Joe Jaspers's Loose Change Newsletter

Joe Jaspers, CFP^®

Vice President, Wealth Management

Carolinas Telco Capital Advisors

Located at Carolinas Telco FCU

9813 South Blvd, Suite 101

Charlotte, NC 28273

Phone: 704-391-5600

Toll Free: 800-622-5305, ext. 2608

Fax: 704-556-1652

Email: joe.jaspers@lpl.com

March/April 2019

Two Ways to Save Taxes

As federal and state tax filing deadlines approach, you may naturally wonder how to minimize your taxes. Traditional and Roth IRAs are two options that may help reduce your total tax bill for 2018 and beyond, and you can open one for tax year 2018 up to the tax filing deadline in 2019.

Important 2018 Tax Law Changes to Note

As the filing deadline nears for your 2018 federal tax return, it may be helpful to brush up on changes that can affect how much you pay. Be aware that some of the changes cited below are subject to income limits and other qualifications, so check with your tax professional to learn about these and other changes to your 2018 return. Also beware that many individual changes will expire in 2026.

Spring-Clean Your Finances

Now is not only a good time to spring-clean your house, but to take care of financial matters you may have put off. Consider the following:

Buy or Rent

If you’re young and starting out, home ownership may seem like an impossible dream. However, you can increase your chances by reducing your debt. Answer the following questions to see here you stand.

How Long to Retain Documents

Organizing your financial records can help you find what you need this tax season. Begin by understanding how long you need to keep the following records, courtesy of the IRS:

Tips to Help Boost Your Credit Score

Your credit score is often the driver when looking for the best deal on a credit card or auto loan. Here are some steps to help increase your credit score:

Unmarried Parents

Pew Research Center analysis of 2017 census data found that one in four parents was unmarried, a sharp increase in recent years. Being married or unmarried does not change the fact that most parents — especially single ones — should have life insurance.

Retirees Stay the Course

Has life thrown you a curveball and knocked your retirement expectations off track? With the help of a financial professional, you may be able to find alternatives to most financial setbacks and get back on track. Here are some post-retirement challenges and their potential solutions.

Last-Minute Tax Break

If you are self-employed or own a business, a Simplified Employee Pension IRA (SEP-IRA) can be one way to minimize taxes and plan retirement.

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