The first part of effective tax strategy and planning is understanding that when you file your tax returns each year, you’re simply reporting the results (income, losses, etc.) of your activities from the prior year. Once the year ends, while there are a few things that can be done, most of your results are already set in stone and you will pay tax based on those results.
Peter Coy of Bloomberg Businessweek reports this week on the growing problem of housing in America. “Even after a gradual rebound from its nadir in early 2009, the rate of starts on erecting single-family residences remains below the level of the early 1960s, when the U.S. population was less than 60 percent of what it is today.”
Nick Timiraos of The Wall Street Journal reported on the Federal Reserve’s decision last week to keep interest rates steady, signaling a change in policy from last guidance. “Last month, they raised their benchmark rate by a quarter percentage point to a range between 2.25% and 2.5% and signaled two more rate rises were likely this year.” But for now, that policy has shifted, with Fed Chairman Powell noting, “the case for raising rates has weakened somewhat.”