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Welcome to the @plannedsolutions Incorporated Podcast. The US economy is estimated to have increased by just a 1.6% annualized rate in the first quarter. The most important categories of personal consumption expenditures and investment expenditures reported reasonably strong growth rates of 2.5% and 3.2%, respectively. However, government spending, especially in national defense, fell in the first quarter and the balance of trade subtracted from growth as the growth in imports outpaced the growth in exports.


Also, we are seeing a disturbing trend of people reporting to us that their homeowner’s insurance policy is being cancelled or not renewed. In this case, it is important to talk to a professional about the options available. This may include asking your insurance company to reconsider their decision or looking for alternative insurance, such as your state’s FAIR Plan, which may result in a big increase in insurance premiums.

As well, Individual income tax returns have a three-year statute of limitations. This means the IRS has three years to audit a taxpayer’s income tax returns unless there is a gross misstatement of income or the IRS suspects fraud, in which case the time period is extended or unlimited. Taxpayers also have a three-year period to make changes to their tax return to either self-report additional tax due or to file for a refund which may have been missed. The three year period starts on the due date of the return or when it is filed, whichever is later.


Plus a look at the Planned Solutions Incorporated Office Bulletin Board - Chase and Daryl attended the FPA of Northern California Spring Symposium which featured two speakers, including Chase, giving an update on the current market environment along with an Inspirational Speaker giving us Tools to Overcome Adversity.


To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com


The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

US First Quarter Economic Growth Rate 01:45

Home Insurance Cancelations 12:20

IRS Audits 18:20

PSI Office Bulletin Board 22:30


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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Welcome to the Planned Solutions Incorporated Podcast. On this episode we discuss some reports claiming that the US labor market is turning for the worse. However, most of the data cited has been anecdotal data that does not seem to be indicative of the entire market. Taking a close look at the national labor market data such as the unemployment rate (backward looking) and initial claims for unemployment insurance (forward looking)
show signs of a strong labor market.


Also, Short-term interest rates and the potential for the Federal Reserve to cut interest rates once, or multiple times this year, has been the focus of the bond markets. However, long-term interest rates have been quietly increasing to rates close to their high from last Fall. This may create a second opportunity for investors to lock-in high interest rates for longer time periods.

As well, When it comes to investing, it is always important to periodically review your investments to make sure they are performing as expected and still conform to your financial goals. This is even true of investing in Certificates of Deposit (CDs) which may be more or less attractive based on the level of interest rates. Most importantly, CDs issued by banks often rollover if the owner does not act within a given window of time, which can lead to poor long-term returns if higher interest rate CDs are rolled over into lower yielding CDs.


Plus a look at the Planned Solutions Incorporated Office Bulletin Board - The NPR Podcast Planet Money recently published a podcast episode (TikTok, and other apps like it, are filled with financial advice. Is any of it worth listening to? Published April 12, 2024) which highlights a growing problem in the world of personal finance. More and more people are getting financial advice, including tax advice, from social media apps like TikTok but do not realize that, in many cases, the claims made are incorrect, exaggerated, or designed to mislead. The competition for clicks or views online has incentivized many non-experts to pose as experts giving financial advice that could lead to disaster if followed by the audience.

As always, when getting financial information online it is important to assess the trustworthiness of the source, including their experience and credentials that qualify them to give advice, including financial advice. This is especially true when it comes to tax advice because a lot of the advice given on social media could be considered tax evasion which could result in stringent penalties for those who choose to follow the advice.

To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com

The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.


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

Planned Solutions, Inc. https://www.plannedsolutions.com

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 sign
that 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



To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com



The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.



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In this episode of the Planned Solutions Incorporated Podcast, the US tax system is complex with many moving pieces that can lead to tax surprises. Changes in income, deductions, credits, or tax withholding can all lead to a taxpayer owing more tax than expected. Some of these changes can be anticipated by taxpayers so that they can plan to increase their tax withholding, make estimated payments, or at least make sure to have the
money set aside to pay the tax due at tax time.

Also, The latest inflation report revealed that several repeat offenders’ categories continued to be sources of inflation, especially shelter prices. However, several smaller sources of inflation have been less obvious including auto insurance, food away from home, hospital services, and motor vehicle maintenance and repair.

As well, The Personal Residence Exemption (Section 121) is one
of the largest tax breaks in the tax code. It allows an individual to
exclude up to $250,000 ($500,000 for a married couple where both spouses qualify) of gain from taxation on the sale of a primary residence. To qualify an individual must have owned and lived in the home as their primary residence for two of the prior five years from the date the sale of the home closes.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board - Tax returns are due April 15th this year, giving us a little less than a month to get those returns filed. However, for those who will not be able to get all of their documents together in time, there is the option to file for a tax extension which allows the tax returns to be filed at any time before October 15th

A common misconception is that a tax extension is an extension of time to both file tax returns and pay any tax that is due. This is not the case. Any tax payments that are due for 2023 are still
due on April 15th, even if the tax return is put on extension and filed later in the year. Therefore, even if a taxpayer files for an extension they must get as much of their tax return done as possible so they can estimate the amount of their refund or tax due as accurately as possible. If there is likely to be some tax due, they will need to make a payment with their request for an extension of time to file.

Even if an extension is filed, a failure to pay any tax due by the April 15th deadline may result in late payment penalties as well as interest charged on the amount due. These additional costs can add up, especially now that interest rates are elevated making it more important than ever to accurately estimate the amount due before filing for an extension.

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

To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com

The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.

In this episode of the Planned Solutions Incorporated Podcast, In a real-life case study, we explore just one way that a financial advisor can use strategic timing along with the integration of investment and tax planning to increase the long-term financial benefits from a savings and investing strategy. Here we explore the intersection of long-term investing (the compounding of returns), counterintuitive tax strategies (tax-gain harvesting), and estate planning an efficient transfer of wealth to the next generation.

Also, Earnings for the S&P 500 companies increased by 21.7% year-over-year in the fourth quarter. Most companies beat their earnings expectations and analysts predict that earnings will continue to climb in 2024. However, the pace of earnings growth has slowed recently with earnings still more than 10% below the high from the fourth quarter 2021.

And, Higher interest income has led to an increase in income tax for taxpayers who have a significant balance in savings or money
market accounts. This occurs because interest income typically
does not have income taxes withheld unless the taxpayer is subject to backup withholding. For some this may necessitate
more detailed tax planning to create a plan to pay the tax due on
interest income in order to avoid a large tax bill at tax time and the
potential for an underpayment penalty.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board - There is a new method that scammers are using to steal personal information online: SearchEngine Optimization (SEO) scams. In this case, scammers are using fake websites that imitate the websites of trusted financial institutions and then use Search Engine Optimization to make their fake website appear near the top of online search results, making it seem like it is the
legitimate website.

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

To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com

The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.

In this episode of the Planned Solutions Incorporated Podcast, Interest rates are often referred to generically when referencing the Federal Funds Rate (the overnight lending rate between banks that the Federal Reserve manages). However, many interest rates are impacted by the term of a loan and the risk that the loan will not be paid back. To fully understand the bond market investors must understand the
implications of the interest rate curve (interest rates paid for different terms) and interest rate spreads.

Also, Health Savings Accounts (HSAs) can be useful financial planning tools for those who have a high-deductible health insurance plan and therefore qualify to make contributions. However, like other similar plans, HSAs have contribution limits that must be monitored to make sure the limits are not exceeded. Otherwise, an excise tax on over-contributions may apply.

And, 529 educational savings plans are often thought of as just that, an education savings vehicle. However, due to some of the
peculiar rules around 529 plans, they can also be a good estate
planning vehicle for high-income and high-wealth individuals. A
529 plan allows the owner to control the funds for the benefit of
a beneficiary. At the same time, the funds are considered to
be a completed gift and are therefore outside of the owner’s estate for income and estate tax purposes.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board - Schwab recently released the form 1099-Div and 1099-B for non-retirement accounts. These are often the last forms that are released and thus can hold up tax filing. However, it appears that this year’s forms were released reasonably early. If you need your forms and have not yet received them, you can access them online or call our office and we will send them to you via a secure e-mail link.

Tax return information has been coming in early this year and we are very appreciative of those who have tackled the gathering of the tax information early. Tax season is only so long and from
a tax preparer's standpoint, it is much less stressful when the work comes in early so it can be spread over as many days and weeks as possible. Every tax preparer loses sleep over the fear that all of their tax clients will wait until late in the season to send in their tax documents creating a deluge of work with little time to complete it. So, thanks to all of you who have started early this
year.

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

To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com

The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.