Harris Tax & Wealth Management, PC

09/04/2024

🏈The 2024 NFL season kicks off on Thursday, September 5th!! Anyone else excited? 🎉

The defending champions Kansas City Chiefs will host the Baltimore Ravens in an AFC title rematch. Wonder if any famous singers will be there cheering? 🎤

Just as NFL teams meticulously prepare their playbooks, fans should tackle their financial game plans with equal fervor. In both football and finance, a strong offense can be the best defense against future challenges.

As financial coaches, we help clients draft a winning strategy and make smart plays that are designed to lead to long-term financial success.

👇 Share your picks for who will make it to the Super Bowl. Will Kansas City do it again?

09/04/2024

📚 Attention college-bound families!

The FAFSA rollout for the 2025-2026 school year is changing, and it's important to understand how this might affect you.

The Department of Education is implementing a staggered release with the following schedule:
💻 A limited rollout begins on October 1, 2024.
💻 Public access opens on December 1, 2024.

This delay is intended to prevent the technical issues we saw last year. While it pushes back the timeline, it shouldn't cause major disruptions for most applicants.

Here's what you need to know:
🔹 FAFSA is crucial for accessing federal aid, grants, and scholarships.
🔹 Even with the delay, most colleges' financial aid deadlines should still be met.
🔹 Submitting early can maximize your chances for financial support.
🔹 It's worth applying even if you think you might not qualify.

Stay informed and plan ahead to make the most of your college funding options. Remember, timing can make a significant difference in the aid you receive. 💡

Timing could mean the difference between qualifying for free money for college and getting stuck with student loans.

09/02/2024

Today, we celebrate the contributions of workers everywhere!

In our jobs, we see the heart behind all that hard work. You put in countless hours to build a comfortable life, perhaps save for your children’s education, or create a strategy for your dream retirement.

We help families turn their aspirations into action steps based on their goals, time horizons, and risk tolerance.

So, this Labor Day, as you relax and recharge, take a moment to consider your own future. What does your dream retirement look like? How do you measure whether you are on track?

If these questions linger, we’d be happy to chat and explore ways that we can help you navigate your financial journey.

Happy Labor Day, and here’s to a bright future for all!

09/01/2024

kicks off on September 15th, which coincides with the anniversary of the independence of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Mexico and Chile follow suit on the 16th and 18th.

This month-long celebration, which began as a week in 1968 and expanded in 1988, honors the rich histories, cultures, and contributions of American citizens with roots in Spain, Mexico, the Caribbean, and Central and South America.

Hispanic Americans have shaped our nation in countless ways, from art to science, cuisine to music.

As the talented Lin-Manuel Miranda reminds us,
"I am the one thing in life I can control. I am inimitable—I am an original."

Here’s to celebrating Hispanic Americans' unique and invaluable contributions to our national tapestry.

08/30/2024

Emotions play a significant role in our relationship with money and financial decisions.

For some people, deep-rooted emotional obstacles tied to money can make certain aspects of personal finance more difficult and stressful.

Financial trauma is a real and impactful consequence of experiences like childhood poverty, economic downturns, fraud, and more—and can manifest itself during the personal finance process.

Some examples are:

● Financial inaction: Feeling overwhelmed and unable to take control.
● Decision paralysis: Difficulty making financial choices due to anxiety.
● Scarcity mindset: A pervasive fear of running out of resources.

Recognizing these and other potential roadblocks is crucial for pursuing financial well-being.

Financial professionals can offer a supportive environment to help address some of these challenges. They’re way more common than you might think.

08/28/2024

🐘🐴 Ever wondered why a donkey and an elephant became the symbols of our two major political parties?

🎨 Political cartoonist Thomas Nast made these symbols popular in the late 1800s. In 1870, Nast satirized the Democratic Party as a donkey, mocking their stubbornness in the face of progress during the Civil War era. The symbol resonated with the public and stuck.

🐴 Over time, Democrats reclaimed the donkey, transforming it into a symbol of their determination, resilience, and tireless work ethic.

🐘 In 1874, Nast struck again, this time depicting the Republican Party as an elephant. Nast chose the elephant to represent the party’s strength, intelligence, and dignified nature, traits the GOP sought to embody.

Today, these mascots continue to embody the spirit of their respective parties as we head into another election season. 🗳️

08/26/2024

New data from the Bureau of Labor Statistics reveals a significant adjustment to our understanding of the job market:

Here are the key points:
💼 818,000 fewer jobs existed in March 2024 than initially reported. This marks the largest downward revision since 2009.
💼 The average monthly job gains from April 2023 to March 2024 were 173,500, vs. the previously reported 242,000.

While this revision is substantial, it's important to remember that job growth was still historically strong. This data gives us a more accurate picture of the labor market's health and could influence the Fed's decisions on interest rates.

Don't hesitate to reach out if you have questions about how this might affect your financial goals.

US job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday.

08/26/2024

🐶 Today is National Dog Day and a time to celebrate the amazing dogs who bring us so much happiness.

It’s hard for dog lovers to imagine life without them. They are such a big part of our families.

Not that every day isn’t a time to appreciate them, but this is an excellent excuse to share pictures on social media and give them a little extra love.

Here’s to all our dogs, best friends, and fur babies. ❤️

08/23/2024

Did you know the global AI market is projected to reach $1.8 trillion by 2030?

That's a forecast, and it’s subject to change without notice, but the growth prospects may present exciting opportunities across various sectors.

While we see headlines about a handful of well-known companies, there's a whole network of “Pick-and-Shovel” firms quietly fueling the AI revolution.

Who are the "Pick-and-Shovel" players?

Semiconductor manufacturers, cloud infrastructure providers, and AI chip designers are paving the way for AI adoption. These "Pick-and-Shovel" companies may play a critical role in building and scaling AI technology.

Financial headlines can be distracting, and the fear of missing out on the next big thing can lead to do-it-yourself investors making rash decisions.

We are closely monitoring how AI is changing the economic landscape and determining if AI might play a role in our clients' overall strategies.

What are your thoughts on AI's role in the future of finance?

08/21/2024

Baseball history buffs, take note! The Great Bambino's jersey from the famous "Called Shot" game is hitting the auction block on August 23rd. 👀

This isn't just any piece of memorabilia: it's the jersey Babe Ruth wore during Game 3 of the 1932 World Series. Remember the controversial moment when he allegedly pointed to the outfield before hitting a home run? That's the one! 🧢

Experts predict it could fetch up to $30 million, potentially becoming the most valuable sports collectible ever. Last sold for $975,000 over 20 years ago, this jersey's value has certainly knocked it out of the park!

Whether you're a die-hard baseball fan or an avid investor, this auction is one to watch. It reminds us that passion and history can create extraordinary value.

A historic Babe Ruth jersey, worn during his legendary "Called Shot" in the 1932 World Series, is expected to become one of the most expensive pieces of sports memorabilia ever as it heads to auction.

08/20/2024

July brought good news: inflation dropped to 2.9%, its lowest since March 2021! This marks the 5th straight month of slowing price increases.

While consumer prices are still up from last year, the pace is slowing. Food and energy saw modest rises of 2.2% and 1.1% respectively. But don't forget, overall prices remain about 20% higher than three years ago.

These trends could influence the Fed's decisions on interest rates, potentially impacting various aspects of the economy. It's a great time to review how these changes might affect your long-term financial strategies.

Price increases have slowed significantly, but remain above the Fed's target.

08/19/2024

Are you taking full advantage of your workplace benefits? Are health savings accounts (HSAs), 401(k)s, disability insurance, and flexible spending accounts (FSAs) offered by your workplace?

Here's a quick breakdown:

HSA: Triple tax-advantaged account for qualified medical expenses. Your contributions are pre-tax and grow tax-deferred, and withdrawals for qualified expenses are tax-free. If you spend your HSA funds on non-qualified expenses before age 65, you may be required to pay ordinary income tax and a 20% penalty. After age 65, you may be required to pay ordinary income taxes on HSA funds used for non-qualified expenses. HSA contributions are exempt from federal income tax; however, they are not exempt from state taxes in certain states.

401(k): Retirement savings plan with pre-tax contributions and potential employer matching. We can help individuals determine a contribution amount that fits their situation. Once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Disability Insurance: Income replacement if unable to work due to illness or injury—a safety net designed to help you and your family. Disability obligations are dependent on the issuing company’s ability to make claim payments.

FSA: A way to use pre-tax dollars for eligible healthcare and dependent care expenses. Unlike an HSA account, you may have to spend your FSA funds before year-end, adhering to the “use it or lose it” rule. There are some exceptions.

Don't miss out on these valuable resources! Understanding and maximizing your benefits can help your financial situation.

Need help navigating your workplace benefits? Let's connect. We might be able to offer some insights and help create a personalized strategy aligned with your financial goals. 🤝