October 30th, 2019 Newsletter

Withhold Too Little? You Could Owe Tax Penalties
The chance you under-withheld taxes last may be higher than you think. A 2018 report by the Government Accountability Office (GAO) suggests that a fifth of taxpayers, more than 30 million people, may owe taxes due to underwithholding …
Investopedia

Unusual or Overlooked Tax Breaks You Could Qualify For
The 2017 tax bill changed the way withholdings got calculated for many people. In early 2019, that meant some people who thought they …
Kake

‘Just too much’: Meet the uber-rich who want a wealth tax
When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time …
ABC News

5 bad money habits you’re probably guilty of and how to break them
The occasional splurge won’t sink you financially, but small missteps can quickly develop into bad money habits that could wreck …
USA Today

It will take 100 years for women to earn the same as men at this rate
It could take a century for women to be paid as much as men, if things stay as they are now. The wage gap between men and women is 20% …
CNBC

Entrepreneurs Show Unwavering Optimism in the Face of Recession
In college, I loved the local, family-owned coffee shop. I knew all three baristas by name and would sometimes get free cookies from …
Forbes

$350,000 a Year, and Just Getting By
The hypothetical couple were making $350,000 a year and just getting by, their income “barely” qualifying them as middle-class …
The Atlantic

Building Your Financial Plan Around Cash Flow
When my kids were growing up, many days my wife would sit with them on the floor putting puzzles together. They would laugh and …
Kiplinger

Insurance-Based Tax Deductions You May Be Missing
When it comes to filing taxes, getting the best returns is not about skill—it’s about what you know. Unfortunately, many taxpayers …
Investopedia

Vanquish these 5 financial fears
Fear can consume you. The anxiety of the unknown can drive you to pull the blanket over your head, whether you’re worried about a rustling …
ABC News

Learn from My Best and Worst Financial Decisions
It’s normal to have financial regrets. I know I do, and I don’t mind sharing. Use them as a growing opportunity. And make sure to celebrate …
Kiplinger

“I never knew it was so easy to get rich. Just type ‘money’ into your GPS.”
Copyright © Randy Glasbergen

Trivia
There is a $1 bill and a $2 bill. How about a $3 bill?
See the answer below.

Are Estate Distributions Taxable?
Practically speaking, the United States no longer has an inheritance tax. Inheritances of cash or property are not taxed …
Investopedia

What Year Was It?

John Glenn Returns to Space

Nearly four decades after he became the first American to orbit the Earth, Senator John Hershel Glenn, Jr., is launched into space again as a payload specialist aboard the space shuttle Discovery.
The day was Oct 29. What year was it?

Quote of the Week
“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential… it’s no different in the financial realm.”
Suze Orman

Trivia Answer
There is a $1 bill and a $2 bill. How about a $3 bill?
Answer: There actually was a $3 bill in the early 1800s, but only a few were ever printed by banks.

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Tom Umstattd, CPA
13276 Research Blvd, Ste 101
Austin, TX 78750

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Tom Umstattd, CPA

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