Congress Passes SECURE Act | Financial Synergies Wealth Advisors

Congress Passes SECURE Act | Financial Synergies Wealth Advisors

Congress recently passed the Setting Every Community Up for Retirement Enhancement, or SECURE Act. The bill marks some of the most significant changes to retirement policy in more than a decade. The bill first made headlines back in the spring when it received bipartisan support in the House of Representatives. Then it stalled in the Senate due to a handful of provisions but remained a priority throughout the rest of the year. The SECURE Act was attached to the year-end Congressional appropriations bill that kept the government funded through the…

New Tax Law Impacting Charitable Giving?

New Tax Law Impacting Charitable Giving?

Recently, the Wall Street Journal reported that charitable giving by individuals saw the biggest drop in nearly ten years. According to the article, donations dropped by over 3% after four straight years of increased giving. The article suggests that the biggest reasons for the decline were the changes to the tax law and the sharp market downturn at the end of 2018. The tax law change went into effect in 2018 and raised the standard deduction for individual and married filers. With fewer people itemizing their deductions, the article notes…

New Rules Benefit 529 College Savings Plans

New Rules Benefit 529 College Savings Plans

The Tax Cuts and Jobs Act includes a provision to now allow 529 Plans to be used for private elementary and high school expenses, rather than just college related expenses. The new rules are a treat for both parents and grandparents looking for a better way to pay for private educational costs. Prior to the Tax Cuts and Jobs Act, the only plan that allowed for tax-free earnings growth was a Coverdell Education Savings Account (ESA). Limitations on contributions and income has made these plans unfavorable for many families. A…