In this episode of the Planned Solutions Incorporated Podcast, One year after the mini financial crisis sparked by the failure of Silicon Valley Bank, the financial stress index is at its lowest level since before the 2008 financial crisis. There are some areas of the financial system that have thrived in the last year, such as the nation’s largest money center banks, while some regional banks have continued to struggle under higher borrowing costs and losses on commercial real estate. However, the overall health of the financial system remains strong.
Also, Company insiders have made the news by selling large blocks of their company’s stock recently. However, insider selling has rarely been a signthat a stock may be overpriced or may decline in value in the future. Insiders may have many reasons to sell shares in the company they founded or oversee that have nothing to do with their expectations for the stock price making this a poor indicator of stock market performance.As well, It is important to review estate plans (wills, trusts, financial powers of attorney, and health care powers of attorney) every few years to make sure they are still valid. Changes in the tax laws and legal processes may make an estate plan inefficient or even obsolete. In addition, personal estate planning goals may change over time requiring an update to the estate plan to make sure it reflects your wishes.Plus a look at the Planned Solutions Incorporated Office Bulletin Board - The tax deadline is just a few weeks away. That means this is the time to gather the last of the tax documents that are needed to complete your return or to at least get an accurate estimate of your tax liability so you can determine if you need to make a tax payment when you file an extension.This year it is even more important to make sure to pay any tax that is due by the April 15th deadline. Not only could a balance owed after April 15th be subject to a late payment penalty, but it will also be subject to interest, which is currently 8% per year, compounded daily. Therefore, a taxpayer who files for an extension without realizing that they owe taxes, and do not file until the extension deadline of October 16th, could owe penalties plus an extra 4%+ of the amount owed in interest.Charles Schwab recently issued corrected 1099s for some taxable (non-retirement) accounts. In the past these corrections have been quite small but this year some of them are adding up to a significant reduction in the tax due. So, if you get notice that your 1099 has been corrected, you will want to update your tax return. If you already filed your taxes, it may be a good idea to file a superseded return or to do an amended tax return.Chase Armer's book- Financial Planning Insights is now available at:https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb
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