Retirement Readiness Our Retirement Readiness series is four separate webinars designed to address today's most important retirement issues. Each 20 minute webinar is designed to provide 15 minutes of value-packed content and close with 5 minutes for Q&A You can use the links below to watch the recorded webinars "When Will I Be Ready and What Should I Do Today to Prepare for Retirement?" When Will I Be Ready and What Should I Do Today To Prepare for Retirement is a 20 minute webinar that will walk through the three most important steps you can take to get yourself on track to safely retire on your time frame. In addition to the three specific action steps, all attendees will receive our Safe Retirement Zone calculator as a valuable tool that they can use to help take control of their future. View On-Demand Video Social Security Claiming Strategies - How to Maximize Your Lifetime Benefit The Social Security Claiming Strategies module can have a profound impact because most people don't understand the different options they have when claiming Social Security, and they don't understand the financial implications of the different options. If you are married, your options have doubled, and if you are divorced you may still have the option of a spousal claim. Understanding the spousal benefits and the delayed benefits may not only significantly increase your monthly income, it could change the trajectory of your retirement years. Our Social Security Claiming Strategies module is invaluable if you or someone you care about is in or near retirement. View On-Demand Video Tax Efficient Retirement Planning in Light of the Recent Tax Cuts and Jobs Act The Tax Efficient Retirement Planning module will address the massive shift in the tax code that took place last January. These changes radically impact how individuals should be preparing for retirement, and they provide significant opportunities to take action between now and December of 2025, when the tax cuts are set to expire. The Tax Efficient Retirement Planning module will empower you with the tools to take full advantage of the current compelling, but temporary opportunities created by the new tax laws. View On-Demand Video Small Business Retirement Planning The Tax Cuts and Jobs Act recently passed by congress enacted the most significant tax legislation changes that our country has seen in over thirty years. These changes have a significant impact on how small business owners should prepare for retirement - and that is why we put together our Small Business Retirement Planning module. If you are a small business owner or independent contractor and your financial plan was put in place prior to December of 2017, there is no way you are taking advantage of the new opportunities. Our Small Business Retirement Planning module will help small business owners take full advantage of the recent changes to maximize a lifetime of savings that are currently available. But there is a sense of urgency, because the current tax cuts are set to expire in 2025. View On-Demand Video

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WHAT WILL HAPPEN When Social Security Runs Out? At the end of August 2021, a new report was released that showed Social Security is projected to run out of money in 2033, one year earlier than previous calculations. With that deadline only 12 years away it is likely to impact everyone who is not already enrolled in Social Security as well as many who are. What will happen when the fund runs out? You may have heard that benefits will stop being paid once the fund runs out, but that is not likely to happen. We have laid out some of the changes that are likely to be made to Social Security over the next 12 years or after the fund runs out around 2033. Reduced Benefits If no changes are made before the fund runs out, the most likely result will be a reduction in the benefits that are paid out. If the only funds available to Social Security in 2033 are the current wage taxes being paid in, the administration would still be able to pay around 75% of promised benefits. While a 25% reduction in benefits could significantly hurt the retirement plans of those who are relying on their Social Security benefits, it is far less damaging than the program being shut down entirely. With the potential for benefits to be reduced, some retirees may be tempted to apply for their benefits early to receive as much as they can before the fund runs out. However, if you start taking your benefits as soon as allowed, they will be reduced to 70% of your full-retirement age benefit. Comparing this to the 75% that could be received even after the fund runs out, you would still be hurting your retirement by applying early. Increased Wage Taxes To avoid benefit reductions, congress may vote to increase the Social Security taxes charged on employee wages. If the increase were put in place immediately, the employee portion of the tax would need to increase from 6.2% to 8%. This would represent an additional $900 in taxes paid annually for an employee making $50,000 per year. Another proposal in wage taxes that has become popular in recent years is an additional tax on high earners. Rather than increasing the social security tax of 6.2% on all payers, this would implement a new tax on wage income above $400,000 to help stabilize the social security fund. Increased Full Retirement Age Even if the fund does not run out, the full retirement age needed to receive your full Social Security benefit is likely to go up in the future as life expectancies increase. Since the Social Security program was first started the average life expectancy has increased 7 years and yet the full age retirement for Social Security has only increased 2 years. As the fund begins to run out, it is likely that the full retirement age will be raised even further, along with harsher benefit cuts for those who apply early. Summary While Social Security benefits are unlikely to be completely eliminated 12 years from now, there is a strong possibility that they will be reduced significantly if revenues are not increased in the next few years. To make sure that your retirement plan is secure, you should analyze your retirement income stream under the assumption that your Social Security benefits will be reduced and determine what changes need to be made if that happens. Schedule a Meeting to Learn More Failing to order your affairs to minimize your tax burden could cost you significant money - so don't wait to take action. If you have additional questions or need some planning help, please reach out to us.

Beware of Hedge Fund Managers Bearing Gifts Quarterly: Oct 17 "Do not trust the horse, Trojans. Whatever it is, I fear the Greeks even when they bring gifts." According to Greek mythology, the Greeks had struggled for nearly a decade to penetrate and conquer the city of Troy. In an act of trickery, they constructed a huge wooden horse, hid men inside it and pretended to sail away from the city. Ignoring wise counsel, the Trojans opened the gates and unknowingly opened the door for the Greek army to enter their city. Shortly after the Trojans brought the horse into the formerly impenetrable area, the Greek army sailed back under the cover of night and stationed their men to attack. Once the Greek army was in place, the men crept out of the horse and opened the gates for the rest of the army to enter and destroy the city of Troy. The term "Trojan Horse" has metaphorically come to mean any trick or strategy that causes a target to invite a foe into a securely protected area. We correlate this story to the appeal of hedge funds and private equity to a high net worth investor and the economic reality that is likely to follow. Diverging from our normal lines of discussion, we are going to explore the implications of the Tax Cuts and Jobs Act (the new tax code) on alternative investment income. The tax implications on alternative investment income are staggering. The new US tax code raises the bar so high that most alternative investments will fail to pass the test for the average high-net-worth investor. The term “high-net-worth investor” is a relative term. After all, nobody wants to be the one millionaire on an island of billionaires! Rather than defining high-net-worth by the size of someone’s balance sheet, we are going to define it as anyone with an annual income above $400,000, the beginning of the 35% tax bracket for married couples filing a joint tax return here in the United States ($200,000 is the beginning of the 35% bracket for a single filer). For today’s discussion we are going to use the 37% tax bracket to define high net worth, so technically this would be a married couple with a taxable income above $600,000 or an individual with a taxable income above $300,000. A brief history lesson on our tax code and investment management fees: The “two and twenty” fee structure (2% management fee and 20% performance or carried interest fee) charged by hedge fund and private equity managers has always been a challenging hurdle for alternative investment managers to overcome. Prior to 2018, however, the US tax code took some of that sting out of the bite by allowing investors to deduct their investment management fees once they surpassed 2% of adjusted gross income. In other words, a tax payer with $1 million dollars in adjusted gross income could deduct the investment management fees that surpassed the $20,000 mark (the 2% hurdle). The new tax code however, has removed investment management fees from the list of itemizable deductions. The colossal impact of this change comes down to the fact that 100% of your investment income flows through to your personal tax return and your investment management fees no longer offset that income. It’s like the opposite of a tax-free municipal bond. Instead of receiving income on which the government will not tax you, you are required to pay tax on income you will never receive. Let’s take the example of a married couple making $700,000 per year from their employer plus another $150,000 of income from their alternative investments. To keep things simple, we will make the following assumptions: The couple earns $700,000 in wage income from their employer The alternative investment is custodied in a traditional taxable account (ie. non-retirement account) The alternative investment generates $150,000 of investment income on $1,000,000 of invested capital Half of the investment income is taxed at the investor's ordinary income tax rate and half is taxed at the long-term capital gains rate The investment manager is paid $20,000 from the 2% management fee and $26,000 from the 20% performance fee Description $150,000 Of Investment Income ($20,000) 2% Management Fee ($26,000) 20% Performance fee $104,000 Net to Investor Before Tax Tax Liability +$42,750 (Federal Income Tax) +$3,885 (Net Investment Income Tax) Cannot be deducted on Schedule A Cannot be deducted on Schedule A $46,635 Additional Tax Liability The investor receives $57,365 after investment management fees and federal income tax, and still has a state income tax bill to pay. This 5.7% return is a long way from the 15% gross return generated by the hedge fund manager. Keep in mind, we are just looking at the tax implications of alternative investment fee structures. Considering the fact that the HFRI Equity Hedge Index only returned 3.38% over the last five years (according to Hedge Fund Research, Inc. – 2/28/19), we haven’t even begun to address the impact of performance fees on net returns to investors. Potential Solution: Asset Location One potential way to address this problem is to put investments with high management fees into tax-deferred retirement accounts instead of traditional taxable accounts. The challenge with this option is that it puts the investor at risk of being subject to UBIT issues (unrelated business income tax). Because of the potential UBIT and ERISA issues, some managers and many custodians will not accept retirement assets in alternative funds. This asset location issue is a critical piece of the wealth preservation and accumulation puzzle. Unfortunately, this mission-critical issue is often missed by the wealth management community due to a lack of knowledge about our tax code. Conclusion The Tax Cuts and Jobs Act creates a very challenging hurdle for many alternative investments to overcome. Investors should be careful to analyze the net after-tax return on their investments and make sure they are being fairly compensated for putting their capital at risk.

Charitable giving increases at the end of the year. If you are making donations keep these guidelines in mind to get your full tax benefit. Making The Most Of Your Charitable Donations As we approach the holidays you are most likely busy planning visits to family or getting ready for your holiday shopping. You are also likely planning to give some of your money or property to charity. Many charitable organizations report that they receive a majority of their donations in the last three months of the year. With this in mind, we want to share with you some simple guidelines to be aware of to make sure that you are properly rewarded for your generosity come tax season. There are two different types of donations that you can deduct on your tax return, donations made with cash, and donations made with non-cash items such as clothing, furniture, or food. DONATIONS MADE BY CASH Once you have determined that the organization you have chosen meets the five basic guidelines, you need to make sure that you have proof of your donation. This can be accomplished with one of the following: A receipt or other written document from the organization, showing the name of the organization, the date of the contribution, and the amount of the contribution A cancelled check or credit card receipt that shows the name of the organization, the date of the contribution, and the amount of the contribution. Keep in mind that you can also donate to most governments within the United States, if you ever feel inclined to pay more in taxes. (In which case we may not be the firm for you) NONCASH DONATIONS Noncash donations typically involve dropping off outgrown clothes or unwanted furniture at your local Goodwill or Salvation Army. The guidelines for determining if noncash donations to an organization are the same as the guidelines for cash donations. To determine the amount of a deduction you can claim for your noncash donations you need to know the Fair Market Value of the items. The Fair Market Value is the amount you could reasonably expect to receive if you sold the item instead of donating it. If you need help determining the value of your items, you can use Goodwill's Valuation Guide . When you make a donation to Goodwill or a similar charity, you should make sure you receive a receipt and keep a record of the items that you donate. This will ensure that you can take the tax deduction to which you are entitled. FIVE BASIC GUIDELINES to keep in mind when determining which donations are deductible: 1. Donations must be made to a corporation, trust, community chest, fund, or foundation. This means that donations to an individual, or a group of individuals is not deductible. For example, donating to a group of doctors who are going to the Philippines to provide medical care is not deductible, but donating to an organization that will send doctors to the Philippines is deductible. 2. The organization must be created or organized in the United States. The organization can still operate overseas, as long as it is based domestically. 3. It must operate for religious, charitable, scientific, literary, or education purposes, for the promotion of amateur sports, or for the prevention of cruelty to children or animals. 4. It must not operate for the profit of a private shareholder or individual 5.It must not engage in political lobbying Through the internet, it is easier than ever to give money to those in need. Most charitable organizations now have a website where you can donate online. This surge in online donations has led many to donate smaller amounts to various organizations, rather than one large donation to a specific organization. While this provides donors the freedom to give to the cause they most believe in, it has also blurred the lines between what is a tax-deductible donation, and what is not. To help determine which donations are deductible, see the center box. Read more articles Failing to order your affairs to minimize your tax burden could cost you significant money - so don't wait to take action. If you have additional questions or need some planning help, please reach out to us.

Enrolled Agents and Certified Public Accountants Click Here to see IRS Website - Understanding Tax Return Preparer Credentials and Qualifications What is a Certified Public Accountant? Licensed by state boards of accountancy, the District of Columbia, and U.S. territories, certified public accountants have passed the Uniform CPA Examination. They have completed a study in accounting at a college or university and also met experience and good character requirements established by their respective boards of accountancy. In addition, CPAs must comply with ethical requirements and complete specified levels of continuing education in order to maintain an active CPA license. What is an Enrolled Agent? An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing the three-part Special Enrollment Examination administered by the Internal Revenue Service. The Comprehensive exam requires the participant to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation. Enrolled agents are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before. Enrolled agents are subject to a suitability check and must obtain a minimum of 72 hours of continuing education every three years. Additionally, they must also obtain a minimum of 16 hours of continuing education, including 2 hours of ethics or professional conduct each year.

Quarterly: Oct 17 Profiting From the Failure of Active Managers If you were to Google “Active vs Passive Management” you would see a multitude of articles debating the value of high-fee active managers verses low-fee passive ETF sponsors. Instead of sharing our two cents on the fee debate, we would rather spend our time addressing the failure of the models behind most active managers and how to profit from their mistakes. The reason most active managers fail to outperform their benchmarks is not simply due to their higher fee structure. They fail because they fail to recognize that the markets are random. In their refusal to recognize the “randomness” of the markets, they put their trust in their “expert” ability to predict the future, but the future is not predictable because the markets are random. That is why Tamco spends zero effort attempting to predict which companies will grow earnings next year. Why spend resources in an attempt to predict something that is unpredictable? Rather than basing our stock selection on a model that tries to predict the future, we buy stocks based on their characteristics at the time of purchase. As an example, let’s take the earnings trends of BlueCo and RedCo (below). If these two companies existed today, BlueCo is likely to trade at a high valuation while RedCo is likely to trade at a low valuation. And the difference between these valuations will be driven by the “experts” and their assumptions about the future earnings of these two companies. But academic studies have shown that experts are very bad at predicting the future and historical trends tend to revert back to their mean. This principle is called “Reversion to the Mean.” So the primary focus of our analysis is on the data point of today. What do these companies look like today? What are their current earnings? What are they currently doing with their free cash flow? And how does their valuation compare with other opportunities in the marketplace? Because today’s earnings and today’s capital allocation decisions give us the best insight into what these two companies will look like tomorrow; and the probability of their earnings reverting back to the mean is higher than most would think. This type of analysis not only keeps us from overpaying for BlueCo, it also helps us identify the opportunity with RedCo; because there is a reasonable probability that each of these companies will end up with similar earnings and similar valuations over time. And the valuations are likely to be somewhere between where they are each priced today.

OCTOBER 2016 MONOTELO QUARTERLY WHAT IS THE BEST Business Structure for You? assets. Once you choose a corporate structure, it is not easy to switch to another, so it is important that you weigh all your options before deciding. LIMITED PARTNERSHIPS. If your business is structured as a limited partnership, then all the profits and losses of the company to distinguish between income earned as a salary, and income earned as profits of the corporation, allowing them to only pay payroll taxes on a portion of the income. The major downside to the C-corp is what is referred to as double taxation, where the profits of the company are taxed first at the corporate level, and then again at the personal level as they are passed through to the owners. S-CORPORATIONS. The main benefits to operating as an S-corporation, are that income is passed through the corporation without being taxed, and you can differentiate between salary and profits of the corporation. The S-corp provides the same benefits as the C-corp, without being subject to the double taxation of the C-corp. Another benefit to the S-corp over the C-corp is when an S-corp is sold, the proceeds are treated as capital gains, which have Once you choose a corporate structure, it is not easy to switch to another When you operate a business, it is very important how you decide to initially structure that business. While a sole proprietorship is the easiest business to start and operate, not only will you miss out on tax strategies to lower what you pay the government, but you could find yourself personally responsible for the debts of the company if the company takes a turn for the worse. To avoid this risk, you can structure your business as a limited liability company, a limited partnership, or a corporation. These structures protect you from the debts of the company, hence creditors can't go after your personal will flow through to the individual returns of the owners, meaning there is no income tax at the business level. In a limited partnership, only the owners who are actively involved in the management of the business are personally liable for the debts of the company. Owners who are only financially involved in the company are not personally liable. C-CORPORATIONS. This is the most common type of corporation, as there is no limit to the number of shareholders and it is easy to transfer ownership. One benefit of the C-Corporation is the ability of the managing owner LIMITED LIABILITY COMPANIES. Similar to an S-corp, an LLC provides the liability protection of a corporation, along with the pass-through nature of a partnership. An LLC, however, places no restrictions on the number of owners, the tradeoff being that all LLC members pay self-employment taxes on all income. LLC's also provide advantages upon dissolution as assets distributed to owners are not taxable until sold by the recipient. more favorable tax treatment than ordinary income, which is how proceeds from the sale of a C-corp are treated. While there are requirements to qualify as an S-corp, such as no more than 100 owners, they can provide significant tax advantages over the C-corp. July 2016 Save as PDF January 2017

WHITE PAPER INTRODUCTION WIN ONE, LOSE ONE, WIN ONE... The W-L-W case was a fun case for our team. There was complexity due to the types of income this family was generating and the stakes were high because they were in the 39.6% tax bracket in the prior tax year. They were also paying AMT (the alternative minimum tax). This can be a very tough tax to deal with because it can wipe out our ability to take certain itemized deductions. Both the husband and wife worked. The wife was a high-producing business owner and the husband worked in corporate America. We projected their tax liability to be in the $110,000 range when we started the case, and both the husband and the wife made it clear that they were tired of paying too much in taxes. They felt like their current advisory team was doing little to help them accomplish their goals. THE CHALLENGE With more than half of the income in this case coming from W-2 income, we believed we could still make a difference for this family. This, however, was one of the first cases where the majority of the income was not coming from the small business owner, but coming from a corporate employee. THE SOLUTION We had three goals heading into this case: Lower their taxable income by $15,000 Shift the sources of the income of the business owner Reduce or eliminate the AMT Penalty In the end, we could not get to our first goal and we did not fully eliminate the AMT penalty. However, we were able to lower their taxable income by $12,500. We were surprised at the smaller impact we had on their taxable income, but we were even more surprised when we discovered that we lowered their overall federal tax liability by $14,000 a year. We were not able to fully eliminate the AMT penalty for this family, but we were able to reduce it with two strategies: We reduced their adjusted gross income by structuring the compensation differently for the business owner and this lowered the AMT penalty We suggested shifting one asset from their personal balance sheet to an LLC. This reduced the portion of the itemized deductions that they missed as a result of the alternative minimum tax. The $14,000 in annual savings that we were able to generate for this family was outside the norm of what we had done in the past, but the additional complexity of their situation gave us more opportunities to be creative! Save as PDF More White Papers JSZ: Junior Sam Zell CWS: Could-A-Would-A-Should-A SOO: Starting Over, And Over

FINANCIAL PLANNING & LONG-TERM TAX REDUCTION IN LIGHT OF THE TAX CUTS AND JOBS ACT The Tax Cuts and Jobs Act has created a unique and time-sensitive retirement planning opportunity that will sunset in 2025. READ MORE BEWARE OF HEDGE FUND MANAGERS BEARING GIFTS "Do not trust the horse, Trojans. Whatever it is, I fear the Greeks even when they bring gifts." READ MORE PROFITING FROM THE FAILURE OF ACTIVE MANAGERS The reason most active managers fail to outperform their benchmarks is not simply due to their higher fee structure. They fail because they fail to recognize that the markets are random. READ MORE BETTER THINKING... Daniel Kahneman breaks down our decision-making process into two systems: System 1 is intuitive and emotional. System 2 is deliberative and logical. Understanding how System 1 and System 2 work together is critical. READ MORE ...BETTER DECISIONS The challenge with our System 1 and System 2 thinking is when we "think" we are an expert, or we have a life experience that impacts us. This perception of "expertise" or the impact of life experience can shape our decision-making process in a profound way. READ MORE THE FALLACY OF THE FORMULA What do Circuit City, Fannie Mae and Pitney Bowes all have in common? They have all been remarkable failures and were three of the eleven "Great Companies" identified in Jim Collins' Good to Great book. READ MORE OVERCOMING OUR COGNITIVE BIASES The challenge with our cognitive biases is that they tend to influence us most at the extreme ends of the spectrum. And it's at these extreme ends of the spectrum where we may need to ignore them the most. READ MORE

See below for a few simple tips that you can apply to align all your financial decisions with your most deeply held values and life goals to help you live the best life possible. A Great Planning Tool: Health Savings Accounts How the Revised Child Tax Credit Will Impact Your 2021 Tax Return Managing Your Healthcare Costs in Retirement Tax Implications of the American Jobs Plan The American Rescue Plan Act Three Reasons to File Your Taxes Early The Tax Implications of Your Side Hustle Year-End Tax Planning The High Risk of Owning Bonds Today Financial Planning Check Up Social Security Tax Deferral Economic Impact Payments From The CARES Act What Expenses Are Deductible In 2019? What You Should Know About The SECURE Act Roth vs. Traditional IRA: Which One Is Right For You? Year-End Tax Planning Strategies Avoid Surprises On Your 2019 Tax Return What Will Happen When Social Security Runs Out? Six Myths About Health Savings Accounts. The Impact of Your Pension On Your Social Security Benefits Five Things That Every IRA Owner Should Know The Impact of the Tax Cuts and Jobs Act What Triggers The IRS? 10 Flags that Could Signal an Audit Tax Consequences of Reinvesting Your Mutual Fund Distributions Year-End Review of Your Retirement Accounts Maximizing Your Deductions in Light of Tax Reform Tax Implications of Selling Your Home How to Save for Your Child's College Education Will vs Trust: Which is Right for You? Avoid Surprises on Your 2018 Tax Return Five Changes to Be Aware of Under the 2018 Tax Reform Year-End Tax Planning Strategies Making the Most of Your Charitable Donations How Could the Proposed Tax Reform Affect You? 8 Security Tips in Light of the Equifax Data Breach Tax Tips for Home Sellers "Why Am I Being Selected for An Audit?" 5 Things You Can Do Right Now to Help Improve Your Retirement Years What Parents Need to Know About Back-to-School Expenses Avoid The Hidden Traps of Retirement Plan Loans

4 1 AVOID SURPRISES On Your 2019 Tax Return According to the IRS, the number of taxpayers who owe at the end of the year has increased 40% in recent years. To make matters worse, if you owe money on your tax return you will also likely be charged penalties and interest for not paying the correct amount throughout the year. The best way to avoid this is to make adjustments to your federal withholdings with your employer or to make estimated tax payments throughout the year. To get started you should determine if you are likely to have a balance due when you file your 2019 tax return next year. WHY DO I OWE? When you are paid by your employer they are required to withhold federal taxes to cover your expected liability. However, these withholdings are not always sufficient to cover your final tax bill due to various factors that can affect your tax liability. Several of these factors include: More than one source of income . If you work more than one job, or if you have a spouse that also works, you have an increased chance of owing on your tax return. This is because each employer only accounts for the wages they are paying you when determining how much taxes to withhold. When you have more than one source of income you could be in a higher tax bracket than your employer expects. Significant increase in income. When you start making more money you run the risk of being phased out of various tax deductions that you may have qualified for in the past. And if you receive a large pay raise in the middle of the year, your withholdings in the first half of the year may no longer be sufficient for that portion of your income when you move into a higher tax bracket. No longer claiming your child. Claiming your child on your tax return can reduce your tax bill by $2,000-3,500 per year. So when you child moves out on their own, or when you cannot claim your child due to divorce, it can take a heavy toll on your tax bill. Major life changes. Getting married, getting divorced, or retiring. These are all major life changes that can have a dramatic impact on your tax return. When you go through one of these changes you should be prepared for significant changes to your tax bill. WHAT TO DO? If any of the above situations apply then you are at increased risk of having to pay when you file your 2019 tax return. To avoid this you can change your withholdings with your employer. If you have more than one job we recommend claiming zero allowances with your second employer. You can also request that an additional specified amount be taken out of each check and put toward your federal tax liability. You can also estimate your final tax bill and make quarterly estimated payments to reduce or eliminate your bill at the end of the year. If you still owe, making quarterly payments can help you avoid paying additional penalties when you file your return. If you would like help determining if you should adjust your withholdings or make estimated payments please give us a call. 3 2 Read more articles Failing to order your affairs to minimize your tax burden could cost you significant money - so don't wait to take action. If you have additional questions or need some planning help, please reach out to us.