Fitch Downgrades US Debt Rating: Assessing the Ramifications
Introduction The recent decision by Fitch Ratings to downgrade the credit rating of the United States' sovereign debt could have sent...
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Michael Baumeister
- Jul 25
- 3 min
The Impact of Illinois' Mandatory Retirement Plan on Employers
The final Illinois Secure Choice deadline of November 1 is less than four months away. Small businesses that have 5 or more employees...
Jim Richter
- Jan 19
- 4 min
Tax Season 2023: Expect smaller refunds, capital-gains bills and higher audit rates
As we head into 2023, millions of American taxpayers will need to adjust their expectations for their tax return. The stimulus checks are...
Jim Richter
- Jan 17
- 5 min
Congress Passes New Secure 2.0 Act
President Biden signed the SECURE 2.0 Act into law on December 29th of 2022. This $1.7 trillion omnibus spending bill has over 100...
Michael Baumeister
- Jan 12
- 3 min
IRS Suspends New 1099-K Reporting Requirements
The American Rescue Plan Act of 2021 issued a new requirement for all online payment services like Paypal, Venmo, eBay and Etsy, to issue...
Michael Baumeister
- Jan 5
- 4 min
Tax Deadlines and What You Need to Know for the 2022 Tax Season
As tax season approaches, we wanted to reach out and share a few important dates and deadlines for 2023. Please see the important dates...
Jim Richter
- Nov 10, 2022
- 5 min
The 3 Most Misunderstood Tax Effects of a Roth Conversion
We’ve written extensively about the benefits of the Roth IRA. The Roth IRA is one of the most powerful tools available for creating...
Michael Baumeister
- Oct 27, 2022
- 3 min
Inflation Causes Major Shifts in Tax Code for 2023
Just a few weeks after the announcement of record-breaking Social Security increases, the IRS announced their own set of record-breaking...
Michael Baumeister
- Oct 20, 2022
- 3 min
Inflation Causes Largest Social Security Increase in 41 Years
On October 13th, the Social Security Administration announced that the cost-of-living-adjustment (COLA) for Social Security benefits...
Michael Baumeister
- Oct 6, 2022
- 4 min
How Does the IRS Calculate Penalties and Interest?
The deadline for taxpayers who filed an extension this year is Monday, October 17th. Keep in mind that filing an extension does not...
Michael Baumeister
- Sep 29, 2022
- 4 min
Why Does the Federal Government Raise Interest Rates?
Federal Reserve Bank officials raised interest rates by 75 basis points last week. This was the third consecutive interest rate hike by...
Jim Richter
- Sep 20, 2022
- 4 min
Fourth Stimulus Payment to be Issued for Illinois Residents
Many Illinois residents will begin receiving a “fourth” stimulus payment in the coming weeks. The Illinois Family Relief Plan grants...
Jim Richter
- Sep 15, 2022
- 4 min
Mortgage Rates and the Economy
Mortgage rates surged to 6.02% this week. This is the highest rate we’ve seen on 30-year fixed rate mortgages since November 2008, and...
Jim Richter
- Sep 13, 2022
- 7 min
My COVID Story
Two weeks ago, I was driving into work on September 1st and listening to a song by CeCe Winans called “The Goodness of God.” As I was...
Michael Baumeister
- Sep 1, 2022
- 5 min
Student Loan Forgiveness: Your Questions Answered
On August 24, 2022, President Biden announced debt forgiveness for federal student loan borrowers. He also announced a final extension on...
Michael Baumeister
- Aug 24, 2022
- 6 min
The Inflation Reduction Act
President Biden signed the Inflation Reduction Act of 2022 on August 16th. The bill is currently the most expensive climate change agenda...
Jim Richter
- Aug 11, 2022
- 3 min
Social Security Payments Set To Rise by $2300 Next Year
The Social Security Administration’s projected 2023 cost-of-living adjustment (COLA) is projected to hit 11.4% next year if the current...
Jim Richter
- Aug 4, 2022
- 4 min
Are We In a Recession?
A recession used to be defined as two consecutive quarters of negative Gross Domestic Production (GDP) growth, as measured by the Bureau...
Michael Baumeister
- Jul 27, 2022
- 4 min
The Roth IRA (Part 3 of 3)
This is the third article in our series covering the value of Roth IRAs. To read the first article click here. To read the second article...
Michael Baumeister
- Jul 18, 2022
- 4 min
The Roth IRA (Part 2 of 3)
This is the second article in our series covering the value of Roth IRAs. To read the first article, click here. Contributing to a...
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