Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

04 Nov 2018

(#422) “The Crash Course” Chapter 23: The Environment: Depleting Resources

As posted on the Peak Prosperity.com and the Chris Martenson's Peak Prosperity YouTube Channel Background The Crash Course has provided millions of viewers with the context for the massive changes now underway, as economic growth as we've known it is ending due to depleting resources. But it also offers real hope. Those individuals who take informed action today, while we still have time, can lower their exposure to these coming trends -- and even discover a better way of life in the process. In this Blog, I am presenting the 27 (inclusive of the introduction) installments of The Crash Course, one per week. Previous installments of "The Crash Course" can be found here: Blog (#311) Introducing "The Crash Course" Blog (#314) Chapter 1: Three Beliefs Blog (#319) Chapter 2: "The Three 'Es'" Blog...

01 Nov 2018

(#421) Fall of Empires: Rome vs USA

Roger Rossmeisl, CPA

Economic Concepts

As posted to the GoldSilver YouTube Channel on 10/29/18 (explanation of documentary as appears on YouTube) In Episode 9 of "Hidden Secrets of Money", Mike Maloney draws eerie parallels to the misguided leaders and monetary policies that doomed civilizations from Ancient Rome to modern-day America. Can President Trump save America? Will the Federal Reserve Board be able to pull off yet another round of extremist interference and postpone a crisis? Find out how Mike believes it will play out. Prior Episodes of "Hidden Secrets of Money" can be found in these blog posts: Blog #242 - Episode 1: Currency vs Money Blog #253 - Episode 2: Seven Stages of Empire Blog #277 - Episode 3: Death of the U.S. Dollar on a Timeline Blog #226 - Episode 4: The Biggest...

01 Nov 2018

(#420) 529 Plans Offer Two Tax-Advantaged Education Funding Options

Roger Rossmeisl, CPA

Taxes

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: prepaid tuition plans, and savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits 529 plans provide a tax-advantaged way to help pay for qualifying education expenses. First and foremost, although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. In addition, some states offer tax incentives for contributing in the form of deductions or credits. But that’s not all. 529 plans also usually offer high contribution limits. And there are no income limits for contributing. Lock in current tuition rates With a 529 prepaid tuition plan, if your contract is for four years of tuition, tuition is guaranteed regardless...

31 Oct 2018

(#419) Consider All the Tax Consequences Before Making Gifts to Loved Ones

Roger Rossmeisl, CPA

Taxes

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple types of taxes Federal gift and estate taxes generally apply at a rate of 40% to transfers in excess of your available gift and estate tax exemption. Under the Tax Cuts and Jobs Act, the exemption has approximately doubled through 2025. For 2018, it’s $11.18 million (twice that for married couples with proper estate planning strategies in place). Even if your estate isn’t large enough for gift and estate taxes to currently be...

29 Oct 2018

(#418) “The Crash Course” Chapter 22: Energy & the Economy

Roger Rossmeisl, CPA

Economic Concepts

23 Oct 2018

(#417) Deficits Could Skyrocket Under Recession

Roger Rossmeisl, CPA

Current Events

Peter Schiff appears on RT on 10/16/18 to discuss the need to reduce government spending. Peter explains that people overlook the increase in the National Debt in that, although the official Budget Deficit is $780B, the National Debt increased by $1.2T during the same time period. That, Peter goes on to explain, is because a lot of what the government is borrowing, it doesn't count as part of the official budget . . . "so it actually borrows about 60% more than it is pretending to borrow". Peter Schiff is an American stock broker, financial commentator, and radio personality. He is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. He is also the author of six books published by John Wiley & Sons. His book, Crash Proof 2.0, appeared on...

23 Oct 2018

(#416) Get a Clue About Hidden Assets

Roger Rossmeisl, CPA

Infographics

23 Oct 2018

(#415) Charitable IRA Rollovers May Be Especially Beneficial in 2018

Roger Rossmeisl, CPA

Taxes

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations. Counts toward your RMD A charitable IRA rollover can be used to satisfy required minimum distributions (RMDs). You must begin to take annual RMDs from your traditional IRAs in the year you reach age 70½. If you don’t comply, you can owe a penalty equal to 50% of the amount you should have withdrawn but didn’t. (Deferral is allowed for the initial year, but you’ll have to...

23 Oct 2018

(#414) Bubble Lasting Longer Than Expected Because Central Banks Printed More Than Expected

Roger Rossmeisl, CPA

Current Events

As posted to the David Stockman YouTube Channel on 10/22/18 David Stockman appears on Fox Business Network's "Varney & Co." to discuss the impact of the Federal Reserve's decision to drain $600B out of the bond market and, in turn, the economy. Stockman explains that the Fed will accomplish this by allowing their balance sheet, which reached $4.5T, to shrink by not reinvesting when Treasury Bonds mature . . . which is the same thing as selling bonds. Stockman goes on to say that adding $600B of debt to the $1.2T budget deficit that we already have for this year, means that $1.8T of debt is looking for a home in the bond market. It will find a home, but not at 3.2% yield on the 10...

21 Oct 2018