FAQ Series: Does Your Social Security Income Get Taxed?

Posted by on Oct 1, 2019 in Confidence | Comments Off on FAQ Series: Does Your Social Security Income Get Taxed?

The unfortunate news is that some of you will have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, pensions, self-employment, interest, dividends and other taxable income that must be reported on your tax return). For purposes of determining how the Internal Revenue Service treats your Social Security payments, “income” means your adjusted gross income plus nontaxable interest income plus half of your Social Security benefits. If your total income is more than $25,000 for an individual or $32,000 for a married couple filing jointly, you must pay income taxes on your Social Security benefits. Below those thresholds, your benefits are not taxed. That applies to spousal, survivor and disability benefits as well as retirement benefits. The portion of your benefits subject to taxation varies with income level. You’ll be taxed on: up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly. up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple). Say you file individually, have $50,000 in income and get $1,500 a month from Social Security. You would pay taxes on 85 percent of your $18,000 in annual benefits, or $15,300. Nobody pays taxes on more than 85 percent of their Social Security benefits, no matter their income. All of the above concerns federal taxes; 13 states also tax Social Security to varying degrees. If you live in Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, North Dakota, Vermont, Utah or West Virginia, contact your state tax agency for details on how benefits are taxed. Keep in mind If your child receives Social Security dependent or survivor benefits, those payments do not count toward your taxable income. That money is taxable if the child has sufficient income (from Social Security and other sources) to have to file a return in his or her own name. Supplemental Security Income (SSI) is never taxable. If you do have to pay taxes on your benefits, you have a choice as to how: You can file quarterly estimated tax returns with the IRS or ask Social Security to withhold federal taxes from your benefit...

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Manager Commentary – 3rd Quarter 2019

Posted by on Sep 11, 2019 in Uncategorized | Comments Off on Manager Commentary – 3rd Quarter 2019

A summary of our market outlook and current portfolio positioning. Please see the following PDF: Morningstar Investment Services: MarketPerspective_Q32019_Final

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Haiti – Part Deux

Posted by on Aug 5, 2019 in Freedom | Comments Off on Haiti – Part Deux

Haiti – Part Deux Last July, Darrell and his youngest daughter, Lindsay, were within 15 minutes of boarding a flight from Miami to Cap Haitian, Haiti, before the trip had to postponed due to civil unrest (we would encourage you to go on-line to learn about the economic challenges that people in Haiti continue to face due to rapidly rising fuel and food costs). Miraculously, the team was able to recoup almost all the trip costs and was able to reschedule for this July, with most of the team being able to make the trip again. As before, they plan to visit the different Haitian Christian Ministries church campuses where they will hold Vacation Bible Schools, provide resources to the children and encourage the teachers and parents. As a bonus, the team will staying in the newly constructed dormitory that has been built on the Welcome Home Haiti property to house the various mission teams that continue to go to serve the people of northern Haiti. One of DFS’s clients had a role in resourcing this project, so it will be such a blessing to see the impact of that commitment. Please keep Darrell and Lindsay and the entire team in your thoughts and prayers as they make this journey, and go to https://hcmin.org/or https://welcomehomehaiti.com/ to find out more about the work that is being done in northern...

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Healthcare Insurance – Hot Topic

Posted by on Jul 18, 2019 in Confidence | Comments Off on Healthcare Insurance – Hot Topic

Healthcare Insurance Hot Topic In the ever-changing landscape of healthcare insurance, we noticed a question that has come up for a couple of our clients that we thought might pertain to some of you as well. What are my Medicare options even if I am still working after age 65 and have coverage through my work? Do I Need to Enroll in Medicare If I’m Still Working? By Maurie Backman –   https://www.fool.com/retirement/2017/05/25/do-i-need-to-enroll-in-medicare-if-im-   still-workin.aspx\ “Medicare When Working Beyond 65” by Patricia Barry –https://www.aarp.org/health/medicare-insurance/info-03-2011/ask-ms-medicare- question-94.html In addition to reading these articles, we highly suggest that you discuss your situation with your own personal healthcare insurance agent or if you do not have one then call our own in-house health insurance expert, Mark Post, who we know would be happy to...

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Manager Commentary – Q1 2019

Posted by on May 10, 2019 in General | Comments Off on Manager Commentary – Q1 2019

A summary of our market outlook and current portfolio positioning. Please see the following PDF: Litman Gregory Commentary_Client Version_Q12019

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South American Mission Trip

Posted by on Apr 3, 2019 in Freedom | Comments Off on South American Mission Trip

This past summer, I along with my oldest son, Max, and my parents, Sam and Jeanette, had the wonderful opportunity to travel to South America. The primary purpose of our trip was to visit our dear missionary friends, Dr. Manuel and Nellie Avila, in Cuenca, Ecuador. Our family has supported Dr. Manuel and his medical ministry for several years now and this was an opportunity for the four of us to show our support to Dr. Manuel and his family and their ministry, as well as see first-hand the marvelous hopes and dreams the Avila family has for the Ecuadorian people. While there, we are also able to see and assist a bit with the construction of Manuel and Nellie’s new home. Their hope is that this new physical dwelling will not only be a place of rest for their family, but also a place where they can host many of the countless missionary partners from Canada and the U.S. that travel to Ecuador regularly to assist them in their ministry. We were also able to visit some of the places and people in Cuenca who were an important part of my family’s six years of ministry there. Each time I have had the opportunity to return to the country of my birth I am blessed and enriched by the experience and I am sure that my traveling companions would say same. We are all grateful that we have been given the time, resources and freedom to keep our connection to Ecuador and our friends there alive....

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Pi Day in Pontiac – 3.14.19

Posted by on Mar 7, 2019 in Uncategorized | Comments Off on Pi Day in Pontiac – 3.14.19

We hope you can join us for Pi Day in Pontiac on Thursday, March 14th from 10:00am-2:00pm.  We’ll be serving amazing pies from Edinger’s Filling...

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Manager Commentary – Q4

Posted by on Feb 6, 2019 in Uncategorized | Comments Off on Manager Commentary – Q4

A summary of our market outlook and current portfolio positioning. Please see the following PDFs: Symmetry – Q4 2018 Russell Investments – Q4 2018 Morningstar – Q1...

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Manager Commentary – Q3 2018

Posted by on Aug 24, 2018 in General | Comments Off on Manager Commentary – Q3 2018

Outlook and Perspective – a summary of our market outlook and current portfolio positioning. Please see the following PDF: Mgr Commentary Q32018

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Tax Cuts and Jobs Act of 2017

Posted by on Mar 21, 2018 in Freedom | Comments Off on Tax Cuts and Jobs Act of 2017

With the recent passage last year of the new federal tax law (Tax Cuts and Jobs Act of 2017) we thought it would be useful to provide you with a couple links to articles and websites that we feel do a good job of summarizing some of the key components of the new law.   https://waysandmeans.house.gov/taxreform   2017 Tax Reform A review and analysis of key highlights from the Advanced Consulting Group of Nationwide®   http://www.thepresleygroup.net/wp-content/uploads/2017/12/2017-Tax-Reform.pdf   6 things investors need to know about the new tax plan  ...

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