The second quarter of 2019 ended about the same way it started, with positive returns across financial markets. In our 2nd quarter market commentary we’ll recap what happened, what we learned and where we go from here.

Best Planning Ideas for 2019

Each year at the annual AICPA Personal Financial Planning conference, Lyle moderates a panel discussion with leaders from the CPA financial planning profession. These leaders discuss the best planning ideas they are implementing with clients right now, and there always a number of great takeaways.

We’ve touched on many of these topics in our writing over the past couple years, but here’s a reminder of the top planning ideas to consider now.

The Kiddie Tax

The tax on the unearned income of children has long been a painful calculation that can turn what seems like a simple straightforward return into something much more complex and complicated.  The Tax Cuts and Jobs Act (TCJA) sought to minimize some of that complexity by changing the way it is calculated.

That change has had some unintended consequences, and the kiddie tax could wind up going back to the way it was calculated prior to the TCJA. Chris has an explanation for what the kiddie tax is, how it changed under the TCJA and why it might change again.

Equifax Breach Claims

You probably remember the massive breach of confidential information at Equifax back in 2017. We wrote about the breach here and recommended taking some steps to protect yourself in case your information was compromised in the breach (an article worth revisiting in light of the recent Capital One breach!). 

Equifax has now settled a major lawsuit related to the breach with the Federal Trade Commission, the Consumer Financial Protection Bureau and 48 states. As part of that settlement, if you were one of the 147 million US consumers who were identified by Equifax as having your information impacted by the breach, you are eligible to file a claim. You can check to see if you were impacted here.

If you were impacted, you can file a claim here. There are several types of claims you can make, including a $125 cash payment, but be aware that $125 could be revised lower if enough people make the claim. If you have any questions on this, feel free to reach out to us.

Favorite Article

How a Janitor at Frito-Lay Invented Flamin’ Hot Cheetos, by Zachary Crockett – This is an incredibly inspiring story about how Richard Montanez went from cleaning toilets to being one of the most respected execs in the food industry. 

Favorite Podcast

Why Should We Care About Privacy, Crazy/Genius with Derek Thompson – This thought-provoking podcast explores how privacy became the most important idea on the internet, and why it’s still confusing. With the recent concerns over how Facebook, Google and other tech companies handle our personal information, this is a must-listen.

Favorite Quote

“Remember, your life is not about making money – your money is about making a life”

-Mitch Anthony, The New Retirementality

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