The Insurance Doctor

Tag: financial goals

  • 6 Interesting Income Tax Facts You Didn’t Know

    6 Interesting Income Tax Facts You Didn’t Know

    When we were founded in the 1700’s there were very few taxes at all!  Up until 1802, the USA was mainly supported by taxes on goods like tobacco, sugar, and spirits.  War is what initiated the need for funds and taxes.

    1. War of 1812: A sales tax was first introduced in 1812 to cover war costs.
    2. 1862, middle of the Civil War: Congress introduced a personal income tax for the first time. People earning between $600-$10,000/year paid a 3% tax and those over the threshold paid a higher percentage.
    3. 1862 IRS Commissioner’s Office established: This gave the Commissioner powers to assess, levy and seize assets for those who didn’t pay their taxes.
    4. 1913 Income Tax System became permanent: Thanks to the 16th  By 1918 annual collections reached over $1 billion.
    5. 1986 Ronald Reagan signed the Tax Reform Act: This bill severely reduced personal income taxes and raised corporate taxes.  The maximum rate was reduced from 50% to 28%.
    6. 2001 George W. Bush signed the Tax Relief Reconciliation Act: One of the biggest tax cuts in history, this act introduced a new low bracket of 10%, increased the child tax credit, adjusted brackets for married folks and reduced the top 4 tax brackets.

    As we know, it was just changed again by President Trump.  No matter what happens going forward, taxes are here to stay!

  • 6 Tips to Get Your 2017 Financial House in Order

    6 Tips to Get Your 2017 Financial House in Order

    Now that we are in the final month of 2016 it’s easy to get off track from our goals.  Follow these 6 tips and with a little time and effort your 2017 finances will be more organized and less stressful.

    1. Organize your paperwork: It’s hard to feel in control when you can’t find anything. Gather all papers, shred duplicates/old statements and put them all in a box insurance, New York, financial servicesor accordion file.
    2. Go Paperless: I know habits are hard to break.  Wherever possible create electronic files.  See if you can receive e-bills instead of paper.  Use a flash or thumb drive as a back-up and keep it off-premises.
    3. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus. Go to AnnualCreditReport.com. Another great tool is Credit Karma which allows you to track your credit scores throughout the year.
    4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received. Set up automatic payments for recurring bills.  It’s easy and will save time going forward.
    5. Create your 2016 tax file: Most people have to scramble to pull together all tax forms etc. Start now by setting up a 2016 file and stashing forms/receipts etc as needed.
    6. Review your insurance coverage: Protect your nest egg and your family by regularly reviewing your life, health disability and long term care insurance.  If this is confusing to you contact us for a 2nd

    Your financial house needs regular upkeep.  Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives.
    Contact Robert here for more ideas to get your financial house in order.