November 15, 2016

Act Now to Avoid Tax-Time Surprises

Avoid tax-time surprises of large refunds or unexpected tax bills by bringing your estimated taxes in line with what you will actually owe: Check your withholding. If you’re an employee, work with your tax professional or use the IRS Withholding Calculator to check that your withholding is correct. Report any important life changes. If you’ve recently gotten married, had a child, gotten divorced, or added other dependents, you may need to adjust your withholding. If you have changed your name, make sure to file the change with the Social Security Administration to avoid errors at tax time. Have multiple sources of income? If you work multiple jobs or receive reportable income from other sources, you may need to make estimated tax payments. Consult your tax professional for help. To learn more about adjusting your tax withholding or paying estimated taxes, ask your tax professional or check Publication 505, Tax Withholding and Estimated Tax. Tip courtesy of IRS.gov
June 7, 2016

What Did the May Jobs Report Show Us?

What Did the May Jobs Report Show Us? WEEKLY UPDATE – JUNE 6, 2016 Stocks closed the holiday-shortened week mixed, with some sectors losing ground while others gained after a disappointing May jobs report signaled that the economy may not be strong enough for the Federal Reserve to raise rates this month. For the week, the S&P 500 ended flat, the Dow lost 0.37%, the NASDAQ increased 0.18%, and the MSCI EAFE added 0.13%.[1] On Friday, we got a look at how the labor market did in May. Analysts looked to the report to see whether the labor market would give the Fed the ammunition it needed to move at the June meeting. Here are a few things we took away: Job growth disappoints…but it has happened before The economy created just 38,000 new jobs last month, the worst showing since September 2010. The number of new jobs sharply missed expectations, which called for around 160,000 new jobs.[2]  However, seasonal factors, like a massive Verizon worker strike, which took 34,000 workers out of the count, were at play and may have affected hiring numbers.[3] The labor market has suffered temporary setbacks before. For example, in December 2013, the economy added […]
May 11, 2016
April Jobs Report Shows Slower Pace of Growth

April Jobs Report Shows Slower Pace of Growth

April Jobs Report Shows Slower Pace of Growth WEEKLY UPDATE – MAY 9, 2016 April Jobs Report Markets slumped for the third week as global concerns pressured investors again, and domestic data painted a modest picture. For the week, the S&P 500 lost 0.40%, the Dow fell 0.19%, the NASDAQ dropped 0.82%, and the MSCI EAFE fell 3.19%.[1] April’s job report showed investors that the labor market continues to improve, adding 160,000 jobs last month. However, the gains were far below the consensus estimate of 200,000 new jobs. Though the unemployment rate remained unchanged at 5.0%, one estimate of the underemployment rate-measuring discouraged workers and part-timers who want full-time work-fell to 9.7% from 9.8% in March. That’s good news, because it means that workers who have struggled in the recovery may finally be catching up.[2]   However, it’s not all good news. A separate private industry report found that job cuts surged 35.0% between March and April as firms let go of workers. Over 250,000 pink slips were handed out between January and April, the largest number since early 2009. Though the beleaguered energy sector is driving layoffs, shifting consumer preferences are also causing retail and computer companies to cut […]