Sept. 9, 2013: For those clients living in North Carolina, 2014 will bring a host of income tax changes. The Tax Simplification and Reduction Act of 2013 was signed into law July 24, 2013 and takes effect January 2014. 1. Individual Tax Rates The current graduated income tax rates in NC of 6%, 7% and 7.75% will be replaced with a flat tax of 5.8% during 2014 and 5.75% for 2015 and beyond. Eliminates the personal exemption Eliminates the child tax credit for those earning over $100,000; retained at $100 per child for earnings between $40,000 and $100,000; increased to $125 per child for earnings < $40,000. Eliminates both the exclusion of $2,000 for qualified private pension income and $4,000 for federal/state/local pension income. However, NC does retain the “Bailey” settlement exemption for taxation of retirement benefits. This settlement specifically applies to Federal/NC retirees who had 5+ years of creditable service as of 8/12/1989. Raises the standard deduction to $15,000 for Joint; $12,000 for Head of Household and $7,500 for Single filers. Limits itemized deductions for personal residence interest and Read on! →
Sept. 6, 2013: An announcement last week by the U. S. Treasury, as well as IRS Revenue Ruling 2013-17, declared that for legally married same-sex couples, the IRS will follow the laws of “the place of celebration” in determining legal marital status, for all federal tax purposes, including income, gift and estate. This means that it doesn’t matter what state the couple currently resides in, they will now be treated as married for their federal tax filings. There are still complications regarding the state income and estate taxation for these couples, but this announcement does help ensure that federal benefits are determined by the legality of the marriage, not the individual state where the couple resides. This ruling also applies to federal tax provisions where marriage is a factor, including employee benefits, earned income credits, IRA contributions and taking the standard deduction. Since the Supreme Court ruling over the summer regarding same-sex marriages, there have been numerous federal announcements and ruling changes to address each affected area. You can expect continued clarification from the federal agencies involved as they work Read on! →
Cheryl Sherrard quoted in Financial Planning Magazine (July 1, 2013). Group disability is, by far, the way that most people have coverage. It’s often free or available at very low cost, and there’s no medical underwriting involved. But it only goes so far, advisors caution. The benefit can be taxable if an employer pays the premium or if the employees pay it pretax. That could come as a shock to someone who believes they’ll be getting 60% of their salary only to find out that a big chunk of it is taxed. Also, group coverage is based on salary rather than total compensation. Someone whose earnings are based largely on a bonus may find the benefit woefully lacking, says Cheryl Sherrard, director of financial planning with Clearview Wealth Management in Charlotte, N.C. And group disability often places severe restrictions on which type of disability will be covered. The plans usually pay for 18 to 24 months if a person is not able to perform his or her occupation; after that, they typically only continue to pay if that person can’t Read on! →
FOR IMMEDIATE RELEASE June 11, 2013 CLEARVIEW WEALTH MANAGEMENT OPENS IN CHARLOTTE Charlotte, NC — Clearview Wealth Management is proud to announce its opening in the SouthPark area of Charlotte, North Carolina. Established in early 2013, Clearview Wealth Management was formed by three of Charlotte’s financial planning and investment management professionals – Eric Clark, CFP®, Cheryl Sherrard, CFP® and Treven Ayers, CFP®. Combining their 60 years of collective experience, they formed a client-centered firm built on the principles they believe in: Commitment to a lifelong partnership with each client built on a cornerstone of trust. Clearview’s primary focus is on the needs of the client and their successive generations. Focused expertise and technical knowledge to provide well-researched and appropriate solutions for each client. A customized approach to financial planning and investment management that is unique to each client and evolves as the client’s priorities change over the course of their life. A fee only, fully transparent pricing model which allows for unbiased advice with no hidden agendas. No commissions, no confusion. A firm-wide commitment to give back to the community Read on! →
Megan Rindskopf quoted in USA Today. New wrinkles. Pressure to procreate. And what have you checked off your bucket list lately? Turning 30 can be stressful, even before thinking about personal financial goals and how to achieve them. Adults 34 and younger grade themselves worse than any other age group in their personal finance knowledge, with 48% giving themselves a C or lower, according to a survey by the National Foundation for Credit Counseling. Financial planners say that needs to change. Millennials have a lot to do to get their house in order… …”Thirty today isn’t what 30 was a few decades ago. It could mean single and 30, or married with children,” says Megan Rindskopf, 26, a certified financial planner with ClearView Wealth Management in Charlotte. “I think the biggest issue for people in this age range is knowing how best to deal with competing priorities. A lot of people are living paycheck to paycheck. This is kind of the age where you feel you need to grow up.”… Read More at USA Today.