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Coronavirus Concerns? Consider Past Health Crises

Posted by Mark Frey | Mar 07, 2020 | 0 Comments

During the last week of February 2020, the S&P 500 lost 11.49% — the worst week for stocks since the 2008 financial crisis — only to jump by 4.6% on the first Monday in March.1 By all accounts, the drop was largely driven by ever-increasing fears about the potential effects of the coronavirus (CO...

The Coronavirus and the Global Economy

Posted by Mark Frey | Mar 01, 2020 | 0 Comments

As of February 26, 2020, the death toll from COVID-19 — the official name of the coronavirus first reported in Wuhan, China — passed 2,700, while the number of confirmed cases exceeded 80,000. Almost all were in China, most of them in Wuhan and the surrounding Hubei province. But more than 2,500 ...

IRA and Retirement Plan Limits for 2020

Posted by Mark Frey | Feb 22, 2020 | 0 Comments

IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditiona...

There’s Still Time to Contribute to an IRA for 2019

Posted by Mark Frey | Feb 15, 2020 | 0 Comments

Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, th...

Buying Supplemental Health Insurance Medigap

Posted by Mark Frey | Feb 01, 2020 | 0 Comments

Medicare won't cover all of your health-care costs during retirement, so you may want to buy a supplemental medical insurance policy known as Medigap. Offered by private insurance companies, Medigap policies are designed to cover costs not paid by Original Medicare, helping you fill the gaps in y...

Two Trade Agreements Offer Optimism, But Uncertainty Remains

Posted by Mark Frey | Jan 12, 2020 | 0 Comments

On December 13, 2019, the United States and China announced a “phase one” trade agreement just before new tariffs were scheduled to go into effect.1 Six days later, the House of Representatives passed the United States-Mexico-Canada Agreement (USMCA) in an overwhelming bipartisan vote, virtually ...

Borrowing or Withdrawing Money from Your 401(k) Plan

Posted by Mark Frey | Jan 04, 2020 | 0 Comments

If you have a 401(k) plan at work and need some cash, you might be tempted to borrow or withdraw money from it. But keep in mind that the purpose of a 401(k) is to save for retirement. Take money out of it now, and you'll risk running out of money during retirement. You may also face stiff tax co...

Annuity Basics

Posted by Mark Frey | Dec 22, 2019 | 0 Comments

Annuity Basics An annuity is a contract between you, the purchaser or owner, and an insurance company, the annuity issuer. In its simplest form, you pay money to an annuity issuer, and the issuer pays out the principal and earnings back to you or to a named beneficiary. Life insurance companies ...

Taxation of Investments

Posted by Mark Frey | Oct 13, 2019 | 0 Comments

It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To dete...

IRS Issues Annual List of Tax Scams

Posted by Mark Frey | Oct 06, 2019 | 0 Comments

The IRS recently issued its annual list of tax scams. The list highlights various scams that taxpayers may encounter, many of which occur during tax filing season. Here are some of the scams that are highlighted on the list. Phishing Phishing scams usually involve unsolicited emails or fake web...

Cash Value Life Insurance

Posted by Mark Frey | Sep 29, 2019 | 0 Comments

Cash value, or permanent, life insurance is life insurance that is designed to be kept until your death–whenever that may be. Part of your premium pays for the “pure” insurance coverage and expenses, and the balance is held by the insurance company in a cash value account. The type of permanent l...

Annuities and Retirement Planning

Posted by Mark Frey | Sep 21, 2019 | 0 Comments

You may have heard that IRAs and employer-sponsored plans (e.g., 401(k)s) are the best ways to invest for retirement. That's true for many people, but what if you've maxed out your contributions to those accounts and want to save more? An annuity may be a good investment to look into. Get the la...

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I am committed to answering your questions about the tax and financial landscape in East Central United States, Missouri, and Switzerland.

I offer a free, 20-minute consultation and I'll gladly discuss your case with you at your convenience. Contact me today to schedule an appointment.

Mark C. Frey Attorney, CPA, M. Tax

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