by Donn J. Sinclair, MBA
This article is being updated. Please check back again later.
@Sinclair Financial Solutions is independently owned and operated. Donn J. Sinclair, MBA is SC insurance licensed in CT, GA, IL, NC, SC, and VA (NIPR NPN#1722815). SC Real Estate License #76530, and NRDS #554027312. Securities offered through Fortune Financial Services, Inc,3582 Brodhead Road, Suite #202, Monaca, PA 15061;branch office of record located at 948 Myrtle Drive Rock Hill, SC 29730, Member FINRA/SIPC. @Sinclair Financial Solutions and Fortune Financial Services, Inc are separate entities.
Weather Charlotte NC / Rock Hill SC
|Charlotte NC / Rock Hill SC Thursday– March 12 – Partly Cloudy|
|Charlotte NC / Rock Hill SC Friday– March 13 – Mostly Cloudy|
|Charlotte NC / Rock Hill SC Saturday– March 14 – Cloudy|
|Charlotte NC / Rock Hill SC Sunday– March 15 – Scattered Thunderstorms|
|Charlotte NC / Rock Hill SC Monday– March 16 – Cloudy|
|Charlotte NC / Rock Hill SC Tuesday– March 17 – Mostly Sunny|
|Charlotte NC / Rock Hill SC Wednesday– March 18 – Partly Cloudy|
by Kristin Sinclair – A Accu Tax – March 14, 2019
An Individual Retirement Account (IRA) is a tax-favored savings or investment vehicle that you establish with a financial institution, or quite often with the help of a financial professional. The Traditional IRA, often referred to as the Original IRA, is one of the most popular IRAs. Normally you make a deductible contribution for the current tax year into your Traditional IRA.
When you make a deductible contribution, that amount is deducted from your taxable income federal income tax purposes. This means you normally do not pay current income taxes on your deductible contributions, and only pay taxes later when you make withdrawals from your Traditional IRA. Thus, your deductible contribution becomes tax-deferred income. By deferring taxes, any dividends, interest payments, and capital gains can compound each year without being reduced by current taxes. Thus the Traditional IRA has the opportunity to grow much faster than a taxable account. Often retirees find themselves in a lower tax bracket than during their pre-retirement working years. Then the Traditional IRA funds should be withdrawn and taxed at a lower rate.
by Kristin P. Sinclair – A Accu Tax – November 7, 2018
You have decided to pursue a Traditional IRA. That is an Excellent Decision ! So what is your next step ? First check to make certain that you are eligible to open a Traditional IRA for 2018 and/or 2019. Normally you should qualify to open and make contributions to a Traditional IRA if:
Whether or not you are covered by another retirement plan you can start your Traditional IRA. If either you or your spouse is covered by an employer retirement plan; however, then it is important to note that your deductible contributions may be limited.
by Kristin P. Sinclair – A Accu Tax – September 19, 2018
A Roth IRA is a special kind of Individual Retirement Account that may allow your money to grow tax-free. You fund a Roth with after-tax or post-tax dollars – meaning you pay current income taxes on your contribution. In return for no up-front tax break, your money grows and grows tax free. Then you should qualify to withdraw your Roth IRA funds at retirement and pay absolutely no taxes !
That’s right, every penny goes straight into your pocket. This may be especially important in your early retirement years. Taking money from your Roth IRA should not impact the taxability of your Social Security Income.
by Kristin P. Sinclair March 3, 2019
We know that Medicare has several different parts. Today we will be focus on Medicare Part B after a brief paragraph on Part A of Original Medicare.
Medicare Part A has a Hospital Deductible of $ 1,364.00 per benefit period deductible. You might be wondering what a benefit period is ? Well it is a continuous or unbroken number of days within a calendar year. So a person in the hospital as an inpatient on different occasions during a year could face several Part A Hospital Deductibles. It is very important to understand the potential Part A Deductible financial responsibility you might face. Therefore, it is very important to understand that Medicare does not cover all potential health care costs.
However this article is about Medicare Part B. In Medicare Part B, you have premiums, one annual deductible amount that applies to all of Medicare Part B covered medical events for annual period in any given year. Followed by co-pays. Let us look at Medicare Part B more closely.
by Kristin P. Sinclair – March 2, 2019
We know that Medicare has several different parts. Today we will be focus on Medicare Part A of Original Medicare.
Medicare Part A has a Hospital Deductible of $ 1,364.00 per benefit period deductible. You might be wondering what a benefit period is ? Well it is a continuous or unbroken number of days within a calendar year. So a person in the hospital as an inpatient on different occasions during a year could face several Part A Hospital Deductibles. It is very important to understand the potential Part A Deductible financial responsibility you might face. Therefore, it is very important to understand that Medicare does not cover all potential costs.
This article is being updated. Please check back again later.
By Donn J. Sinclair, MBA March 12, 2019
Fixed annuities pay guaranteed rates of interest and in many cases higher interest rates than those available from other financial institutions. Fixed annuities are the issued by insurance companies and are essentially fixed rate savings/investments from an insurance company.
You can select either a deferred or immediate fixed annuity. The deferred fixed annuity normally allows your savings to grow tax-deferred while accumulating regular rates of interest. The immediate annuity usually provides you with regular fixed payments which are partially determined by your age, the size of your annuity purchase, the payment schedule selected, and the interest rate for your annuity.
by Donn J. Sinclair, MBA March 5, 2019
Curb to Door Appeal
The first impression that your home makes on prospective buyers as they approach your home should entice them to step out of their car and enjoy the upcoming showing. Clean, or have someone clean the gutters so they are free of any visible leaves and debris. Your roof should not look like it is need of imminent replacement. You or someone should hose down the exterior, plus use a soft brush or sponge mop to clean hard to reach soffit and fascia, plus the doors, windows and frames. Your front entryway should sparkle. Thoroughly clean the doors, replace any tarnished hardware, and replace any dingy or burnt out lighting. A new front doormat might be just the final touch.
by Kristin P. Sinclair – A Accu Tax – October 6, 2018 – Rock Hill, SC – Charleston, SC
We have heard in the news that the Standard Deduction is increasing and fewer people will be itemizing on the their tax returns over the next 7 years. The higher deduction is indeed expected to be taken by many. However for people who have a Mortgage on their home paying interest, they might want to look at itemizing and decide if it is to their advantage. Have deductible gifts to charity add this to the mix. And then also, taxes paid for home, vehicles, and state taxes on their earned income. Estimated state taxes on investments and retirement income.