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If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxed, too. But the IRS doesn’t stop there. If you’ve picked up some extra cash through luck, skill or criminal activities, there’s a good chance you owe taxes on that money as well. Here are 10 things you may not know are taxable. Buried Treasure If you unearth a cache of gold coins in your backyard or discover sunken treasure while deep-sea diving, the IRS wants a piece of your booty. Found property that was lost or abandoned is taxable at its fair market value in the first year it’s your undisputed possession, the IRS says. The precedent for the IRS’s “treasure trove” rule dates back to 1964, when a couple discovered $4,467 in a used piano they had purchased for $15. The IRS said the couple owed income taxes on the money, and a U.S. District Court agreed. Scholarships If you receive a scholarship to cover tuition, fees and books, you don’t have to pay taxes on the money. But if your scholarship also covers room and board, travel and other expenses, that portion of the award is taxable. Students who receive financial aid in exchange for work, such as serving as a teaching or research assistant, must also pay tax on that money, even if they use the proceeds to pay tuition. Stolen Property If you robbed a bank, embezzled money or staged an art heist last year, the IRS expects you to pay taxes on the proceeds. “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income,” the IRS says. Bribes are also taxable. In reality, few criminals report their ill-gotten gains on their tax returns. But if you’re caught, the feds can add tax evasion to the list of charges against you. That’s what happened to notorious gangster Al Capone, who served 11 years for tax evasion. Capone never filed a tax return, the IRS says. Gambling Winnings What happens in Vegas doesn’t necessarily stay in Vegas. Gambling income includes (but isn’t limited to) winnings from lotteries, horse races, casinos and sports betting. The payer is required to issue you a Form W2-G (which will also be reported to the IRS) if you win $1,200 or more from bingo or slot machines, $1,500 or more from keno, more than $5,000 from a poker tournament, or $600 or more at a horse track if it’s more than 300 times the amount of your bet. Even if you don’t receive a W2-G, the IRS expects you to report your gambling proceeds on your tax return. Proceeds From Fantasy Sports Your winning football (or baseball) team may be imaginary, but if your brilliant lineup helped you win real money, it’s taxable. If you won $600 or more and played through a commercial website, you should receive a 1099-MISC reporting your earnings. The IRS will receive a copy of this form, too. Even if you won a private fantasy league among friends, your winnings are considered taxable. The rules for fantasy football fortunes are the same as those for gambling income. You can deduct your losses (including entry fees in leagues where you didn’t win) against your gains, as long as they occurred in the same year. Payment for Donated Eggs Every year, thousands of young, healthy women donate their eggs to infertile couples. Payments for this service generally range from $6,500 to $15,000, according to Egg Donation, Inc., a company that matches donors with couples. Those payments are taxable income, according to the U.S. Tax Court. Fertility clinics typically send donors and the IRS a Form 1099 documenting the payment. The Nobel Prize If you were selected for this prestigious honor—worth about $995,000 in 2018—you must pay taxes on it. Other awards that recognize your accomplishments, such as the Pulitzer Prize for journalists, are also taxable. The only way to avoid a tax hit is to direct the money to a tax-exempt charity before receiving it. That’s what President Obama did when he was awarded the Nobel Peace Prize in 2009. If you accept the money and then give it to charity, you probably will have to pay taxes on some of it because the IRS limits charitable deductions to 60% of your adjusted gross income. Gifts from Your Employer Ordinarily, gifts aren’t taxable, even if they’re worth a lot of money. But if your employer gives you a new set of golf clubs to recognize a job well done (or to persuade you to reject a job offer from a competitor), you’ll probably owe taxes on the value of your new irons. More than 50 years ago, the Supreme Court ruled that a gift from an employer can be excluded from the employee’s income if it was made out of “detached and disinterested generosity.” Gifts that reward an employee for his or her services don’t meet that standard, the court said. Gifts that help promote the company don’t meet that standard, either. Bitcoin While you can use bitcoin to purchase a variety of goods and services, the IRS considers bitcoin—along with other cryptocurrencies—to be an asset. If the bitcoin you used to make a purchase is worth more than you paid for it, you’re expected to pay taxes on your profits at capital gains rates—just like stocks and bonds. If your employer pays you in bitcoin or some other virtual currency, it must be reported on your W-2 form, and you must include the fair market value of the currency in your income. It’s also subject to federal income tax withholding and payroll taxes. Bartering When you exchange property or services in lieu of cash, the fair market value of the goods and services are fully taxable and must be included as income on Form 1040 for both parties. But an informal exchange of similar services on a noncommercial basis, such as carpooling, is not taxable. If you exchanged property or services through a barter exchange, you should expect to receive a Form 1099-B (or a similar statement) in the mail. It will show the value of cash, property, services, credits or scrip you received from bartering. Source: Kiplinger.com

You can tap an HSA to pay the premiums for a long-term-care insurance policy, but the amount you can withdraw tax-free depends on your age. Question: Can I take out money tax-free from my health savings account to pay my long-term-care insurance premiums? If so, how much is tax-free? Answer: Yes, you can use money from your HSA tax-free to pay your long-term-care insurance premiums, with the maximum annual tax-free amount based on your age. If you’re 40 or younger, you can withdraw up to $420 tax-free from an HSA in 2019 to pay the premiums; if you’re age 41 to 50, you can take out $790; if you’re age 51 to 60, $1,580; if you’re age 61 to 70, $4,220; and if you’re age 71 or older, $5,270. If you and your spouse both have long-term-care policies, you can each use money tax-free from your HSA to pay premiums, up to the aged-based maximum for each of you (based on your ages by the end of the year). These limits increase slightly each year for inflation. To qualify, the long-term-care policy must cover only long-term-care services. And it must pay out if you need help with at least two activities of daily living or have cognitive impairment. Most traditional long-term-care insurance policies qualify. If you’re not sure, ask your insurer if your policy is “tax-qualified.” Source: Kiplinger.com

You finally finished your taxes and are learning the ins and outs of the new law. But wait, the law isn’t done with you. There’s another complication coming out later this year: The Internal Revenue Service is changing how you adjust your paycheck withholdings, and early indicators show it won’t be easy. The agency plans to release a new W-4 form that better incorporates the changes ushered in by the new tax law so that the amount held back for taxes in each of your paychecks is more accurate. The agency’s goal: A taxpayer shouldn’t owe or be owed come tax time. But the changes won’t be simple, says Pete Isberg, head of government affairs at ADP, the payroll and human resources company. Filling out the new form will be a lot like doing your taxes again. “It’ll be a much bigger pain,” he says. “The accuracy will be 100 percent, but the ease-of-use will be zero.” What's changing? While the new form hasn’t been released yet, the IRS last summer put out a draft version and instructions seeking feedback from tax preparation companies and payroll firms. Instead of claiming a certain amount of allowances based on exemptions – which have been eliminated – the draft form asked workers to input the annual dollar amounts for: Nonwage income, such as interest and dividends Itemized and other deductions Income tax credits expected for the tax year For employees with multiple jobs, total annual taxable wages for all lower paying jobs in the household “It looked a lot more like the 1040 than a W-4,” Isberg says. The new form referenced up to 12 other IRS publications to fill it out. It was so complex and different from the previous W-4 form that Ernst & Young worried employees would struggle to fill it out correctly and employers may need to offer training beforehand. Why is it taking so long? The tax and payroll community expressed many concerns about the draft form aside from its complexity. Many cited privacy issues because the form asked for spousal and family income that workers might not want to share with their employers. Other employees may not want to disclose they have another job or do side work outside their full-time job. To avoid disclosing so much private information, taxpayers instead could use the IRS withholding calculator, but it’s “not easy to use and the instructions are confusing,” according to feedback from the American Payroll Association. In September, the IRS scrapped plans to implement the new W-4 form for 2019 and instead is planning to roll it out for 2020. What to expect Another draft version of the new W-4 is expected by May 31, according to the IRS, which will also ask for public comment. “We encourage taxpayers to take advantage of that opportunity and send us comments on the redesign,” says agency spokeswoman Anny Pachner. The IRS will review the comments and plans to post a second draft later in the summer. The final W-4 version will be released by the end of the year in time for the 2020 tax year. Once it arrives, you’ll probably need the following information on hand, says Kathy Pickering, executive director of H&R Block’s Tax Institute. That may mean lugging in past 1099 forms, paystubs or last year’s tax returns to fill it out correctly. Your filing status Number of dependents Information about your itemized deductions such as home mortgage interest, state and local taxes, and charitable deductions Earnings from all jobs Information about nonwage income such as business income, dividends, and interest. “If you’re married, and both you and your spouse work, it will also be helpful to know information about your spouse’s income,” she says. You may also need to fill out a new state income withholding form. Many states use the current W-4 for withholding, but they may need to release their own forms, too. While these new forms may be more accurate, it looks like they are going to be a pain to use. Watch for the forms coming out this May, so you can make comments on the redesign.  Source: Finance.Yahoo.com

If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law. The new tax law changed the deadline for repayment after you leave your job starting in 2018. In the past, you generally had only 60 days to repay the loan or else you’d have to pay income taxes on the money as if it was a withdrawal (and a 10% early-withdrawal penalty if you left your job before age 55). But under the Tax Cuts and Jobs Act, you don’t have to pay taxes or the penalty if you repay the loan by the due date of your tax return for the year when you leave your job (including extensions). For example, if you leave your job in 2019, you’d have until April 15, 2020, to repay the loan (or October 15, 2020, if you file an extension). However, taking advantage of this extended time frame to repay could lead to complications if you’d like to roll over your 401(k) balance to a new employer’s plan, says Michael Weddell, director of retirement at benefits consultant Willis Towers Watson. You can generally borrow up to half of your 401(k) balance, but no more than $50,000. Most plans charge the prime rate plus 1 percentage point for the loan, which as of mid-February would add up to 6.50%. You generally have five years to pay back the loan while you’re still working for that employer or longer if the 401(k) loan is to buy your primary residence. Most plans give employees 10 to 15 years to repay a loan for a primary residence, although some plans have deadlines as short as five years or as long as 30 years, says Weddell. If you do take a 401(k) loan, try to keep contributing to your 401(k) while you’re paying back the loan so you can continue to receive any employer match and to minimize the hit to your long-term savings. You borrow your own money and pay the interest back into your account. But you will lose the opportunity for investment gains on the borrowed money while it’s out of the account. Just because you had to take a loan, Weddell says, is no reason to give up on saving for retirement and earning an employer match. Source: Kiplinger.com

Your car insurance bill is probably one of your largest monthly expenses, especially if you have teenage drivers. To lower your premium, ask your insurer for a list of discounts, and let the insurer know if you qualify. For instance, some insurers offer discounts of 10% to 15% for those who make a living at certain profession, such as educators, lawyers, accountants, physicians, and law-enforcement personnel. You could also get a 10% discount for belonging to an alumni association or another organization. You may also receive a discount for carpooling or for having a hybrid car. Pay Your Bills Differently One of the easiest ways to reduce your premiums is to find out if your insurer will give you a break for paying your bill in a lump sum rather than monthly payments. Paying for the full policy term (usually six months) rather than monthly can reduce your rates by 5% to 10%. You may also get a discount if you set up automatic payments from your credit card or checking account. You could also save 3% to 5% on premiums if you sign up to receive bills and other information online instead of in the mail. Boost Your Deductible Increasing your deductible from $250 or $500 to $1,000 can reduce your premiums by up to 20%. It can also prevent you from filing small claims that could lead to a rate increase or jeopardize a claims-free discount. Add some money to your emergency fund so you’ll have cash to pay the deductible if anyone in your family gets in an accident. Bundle Up Buying your car insurance from the same company that provides your home or renters insurance can cut your rates by 5% to 20%. You may also get an extra discount if you add an umbrella policy with the same insurer, too. Get Good Grades Most insurers offer a discount of 15% to 25% for young drivers who maintain at least a B average in high school or college. To qualify, the driver usually has to be a full-time student younger than age 25. Also, tell your insurer if your child moves more than 100 miles away from home for college and doesn’t take a car. Your premiums could drop by 20% or more, but your child will still be covered when home from college. Sign Up for Data Tracking If you drive few miles and have safe driving habits, you could save money by participating in a data-tracking program, such as Progressive’s Snapshot, State Farm’s Drive Safe & Save, or Allstate’s Drivewise. You use an app on your smartphone or plug a device into your car that tracks how many miles you drive, how often you drive late at night, and if you have potentially dangerous driving habits, such as braking hard and accelerating rapidly. The average premium savings for participating is 10% to 15%, although discounts can be as high as 50%. Some insurers will raise your rates if you show risky behavior, but you can usually review your results online so you can improve your habits before your rate is set each term. See How Tracking Rewards Good Drivers for more information. Shop Around Car insurance premiums can vary quite a bit by each company. It’s a good idea to shop around for car insurance every few years, or more often if you’ve had any big life changes, such as getting married, moving, or having a teenager driving. The insurer that had the best rate for a married couple may charge some of the highest rates when you add a teen driver. You can compare rates from several insurers at Insurance.com or InsuranceQuotes.com. You could also get help from an independent insurance agent who works with several companies. Ask Your Insurer for a Rate Cut If you find a better rate from another insurer, let your current insurer know before switching. The insurance company may match the rate in order to keep you as a customer. Drop Certain Types of Coverage on Older Cars Collision coverage pays to fix your car's damages if caused by a collision with another car or object. Comprehensive coverage pays for damages caused by other covered events, such as theft, natural disasters, collision with an animal, or if an object falls on your car (such as a tree). Even if your car is totaled, the most you’ll usually get is the replacement cost for a car of its age. If your car is only worth a few thousand dollars, you may be paying more in premiums than you could ever get back from the insurer after paying your deductible. Compare the premiums for keeping the coverage with the cost to replace the car. An indivdiual can go to KBB.com to estimate their car’s replacement cost. Take a Driver-Safety Program Drivers younger than age 21 who take an approved drivers education course may get a discount. Some insurers even offer their own driver-safety programs that can save you extra money. State Farm’s Steer Clear program, for example, can cut premiums by up to 15% for drivers younger than 25 who have had no accidents and participate in the training program. (The program requires drivers to watch safe-driving videos, take quizzes, and record their trips, all on the Steer Clear app.) Some insurers give discounts of 5% to 15% for drivers age 60 or older who take an accident-prevention class. Watch the Clock After an Accident or Ticket In most states, tickets and at-fault accidents remain on your driving record for three or five years. Longtime customers with good driving records may not get a rate hike at all. Many insurers check motor vehicle records every 12 to 18 months. If your rate does rise, shop around. Some insurers care less about accidents or tickets than others. When an accident or ticket drops off your motor vehicle record, ask your insurer to remove the surcharge and then re-shop your policy. Get a Safe Car Before you buy a vehicle, find out how much it costs to insure. You can find out if a car tends to have higher or lower insurance costs by using State Farm’s vehicle rating tool and checking out a car’s safety ratings from the Insurance Institute for Highway Safety. Improve Your Credit Score In most states, insurers can use your credit score when setting your insurance rates. Check your credit report free at AnnualCreditReport.com, and make sure there aren’t any errors that could hurt your score. Paying your bills on time, limiting new credit, and keeping your charges low in relation to your available credit can also help you improve your score. See the credit-education page at MyFico.com for more information about factors that can affect your score. Source: Kiplinger.com

When completing your 2018 tax return, turn some attention to your tax plans for 2019. Although tax reform triggered major changes in 2018, the landscape has settled in 2019. Tax rules in 2019 will look very similar to 2018. Once your 2018 taxes are done and you have determined how the new rules affect your personal tax situation, get a jump-start on trimming your 2019 tax tab. Learn how about trimming your 2019 tax tab by reading below. Adjust for Inflation The IRS now uses the chained consumer price index (rather than the traditional consumer price index) to calculate inflation adjustments for various income thresholds and limits. Chained CPI accounts for the fact that consumers change their spending patterns as prices rise, making inflation appear lower. Although inflation adjustments will be smaller, you’ll still find increases across the board. (See the 2019 tax brackets.) Reminder: The standard deduction rises to $12,200 for single filers and $24,400 for married couples filing jointly. The extra standard deduction for those age 65 and older is $1,300 per person for joint filers and $1,650 for single filers. If you were on the edge of taking the standard deduction for 2018, consider whether those higher amounts may close the door on itemizing in 2019. The income threshold for the 0% capital-gains rate also rises to $39,375 of taxable income for single filers and $78,750 for joint filers. Plan Charitable Giving Determining whether or not you itemize could help you decide on other tax moves, especially charitable giving. Itemizers can deduct charitable contributions, but non-itemizers, and even some itemizers, may want to consider a different approach: an IRA qualified charitable distribution. Traditional IRA owners age 70½ or older can directly transfer up to $100,000 a year from their IRA to charity. You don’t get a charitable deduction by doing this, but the money is excluded from your adjusted gross income and can count toward your IRA required minimum distribution. To have a QCD do double duty as your RMD, make sure to do the QCD before taking out the full RMD amount. For example, let’s say your total RMD is $15,000. You can transfer $5,000 directly to charity and take $10,000 out of the IRA by year-end. That satisfies your RMD but only $10,000 will be taxable and included in your AGI. Of course, you can also do QCDs (up to the $100,000 annual limit) in excess of your RMD amount. Review Health Care Expenses New for 2019: The penalty for not having health insurance is zeroed out. If you go without coverage, there is no longer a cost at tax time. The threshold for deducting medical expenses has climbed for 2019. Taxpayers can now only deduct medical expenses that exceed 10% of AGI. Adjust Withholding Look at how your 2018 withholding stacked up against your actual 2018 tax tab. If you got a big refund and expect your tax situation to be similar in 2019, adjust withholding so you hold onto more money throughout the year. If you didn’t withhold enough, increase withholding in 2019. You can have money withheld from various retirement income sources, such as IRA distributions, annuity payments, and Social Security benefits. Pay Estimated Tax You can also make estimated quarterly payments to cover your 2019 tab. Paying estimated taxes can be a pain but not paying estimated taxes is even worse because you may face tax penalties. One way to avoid underpayment penalties is to pay at least 100% of last year’s tax bill (or 110% for higher-income taxpayers) through withholding, estimated tax payments, or both. The first estimated tax payment for 2019 is due Monday, April 15. Source: Kiplinger.com

A health savings account (HSA) enables you to set aside pre-tax money to pay for qualified medical expenses. The advantage is that this may help lower your overall healthcare costs.  Usually, you can’t use an HSA to pay insurance premiums. But there is a happy exception; you can use your HSA to pay for qualified long-term care insurance premiums. Keep reading to learn more and reach out to a financial advisor in LaCrosse for additional assistance. Benefits of an HSA An HSA can be invaluable if you have health insurance with a high deductible. As you get older, your deductible limits rise while medical expenses increase, and an HSA becomes increasingly helpful. An HSA has three major benefits: Tax deduction on contributions Tax-deferred benefits growth Tax-free distributions on medical expenses - that includes long-term care insurance! “Qualified” long-term care insurance Of course, like anything else to do with tax benefits, some qualifications must be met. Click to learn about the treatment of qualified long-term care insurance. To be considered tax-qualified, the long-term care insurance policy: Must be guaranteed renewable Can only pay for long-term care expenses Cannot have cash value Must be structured so all refunds of premiums and policyholder dividends are applied as a reduction in future premiums or to increase future benefits Withdrawal amounts There are limits to how much you can withdraw from your HSA to pay for long-term insurance premiums.  Those limits are based on the age you reached before the end of the tax year, and they typically change every year. The older you are, the more you can withdraw. Here are the allowed withdrawals for 2022 and 2023: [table id=1 /] Contribution limits In addition to a limit on withdrawals, there is also a limit on contributions. For 2023, you can contribute $3,850 for individual coverage You can contribute $7,750 for family coverage If you are age 55 or above, you may contribute an additional $1,000 to “catch up” Using your HSA to pay for long-term care insurance If your HSA has an attached checking account, you may write a check directly to the insurance company.  You may also pay the insurance company from another source and reimburse yourself. Contact us for more information about using your HSA to pay insurance premiums If you have questions about how you can best save money with your HSA,  how you can use it to pay long-term care insurance premiums, or whether your long-term care insurance is tax-qualified, contact us now.  Advisors Management Group has offices in La Crosse (608) 782-0200, or you may contact our Eau Claire financial advisors at  (715) 834-9512 or our Green Bay financial advisors at  (920) 434-2192. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin. Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security. Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses. Please do not send orders via email as they are not binding and cannot be acted upon. Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services. Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

What documents do I need to prepare my tax return, and when will I receive them? The documents you need will vary from person to person depending on the situation. The following are some of the most common forms you can receive for tax time. They will be sent to you by January 31. W2 reports income earned from an employer 1099-INT reports bank interest earned 1098 reports mortgage interest paid 1098-E reports student loan interest paid 1099-SA shows any distribution from an HSA account SSA-1099 reports social security income received 1099-R shows a distribution from a retirement account such as an IRA or 401(K) 1095-(A,B or C) shows proof that you you’ve had health insurance coverage The next two forms have a deadline of February 15. 1099-B reports sales of stocks, mutual funds or bonds 1099-Div reports dividends and interest from stocks, mutual funds and bonds Tax forms can be delivered to you via mail or electronically. If you receive electronic statements or pay stubs, you will also typically receive your tax form electronically. This usually occurs through a website "portal". These are the most common tax forms, but there are many more. If you have questions, talk with a tax professional or call Advisors Management Group. This material is for general information and education purposes only. It does not constitute individual investment, tax or legal advice.  Consult your individual advisors for investment, tax or legal advice specific to your circumstances. Opinions expressed are those of Advisors Management Group, Inc. and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses. Advisors Management Group, Inc. is a fee-only SEC Registered Investment Advisory firm with its principal place of business in Wisconsin providing investment management services.  A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.  

A new calendar year is always a great time to take a step back to reflect on your goals and reset your financial plan to make sure you are on track. It is said that great outcomes come from asking great questions. This is also a useful way to think about your finances and can often save you from making costly mistakes. Start 2019 off by being one step ahead; ask your financial adviser these five commonly overlooked questions to help you optimize your finances. How much am I paying in fees? It's not always easy to get a handle on your investing costs, but you should know what you're paying. Getting that information should also be as easy as asking your adviser to spell it out for you. Do you know what your annual advisory fees are? That's a great place to start. Then, ask your adviser to outline anything else that you could be paying for, such as fund fees, account fees, and transaction fees. While costs like operating expenses on ETFs or mutual funds are often inevitable, some products have higher fees that others. It's crucial to keep an eye on how they are affecting your returns.  What employer-sponsored savings accounts and financial benefits should I take advantage of? Make time to ensure that you're taking full advantage of any employer-sponsored retirement plans, savings accounts, or other financial benefits available to you. Your adviser can help you determine how your 401(k) fits into your broader retirement plan, as well as the best way to leverage other financial plans your employer might offer. Other financial plans may include medical savings accounts (a flexible spending account or a health savings account) or employee stock purchase plans. If your employer offers contribution matching to your 401(k), it's generally smart to take advantage of the full match. An additional benefit of any amount contributed by your employer is that it doesn't count toward the annual IRS limit you can contribute yourself to max out your 401(k), meaning what you can put toward your retirement. How do the (relatively) new tax laws impact me? The Tax Cuts and Jobs Act that passed in late 2017 first took effect last tax season, but chances are you may still be adjusting to the changes. It's a good idea to look closely at how they affect you at the beginning of the year. A few noteworthy differences to be aware of include most tax brackets being lower, the child tax credit has gone up, the allowance for itemized medical expense deductions has increased, alimony payments are no longer deductible from taxable income, and inheritance tax exemptions have risen significantly. Even if you are aware of the new tax environment, you could have overlooked some of its effects. Be sure to speak with your financial adviser, as well as a tax adviser, about how these and other tax changes could impact your finances. How much risk is appropriate for me right now? The answer to this question is going to be different for each investor, and your financial adviser can help you determine how much risk within your portfolio is appropriate for you based on your age, financial situation, long-term goals, and general level of risk aversion. It's just as important to remember that your risk tolerance will likely change as you get closer to retirement and make more conservative financial moves. This is why it is wise to re-evaluate where you stand periodically. What other services are available to me? Finally, ask your adviser what other services are available to you through their firm. Can they help you with your estate, legacy, tax, banking, or other planning? These items may be important pieces of your financial plan. Don't be afraid to ask what you get for your advisory fee in order to maximize your financial professional's expertise or for a reference to an outside expert. Most importantly, make sure any conversation with your financial adviser relates to your specific long-term goals and how you are tracking against them. A final question to ask during a meeting can be as simple as, "What else should I be considering, and do you have a specific recommendation for me?" Your life stage, your needs, and goals are all unique to you. Your plan of attack for the new year should be the same. Source: kiplinger.com

The sooner you file your tax return, the sooner you’ll receive any refund due. The IRS recently announced that it will start accepting 2018 tax returns on January 28, 2019, which is one day earlier than last year. Tax refunds will be on time according to its normal schedule. If you have a federal tax refund coming, you could get your money back in as little as three weeks. In the past, the IRS has issued over 90% of refunds in less than 21 days.  If you want to speed up the refund process, e-file your 2018 tax return and select the direct deposit payment method. Paper returns and checks slow things down considerably. However, don't expect your refund before mid-February if you claim the earned income tax credit or the additional child tax credit. By law, refunds for returns claiming these credits must be delayed. This applies to the entire refund, not just the portion associated with the credits. Source: kiplinger.com