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  • Are You A Client Of Annex Wealth Management?*
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  • Ask Annex is a great resource to ask general, non-specific questions of our Annex team. Many of these questions could be used on-air during our three weekly live radio shows. Not all questions will be read on-air and not all questions will receive a response.

    To ask a question specific to your situation, portfolio, or financial plan, please contact your Wealth Manager or Client Service Manager directly.

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Question:

After a portfolio review, what comes next in the process of becoming a client of Annex Wealth Management?

Answer:

Ask Annex: What Are The Steps Involved Once I Become A Client Of Annex? - YouTube

Question: 

Under the new federal tax law for 2018, the standard deduction for joint filers has been increased to $24,000. Previously seniors, who filed jointly were allowed to increase their standard deduction of $12,700 by $2,500. Does the new tax law still allow seniors this increase? Or do seniors get the shaft again?

Answer: 

The new tax law did not remove the additional deduction for those over 65, blind or disabled.  The amount for an unmarried taxpayer is $1,600 and for married couples it is $1,300 per person.   For a couple over 65 their standard deduction would be $26,600, which is $24,000 plus $1,300 for each taxpayer.

Question:

Since we will have lower federal tax the next few years should I be taking a larger minimum required withdrawal from my IRA (I’m over 70). The withdrawal pushes me into a higher tax bracket and I pay more for my Medicare Part B and Part D IRMMA. If I withdraw a big amount now and put it in a managed account, would it pay to be in a lower tax bracket? But the earnings on the large withdrawal in the managed account would be taxed. 

Answer: 

If you’re in a lower tax bracket (10% / 12%), it may be beneficial to take an additional amount out over and above what your required minimum distribution is. Rather than putting that amount into a managed taxable account, you could do a Roth Conversion and put it into a Roth IRA. This will allow the earnings to grow tax free, and there’s no age limitation on Roth Conversions.

 
For instance, if your RMD was $40,000, you still have to take out your RMD of $40,000 and either put it in a taxable account or bank account, but you could then do a Roth Conversion as an additional amount depending on your tax plan. Your total taxable IRA distributions for the year would be greater than your RMD. 
 
If your additional IRA distributions cause you to go into a higher tax bracket and your Medicare premiums to be higher, it may not be advantageous to take additional money out of your IRA. We can help you project out what your tax rate would be in later years compared to now and see if taking money out earlier would be advantageous. Projections like that are typically part of Annex Wealth Management’s financial plan and comprehensive wealth management.  
 

Question:

Looks like the Federal Reserve Board could cause major disruptions for the stock market if they continue to raise interest rates. what are your thoughts about how the Fed will move forward in the short and long term given their mission?part of Annex Wealth Management’s financial plan and comprehensive wealth management.

Answer:

Ask Annex: Will The Fed Continue To Raise Interest Rates? - YouTube

The post Ask Annex appeared first on Annex Wealth Management.

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2018 Tax Prep Checklist

2019 Tax Reference Guide

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post 2018 Tax Prep Checklist – 2019 Tax Reference Guide appeared first on Annex Wealth Management.

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It’s a New Year, which means you’ll start receiving tax documents from your employers, investments, and contractors. That’s why this week’s MoneyDo is Get Yourself Organized & Prepared To File Your 2018 Tax Return.

One easy way to keep yourself from being overwhelmed is to create a folder on your computer’s desktop – or a real folder on your real desktop or kitchen counter. As you get tax documents and collect information, you can store them inside as you prepare.

Personal information you’ll need –

  • Social Security numbers and dates of birth for you, your spouse and your dependents.
  • Copies of last year’s tax return for you and your spouse are helpful. (If you filed using one of the popular tax filing websites, they may have archived a copy for you online).
  • Bank account number and routing number for making a payment or receiving a refund.
  • Foreign bank account information—location, name of bank, account number, peak value of account during the year

As you start receiving information on your income sources, make sure you review your withholding.  This would involve reviewing your payroll exemptions, and the rate you are using to have taxes withheld form IRA, pension, or social security income.

Information about your income you’ll need, if applicable –

  • W-2 forms for you and your spouse
  • Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
  • Income from state and local income tax refunds and/or unemployment: forms 1099-G
  • Alimony received
  • Business or farming income—profit/loss statement, capital equipment information
  • If you use your home for business—home size, office size, home expenses, office expenses.
  • IRA/pension distributions—forms 1099-R
  • Rental property income/expense—profit/loss statement
  • Social Security benefits—forms SSA-1099
  • Income from sales of property—original cost and cost of capital improvements, escrow closing statement, cancelled debt information (form 1099-C)
  • Prior year installment sale information—forms 6252, principal and Interest collected during the year, SSN and address of payer
  • Other miscellaneous income—jury duty, gambling winnings, Health Savings Account (HSA), scholarships, etc.

Adjustments to your income –

This list refers to items or incidences that may help to reduce your taxable income, which in turn can increase your tax refund or lower the amount you owe.

  • IRA contribution
  • Student loan interest
  • Health Savings Account (HSA) contributions
  • Self-employed health insurance payments
  • Keogh, SEP, SIMPLE and other self-employed pension plans
  • Alimony paid
  • Educator expenses

Itemized tax deductions and credits-

While itemizing deductions have change with the new tax reform, it may still be beneficial to determine how much your itemized deductions are as there may be other benefits for some of the deductions.  In order to itemize, try to collect the following documentation to make sure you get all the deductions and credits available to you.

  • Education costs—forms 1098-T, education expenses
  • Child care costs—provider’s name, address, tax id, and amount paid
  • Adoption costs—SSN of child, legal, medical, and transportation costs
  • Home mortgage interest and points you paid—Forms 1098
  • Investment interest expense
  • Charitable donations—cash amounts and value of donated property, miles driven, and out-of-pocket expenses
    • Be sure to have proper documentation from the charity prior to filing your return
  • Casualty and theft losses—amount of damage, insurance reimbursements if you lived in a federally declared disaster area
  • Medical and dental expenses

Taxes you’ve paid –

Keep track of the taxes you’ve already paid so you can prevent overpaying.

  • State and local income taxes paid
  • Real estate taxes paid
  • Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post MoneyDo: Get Ready For Taxes appeared first on Annex Wealth Management.

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Annex Wealth Management’s Annual Tax Prep Checklist is back! We know it’s easy sometimes to overlook or forget a detail or a key figure when preparing to file your taxes. That’s why we’ve asked our Tax Planner – Mandy Nowaczynski, CPA, CFP® – to prepare this list to help you get ready to file.

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post DYADT 2018 Tax Prep Checklist appeared first on Annex Wealth Management.

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Visualize the Entire Global Economy in One Chart

President Trump announced a landmark new trade agreement replacing NAFTA, a deal that he thinks will pour “cash and jobs” into the US economy. This visualization highlights exactly how big the U.S. economy is compared to every other country in the world.

Top 10 Biggest World Economies by GDP

1. United States – $19.39 trillion

2. China – $12.24 trillion

3. Japan – $4.87 trillion

4. Germany – $3.67 trillion

5. UK – $2.62 trillion

6. India – $2.60 trillion

7. France – $2.58 trillion

8. Brazil – $2.05 trillion

9. Italy – $1.93 trillion

10. Canada – $1.65 trillion

Visualize the Entire Global Economy in One Chart

President Trump announced a landmark new trade agreement replacing NAFTA, a deal that he thinks will pour “cash and jobs” into the US economy. This visualization highlights exactly how big the U.S. economy is compared to every other country in the world.

Top 10 Biggest World Economies by GDP

1. United States – $19.39 trillion

2. China – $12.24 trillion

3. Japan – $4.87 trillion

4. Germany – $3.67 trillion

5. UK – $2.62 trillion

6. India – $2.60 trillion

7. France – $2.58 trillion

8. Brazil – $2.05 trillion

9. Italy – $1.93 trillion

10. Canada – $1.65 trillion

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post Visualize the Entire Global Economy in One Chart appeared first on Annex Wealth Management.

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Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post Axiom Vol 129 appeared first on Annex Wealth Management.

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Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post Axiom Vol 128 appeared first on Annex Wealth Management.

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Some folks hear from their advisor a few times a year. Annex Wealth Management’s clients are encouraged to listen us talk weekly. Radio is just one way that Annex demonstrates its commitment to education and information.

Every week, Annex delivers three separate hour-long radio shows commenting on what’s happening in investing and the markets, along with our independent insights on key wealth management concepts like tax and estate planning.

We encourage our clients – and non-clients in our radio audience – to ask us questions so we can help build understanding and confidence in wealth management.

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post DYADT: Radio appeared first on Annex Wealth Management.

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Innocent blunders can have a big impact on your best estate planning intentions. This week’s Money Do is actually a list of Money Don’ts:  a list of things to avoid as you seek to get your planning on track.

  • Not having an estate plan. Consider this: death and taxes are two of the few absolutes in life. Having an estate plan makes sure you effectively plan for both. Effective estate planning also provides for who can act on your behalf even in circumstances where you’re still living, but unable to manage your affairs.
  • Using Do-It-Yourself Software. Yes, lawyers can be expensive, but the cost is minimal compared to the expense of family fights, litigation or legal costs you could spend fixing a bad estate plan concocted by a bot.
  • Relying on Your Neighbor’s “Legal” Advice. No two estate plans are alike. Your neighbor may have all sorts of information about what they did for estate planning, but their financial situation is likely very different from yours.

Avoid any estate planning steps without first discussing your personal situation with an attorney to determine your best course of action.

  • Creating Legally Invalid Documents. An estate plan is comprised of multiple documents, each with different requirements for witnesses or notaries. Often, especially with do-it-yourself estate plans, the documents were not properly executed and aren’t legally valid.
  • Naming the wrong individual as power of attorney, executor or trustee. You’d think that selecting who’s responsible for your financial affairs as you decline and after you die would be one of the biggest reasons you’d actually create an estate plan. But sometimes, this key detail doesn’t get the consideration it deserves.

The individuals you name should be trustworthy, financially responsible and good communicators who can let all beneficiaries know what is going on throughout the process.

  • Failing to do the follow-up work. After you sign your estate plan documents, you’ll still have some work to do. Your attorney likely gave you instructions for updating beneficiary designations or changing how an account is registered. If you don’t complete this, the estate plan likely will not work as intended.
  • Failing to Review and Update Your Estate Plan. Estate plan documents are valid until they’re revoked or superseded by new documents. Your Will from 30 years ago is still legal, so if you have new plans for your assets or new family members, you need to update your estate plan.

Estate tax laws have changed in the last 20 years, so any plan done during that time likely needs to be reviewed and updated to bring it current with the laws in place today.

  • Storing Plan Documents In An Inaccessible Or Unreliable Location. A safe deposit box works, but only if someone other than you can get access to it. Other location ideas include personal lock boxes or a home safe, but again, make sure someone else has the key or combination.
  • Misunderstanding Your Estate Plan. Often, we’ll work with people who forget and never had a good understanding of how their estate plan works. Ask questions, take notes about your plan. Don’t forget that your attorney is a source of extensive information about the ins and outs of your estate plan.
  • Not Communicating Your Estate Plan. Circumstances will eventually require that you’ll likely hand off your day-to-day finances to someone else. Communicating the details of your finances and your estate plan will help ensure the transition is smooth.

It’s a gift you can give your power of attorney, executor or trustee: a simple process which avoids mundane tasks like hunting through decades of files to find out where your bank account is held.

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post MoneyDo: Avoid These Estate Planning Mistakes appeared first on Annex Wealth Management.

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Consumers say they will spend an average of $1,007.24 during the holiday season this year, up 4.1 percent from the $967.13 they said they would spend last year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

https://nrf.com/media-center/press-releases/consumers-will-spend-41-percent-more-last-year-during-winter-holidays

  • Gender*
    • Male
    • Female
  • Age Range*
    • 18 - 29
    • 30 - 39
    • 40 - 49
    • 50 - 59
    • 60 - 69
    • Over 70
  • How much do you expect to spend compared to last year?*
    • More
    • Less
    • The same

Advisory Services offered through Annex Wealth Management®, LLC. Securities offered through H. Beck, Inc Member FINRA & SIPC. Annex Wealth Management®, LLC and H. Beck, Inc are separate and unrelated companies. This site has been published for residents of: AZ, CA, CO, FL, IL, MN, NC, NH, SC, TN, TX & WI ONLY. By entering you certify you are a resident of one of those states. All information herein has been prepared solely for information purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security.

The post Axiomaphic 129 appeared first on Annex Wealth Management.

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