuities. “Confident planners know how much money they’ll need in retirement and understand the concepts of budgeting, risk tolerance and asset allocation and the financial solutions that can help get them there,” he says. 3. Get the solutions you need. He says you need to own “a spectrum of products” — such as stocks, bonds, mutual funds, retirement plans and insurance —that can help you meet your financial goals. Write down and track everything you own and why you own it. Then look for gaps in coverage. 4. Get a strategic partner. You’ll need a reliable part-

ner to assist you in your planning. Bryan recommends finding an adviser you trust to be your financial coach. Personal Instruction Financial coach Jill Manuel recommends one-on-one coaching, during which consumers learn money tools and how to get on track. She says personalized coaching keeps people accountable to themselves. “People will find themselves falling off track when they confront a financial challenge and wind up abandoning their new plan entirely, believing it didn’t work when that’s not necessarily the case,” she says. Financial Resources Financial analyst Evan Tarver at Fit Small Business suggests reading timeless personal finance books, such as “How to Win Friends & Influence People.” “It has valuable and actionable advice that has been proven to work for people,” he says. “Look for books that weren’t written yesterday. Instead, find books that people have been referring to for years.” Listening to podcasts is a new resource that Tarver recommends, too. “While many seminars and classes are taught by pretenders, it’s possible to listen to podcasts created by some of the smartest finance minds in the world,” he says, explaining that with podcasts, listeners can hear lengthy interviews with some great financial experts. Blogs are another smart tool for learning about managing your money. Look for personal finance blogs run by trained financial professionals. Typically, financial bloggers post free content regularly. “You are able to find someone who resonates with your method of thought, and you are more likely to enjoy a topic that is frequently considered extremely boring,” says Nolan Martin, a military officer and creator of the blog Budget Chaos. Martin, who’s currently completing his master’s degree in financial planning, says you’ll benefit from blog community members who have similar financial goals and can keep one another on track and motivated. “Don’t waste your money on books, online classes or seminars when you are just starting out,” he says. “The best thing you can do is get started immediately.” n

February 8, 2018

Educate yourself on the fundamentals of personal finance so you feel more confident managing your money

Divorce and Social Security How ex-spouse benefits work I recently received a question about exspouse Social Security benefits from a 60-year-old divorced woman who is now trying to plan ahead for her own retirement. She actually had several good questions about how ex-spouse benefits work that focused on some important points, so I decided to include them all here. Social Security benefits based on your exspouse’s record can be a positive boost to your income. And they apply equally to men and women, so if you think you may be eligible, it’s definitely worth exploring. Here are seven key questions and answers to get you started. Who qualifies for ex-spouse Social Security benefits? Whether you qualify for an ex-spouse benefit depends on your age, the length of your marriage and your current marital status. In a nutshell: √ You must be at least 62 years old. √ You must have been married for a minimum of 10 years. √ If your ex hasn’t yet filed for benefits but is eligible, you must have been divorced for two years. √ You must be currently unmarried. √ If you did remarry, that marriage must have ended. √ The benefit based on your own work record

Security benefits on my own work record? If you are eligible for retirement benefits on your own record and divorced spouse’s benefits, Social Security will pay your retirement benefit first. If the benefit on your exspouse’s record is higher, you will get an additional amount on your ex-spouse’s record so that the combination of benefits equals that higher amount.

If you haven’t remarried, you might be eligible to receive Social Security benefits from your ex-spouse.

must be less than the spousal benefit from your ex. √ If you have more than one ex-spouse (with a minimum 10 year marriage), you can collect on either spouse’s record, but not both. If you meet these qualifications, that’s step one. But it doesn’t answer all the potential questions. Read on. How do I find out what my ex-spouse’s retirement benefit will be? Other than asking your ex directly, you have no way of knowing how much his or her Social Security benefit will be. The Social Security Administration can’t tell you anything in advance. So if you’re not communicating, you’ll have to wait until you file to find out.

The good news is that your ex doesn’t have to be involved for you to collect a spousal benefit. In fact, he or she doesn’t even have to have filed for benefits. As long as your ex is 62, and therefore eligible for Social Security, you’re also potentially eligible for a spousal benefit. How much will I get? Your own age plays a part in how much that benefit will be. Once you’re at your full retirement age, you’re entitled to 50 percent of your ex’s full primary insurance amount, which is the benefit he or she would get at their FRA. What happens if I have earned Social

Can I take a spousal benefit and switch to my own benefit later? With one exception, the option to file for a spousal or ex-spouse benefit only and switch to your own benefit later no longer exists. In general, when you file for any type of spousal benefit, the IRS considers that you are filing for both your own benefit and the spousal benefit at the same time. If the spousal benefit is more, you’ll receive that greater amount. The exception is for people who were born before January 2, 1954. If your birthday falls before that date and you’re at your full retirement age, you can still choose to restrict your benefit to the ex-spouse benefit only and switch to your own benefit later — letting your own benefit grow. If you’re lucky enough to qualify for the exception, every year you wait to collect on your own work record, you’ll earn delayed retirement credits of 8 percent until age 70. That is a hefty bonus. n Carrie Schwab-Pomerantz is a Certified Financial Planner.

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If you’re over 70½ and have an IRA, don’t write a check to a charity ever again! By Peter T. Palion, CFP

Nevertheless, it is a valid point: Under TCJA, a great many taxpayers over age 70 ½ will benefit from utilizing the IRA Charitable Rollover, rather than writing a check to a charity, and those just above the

Medicare surcharge thresholds will be outright better off by transferring directly to charity the amount necessary to avoid a premium hike. So if you are over age 70 ½, speak with your tax and financial advisors

before you write another check to a charity! n Peter T. Palion, CFP, is president of Master Plan Advisory, Inc. in East Meadow.

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Here’s a riddle for you: two taxpayers have exactly identical tax situation (marital status, income, deductions, etc.). Both make gifts to the same charity in the same exact amount. Do you think it’s possible that one is going to get a nice tax benefit for that charitable donation (and possibly more — just read on!) and the other one… nothing? As illogical as it may seem, the correct answer to the question was a “yes” under the old tax law, and the inequity – especially for middle-class taxpayers – has only been exacerbated by the Tax Cuts and Jobs Act of 2017 (TCJA for short). Rather than subject everyone to a scholarly dissertation about the U.S. tax code, let’s illustrate the point on an example. Hanna is a retired nurse in her early seventies. As a single taxpayer, she is entitled to a $12,000 standard deduction in 2018, up from $8,100 under the old tax rules. She lives in a modest condo; altogether, the deductions that she could itemize in 2018 amount to $9,000. Consequently, in order to see any tax benefit from a cash charitable donation in 2018, Hanna would have to give more than $3,000, and then only the excess over $3,000 would result in a reduction of her tax bill. Hanna very much wants to support the lifesaving research conducted by the hospital where she worked for over 30 years, so after withdrawing her annual Required Minimum Distribution from her IRA, she writes a check for $1,000 to the hospital’s charitable foundation, accepting personal satisfaction as her only reward for doing so. Now, let’s look at Hanna’s twin sister, Laura. Laura lives in the same development and occupies an

identical unit. She worked in the same hospital for the same number of years; therefore, her Social Security and pension are exactly the same as Hanna’s, totaling just a tad under $86,000 per year. As a matter of fact, her IRA balance is exactly the same as Hanna’s, and the deductions that she could potentially itemize also amount to $9,000. Inspired by her sister, she too makes a $1,000 gift to their hospital. Except in addition to personal satisfaction, Laura reaps a financial reward in the amount of… $1,018! No, the above isn’t a misprint but rather the result of smart proactive planning. Instead of writing a check, Laura instructs her IRA custodian to send her $1,000 gift directly from her IRA account to the hospital’s charitable foundation. This operation, commonly known as an IRA Charitable Rollover, allows those over age 70 ½ to transfer up to $100,000 per year from their IRA directly to charity without first having to recognize the distribution as income. Moreover, such transfers count towards satisfying the annual Required Minimum Distribution. In our example, Laura’s $1,000 charitable donation doesn’t show up in her taxable income, which results in federal tax savings of $220 in her 22% marginal income tax bracket for 2018. More importantly, the charitable rollover will reduce the income countable towards determining her Medicare Part B and D premiums under the $85,000 threshold, thus helping avoid a hefty $66.50 per month surcharge ($66.50 X 12 = $798). Of course, the above is a hypothetical example constructed to illustrate a point (and state tax consequences were purposely omitted to avoid further complication).

February 8, 2018

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Maybe it’s time to rethink your coverage Do you have the right car insurance? Do you have enough coverage? While most people know whether they have liability, collision and/or comprehensive coverage, few people pay much attention to their insurance coverage until after they’ve been in an accident. Shopping for car insurance is a financial planning topic that is often overlooked, Once we purchase an auto insurance policy, many simply let the policy renew each year. But with a little digging, drivers may be able to reduce their insurance costs considerably. According to the Insurance Information Institute in New York, consumers should ask themselves if they’re happy with the cost, service and coverage of their existing policies whenever it’s time to renew. If they are, they should stick with their existing policies. However, if customers feel things can be better, then it’s a perfect time to see what’s available. Many driver advocates advise shopping for a new policy every two or three years. When it comes time to switch car insurance companies, follow these steps and remember to avoid gaps in the coverage. Compare apples to apples. When shopping for new policies, you should compare the same features offered by various providers, including coverage types, deductibles and any limits. Keep a copy of your existing policy’s declarations page so that all quotes can be accurately compared to the existing policy. Research any cancellation fees. Before switching over, find out if there are any cancellation fees associated

with an existing policy. Eliminate coverage gaps. Eliminate gaps in coverage by ensuring a new policy begins the moment the existing one ends. This prevents potential financial ruin should a driver get into an accident without any insurance during a gap period. Take note of any lifestyle changes. Be sure to list anything that can affect the cost of coverage, such as antitheft devices on the vehicle, window etching or updated driving habits. Explore union or group affiliations. Drivers who are members of particular clubs, professional organizations or something similar may be eligible for special policies with certain providers. Make a list of any affiliations and contact the organizers to see if they have relationships with auto insurance providers. Law enforcement personnel or veterans may be eligible for certain discounts as well. It pays to look into these discounts. Consider smaller companies. Just because they don’t advertise as much as some of the more well-known providers does not mean small insurance companies are not capable of providing sufficient, affordable coverage. There are plenty of reputable small companies that offer excellent rates to drivers willing to exercise their due diligence. Check with the existing provider, too. Drivers can discuss their current rates and coverage with their existing insurance company, who may offer suggestions on reducing coverage or even offer lower prices in an effort to hang on to customers. Consider these possibilities before switching. n

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Your taxes in 2018

Preparing for the new law as tax season kicks off February 8, 2018

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secondary school. The charity deduction remains but needs to be verifiable. The personal finance tax world has just Alimony is still taxable but not deductchanged for everyone in America. This is the ible. Deductions for moving expenses and first significant change to the tax code since tax preparation fees are gone. The bicycle 1986. commuter credit is now gone. Losses due to All citizens will be affected by the broad fire, storm, shipwreck or theft uncovered by reaching new regulations passed by our insurance are not allowed casualties unless government in late December 2017. The they are classified as official national disaseffects won’t be felt until everyone files their ters. Estate taxes are levied on estates over tax returns in 2019, after the midterm elec5.49 million or 10.98 million for couples.This tions. The new tax code is a mere 560 pages deduction for the country’s wealthiest indiplus additional footnote pages. viduals has doubled; it basically excludes The tax world is now reacting to the new most estates. Health insurance mandate code, trying to figure out how this new law will penalties are gone in 2018. affect specific groups of citizens. The IRS has a The stated reason for tax reform was to year to gear up and implement the new rules. create jobs, but CEOs may use their tax savThe oversimplification of these changes by ings to pay down debt, give a few employee some politicians, promising to have you file bonuses, and pay out 70 percent of their your return “on a postcard” did not materialize. windfall to shareholders. We’ve already seen, The greatest changes benefit U.S. busiinstead of job creation, corporate closings of nesses, reducing the hundreds of stores and taxable rates for corpothe growing of the freerations from 35 perlance society. Time will tell cent to 21 percent perif our economy improves manently. The enough to pay for the Alternative Minimum negative $1.5 trillion cost Tax for corporations is of this tax bill. gone. Further, tax ben So far, the stock marefits allow businesses ket is flying high, producwith pass thru income ing gains in 401Ks. Bitcoin such as partnerships is a superstar. Some see and Sub-S the markets continuing to Corporations to reduce grow, while others expect their taxable income the markets to implode. by 20 percent. One thing for sure is that International corporainterest rates for lending tions, such as Apple will be rising based on the and Halliburton, will be federal reserve forecasts subject to a 15.5 perto combat inflation. cent rate on foreign But where are the salcash assets and eight ary raises and bank percent on foreign account interest raises? In non-cash assets. These Many advisers suggest having an accoun2018, the minimum wage tant run mock 2018 returns after this are the broad strokes. went up in New York. In year’s forms are finished. The individual tax New York City, for employcodes, which expire in ers with 10 or fewer 2025, aim to simplify taxation by reducing employees, it will be $12 and 11 plus brackets and tax rates minimally, while employees $13. Long island will be $11 and removing hosts of deductions. Personal the remainder of New York State will be exemptions of $4150 per person are now $10.50. gone but replaced by new standard deduc A new Family Leave Act requires tions of: $24,000 for married couples, $18,000 employers to withhold a minimum amount for heads of households and $12,000 for sinof payroll and to pay for a policy that gives gles and marrieds filing separately. SALT (state employees job protected paid leave to bond and local, and real estate taxes) now have a with a new child, care for a loved one, or to maximum deduction of $10,000! Mortgage relieve family pressures when someone is Interest deductions previously allowed on called to active duty. In 2018, after 26 weeks one million dollars on new mortgages is now of employment of at least 20 weekly hours, $750,000. The top rate for individual taxation employees can take up to eight weeks of 50 is now only 37 percent! percent wages currently capped at a weekly Concerning credits, there have been $652.96. numerous changes and some that remain. Personal finance would not be complete Child credit for children up to 17-years-old, without talking about insurance and its varhas gone from $1000 to $2000. Student loan ied products, protections, estate planning, interest remains deductible. Medical expenswealth protection. Protect yourself from any es over 7.5 percent of Adjusted Gross foreseeable claims by speaking with trusted Income is extended for 2 years. Teachers and qualified advisors.! n continue to get their $250 supply credit. Jonathan Wolfsohn, MBA, CFP, EA, ATA, is the Electric car credit up to $7,500 on the first owner of Wolfsohn Financial Services, Inc. in 200,000 cars per automaker remains. The Lynbrook. Wolfsohn Financial Services, Inc. is $500,000 couple capital gain exclusion available to discuss any and all financial issues remains ($250,000 single). Up to $10,000 of with a convenient appointment, by calling 529 college savings plans can now be used (516) 887-7380 or www.wolfsohn.biz. for public, private or religious elementary or

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Financial AdvisorAdvisor Financial     555-123-4567     555 Anywhere Ln SuiteLn 1234 555 Anywhere Suite 1234     Long Financial Advisor Name Anywhere, US 12345 Anywhere, US 12345 Financial Advisor 555-123-4567 555-123-4567 Anywhere, US 12345

555 Anywhere Ln Suite 1234 Anywhere, US 12345 555-123-4567

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Thinking about your own funeral leaves most people feeling a little uneasy, but more adults are finding that planning their own service offers great emotional and even financial security for them and their families. With preplanning, families find comfort in knowing that the funeral reflects what their loved one wanted. It also gives them peace of mind to not have to make important decisions at a stressful time. The benefits of prefunding your funeral can be financially benficial and neccessary especially in Medicaid/SSI cases. Upon the death of the beneficiary, Fullerton Funeral Home, Inc., guarantees that all services and merchandise (Excluding the cash advance items) will be provided at prices not to exceed the total amount plus accrued interest, provided the plan amount is fully funded at the time of death. Families also have the option of paying for their prefund funeral over time whether arranging a payment plan or just contributing over time as you please. When considering prearranging, please call us. One of our experienced and compassionate funeral directors can walk you through the prearrangement process. We are strong advocates of prearranging for everyone. Once you’ve made your prearrangements, keep a copy of your plan and any pertinent paperwork in a safe place. Also, inform a close friend or relative what arrangements you have made and where the information may be found. If you choose, there are several ways to prepay for your funeral that can offer you financial benefits. However, prepaying is not required, but an option that many individuals find helpful. If you feel prepaying is wise for you, then be sure to go over all available options with one of our funeral directors. Remember, like with any contract, ask any and all questions you may have regarding your preneed plan before you sign an agreement.

February 8, 2018

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You already know what a will does. Preplanning does more.

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RLB Wealth Planni

Planning your finances can be a frustrating and confusing process. Many tend to avoid financial planning because they may not know where to begin. At RLB Wealth Planning, Inc., our mission is to help clients find their way through the maze of financial opportunities and pitfalls by providing them with an unbiased review and analysis of the “big picture.” For many clients, we provide a “one stop shop” for financial services, but many of these services can be offered “a la carte”.

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Our services include: Financial Analysis and Recommendations for: • Wealth Accumulation • Retirement • Income Taxes • Estate Planning • Long‑term Care Issues • College Tuition Matters Investment Management Income Tax Preparation Depending on the nature of the service or product requested, we are compensated either by fees and/or commissions. Typically, clients can choose the method of compensation with which they are most comfortable.

1325 Franklin Aven

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Phone: 516-741-14

RLB Wealth Planning, Inc. 1325 Franklin Avenue Ste 235 Garden City, NY 11530 Phone: 516-741-1430 www.rlbwealthplan.com rich@rlbwealthplan.com

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Securities provide

™ As a Certified Financial Planner RLB Wealth Plann practitioner and CPA, Rich Bergen and his team have the resources and experience to help you achieve your financial goals. Securities provided through Cadaret, Grant & Co, member FINRA and SIPC. RLB Wealth Planning Inc. and Cadaret Grant and Co., Inc. are unrelated entities.

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