WHAT CAN WE EXPECT IN 2018?
On Dec. 22, our president signed the bill that will put tax changes into effect starting this year. While there’s been a lot of talk about what’s going to change, you’re probably wondering, “How will it affect me?” It will take time for the changes to take effect, and it’s hard to make predictions. But there are some changes you can be aware of as you start to think about your taxes for the next few years. TAKE A BREAK!
Most of the changes went into effect on Jan. 1 and are actually set to expire in 2025, so they have a limited impact on your taxes. Here are some changes to keep in mind. Despite all the hubbub about tax reform, there were relatively few changes made to retirement planning laws. One of the two changes, though, might have an impact on your IRA. The first change is to the amount of time you have to pay back a loan from a qualified retirement plan after a separation of service. That time has been extended slightly to help those who find themselves struggling to pay them back. The second change affects your IRA. It changes the income limit at which your Roth IRA will begin to phase out, and takes away your ability to re-characterize any Roth IRA conversions done in 2018.
The new phase-out points have been raised several thousand dollars from 2017. Now for 2018, single filers will see their Roth IRA phase out begin at $120,000 and max out at $135,000. Joint filers will see it begin to phase out at $189,000 for joint filers and completely phase out at $199,000. With the loss of your ability to re-characterize your Roth IRA, give us a call at 520-325-1600 to understand the complexities and timeline for this change. With provisions in the law, there may still be an opportunity to re-characterize your IRA to a Roth for your 2017 conversions.
D E T O X S A L A D SWEET AND ZESTY
INGREDIENTS For the Salad: •
For the Dressing: •
3 cups chopped kale leaves 2 cups chopped broccoli florets 2 cups chopped red cabbage
1 large carrot, roughly chopped
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1/4 cup rice wine vinegar 2 tablespoons olive oil
1 cup matchstick carrots 1 cup chopped cilantro
1 tablespoon finely chopped ginger
1 tablespoon honey
1/2 cup toasted slivered almonds 1/3 cup sliced green onions
1 tablespoon white miso 1/2 teaspoon sesame oil Salt and pepper, to taste
1 diced avocado
DIRECTIONS 1. To make the salad, add all ingredients to a large bowl; toss to combine. 2. To make the dressing, add all ingredients to a blender or food processor. Pulse until smooth. Season to taste with salt and pepper or add extra honey for a sweeter taste. 3. Drizzle dressing over salad and serve immediately. Recipe inspired by GimmeSomeOven.com. Investment advice is offered through Shepherd Wealth Group, a Registered Investment Advisor doing business as Shepherd Wealth & Retirement. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the advisor has attained a particular level of skill or ability. Content should not be construed as personalized investment advice or as an offer to buy or sell, or a solicitation of any offer to buy or sell any securities mentioned. Certain content was prepared by a freelance journalist.
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