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July 2018: Quiz: Financial Facts That Might Surprise You

The Tax Cuts and Jobs Act, passed in December of last year, fundamentally changes the federal tax landscape for both individuals and businesses. Many of the provisions in the legislation are permanent, others (including most of the tax cuts that apply to individuals) expire at the end of 2025. Here are some of the significant changes you should factor in to any mid-year tax planning. You should also consider reviewing your situation with a tax professional.

Questions

1. The first organized stock market in New

York was founded on Wall Street under what

kind of tree?

a. Maple

b. Linden

c. Buttonwood

d. Elm

2. Who invented the 401(k)?

a. Congress

b. Ted Benna

c. The IRS

d. Juanita Kreps

3. Which three U.S. bills together account

for 81% of the paper currency in

circulation?

a. $1, $20, $100

b. $1, $5, $20

c. $1, $10, $20

d. $1, $10, $100

4. Small businesses comprise what

percentage of U.S. businesses?

a. More than 39%

b. More than 59%

c. More than 79%

d. More than 99%

5. Which U.S. president signed Medicare

into law?

a. President John F. Kennedy

b. President Lyndon B. Johnson

c. President Richard M. Nixon

d. President George W. Bush

Also in this issue:

  • Going Public: An IPO's Market Debut May Not Live Up to the Hype
  • Protect Your Heirs by Naming a Trust as IRA Beneficiary
  • I received a large refund on my tax return this year.
  • Should I adjust my withholding?
  • What is the difference between a tax deduction and a tax credit?

To download the complete pdf click here.

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