Here are the important changes that affect your 2025 taxes and beyond: Increase in Deductibility for State / Local Taxes What changes: Before 2025, state, real estate, and excise taxes combined were only deductible up to $10,000 in aggregate. That limit is now $40,000. Further Restrictions: N/A Income Limit: Yes, if your income is greater than $500,000, the excess deduction is phased down. Increased Standard Deduction for Senior Citizens What changes: There is an additional deduction of up to $6,000 for each person who is over 65 by year-end. Further Restrictions: N/A Income Limit: Yes, if your income …
Frequently “Oaked” Questions: The “AI Bubble”
You Asked, So We’ll Answer FOQ: So why is everyone talking about an “AI Bubble”? Short: AI stocks have been going crazy Long: AI, or Artificial Intelligence, has captured the imagination of the world. What can it do? How will life change? Will the robots take over and kill us all? If the last one happens, it’s on us. Hollywood has given us plenty of warning: Anywho, one would think there’s money to be made here, and the stock market is just the place (untrue, but the masses won’t hear it!). So in the last few years, AI stocks …
Extra! Extra! Read All About It! Actually, Don’t.
You find a million bucks buried in your backyard on New Year’s Eve. But you’re lucky – you don’t really need it. So you think “I’ll invest it”. And you do, on January 1st, 2025 – all in stocks. From that day until today, you don’t check your account, but you do check the news periodically. Here’s what you’ve seen: And just yesterday: After all that, how do you think that million is doing? Can’t be good. Probably horrible. 2008 all over again. You’re nervous. You’ve been nervous. Should you do something now? You bet everyone else already has. Will …
Frequently “Oaked” Questions: The Tariff Drop
You Asked, So We’ll Answer FOQ: This tariff drop – is it different this time? Short: Nope Long: The market drops for many different reasons. But most importantly, it ALWAYS drops: Nothing new here. The takeaway is that after every single big drop, the market has hit a new high. Every single time. So when you say “It’s different this time”, know that it’s not the reason that matters. It’s the outcome. And the outcome has never been different. We recovered and went on to new highs. FOQ: Why does it hurt? Short: Biology Long: As the …