When Renting Makes Sense, Inflation Ticks Up In Jan & Beneficial Ownership Reporting Requirements

Renting is often viewed as throwing away money rather than building equity in an asset. However, when transaction costs, tax laws, and the prioritization of longer-term financial goals are considered, renting may be the better strategy for some people. Therefore, it is important to weigh the pros and cons of renting versus buying, both in the short-term and long-term, to determine the right strategy that will make the most financial sense. The most recent US consumer inflation report showed that prices increased slightly on a year-over-year basis in January. However, the data shows that the inflation rate is still on its moderating long-term path as services prices continue its slow, long-term decline. Meanwhile, goods prices increased some in January but remain within a reasonable band of 0-2% inflation rates. A new rule has gone into effect that requires entities to report their beneficial ownership to the Department of the Treasury. If you are a control person of an entity that is used for business or as an investment holdings company, you need to be aware of the March 21st deadline. If you have questions about the filing process, feel free to contact our office, and we can walk you through the process. For Planned Solutions tax clients with entities that we are aware of, we will be reaching out to discuss this issue. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - We have been talking to a lot of clients who may be eligible to receive increased benefits under the Social Security Fairness Act. The current understanding is that someone who is already receiving benefits will automatically have their benefits adjusted. However, those who are notreceiving benefits will need to contact the Social Security Administration to apply for their newly eligible benefits. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠ The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action Chase Armer's book- Financial Planning Insights is now available at: ⁠⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠Intro 00:00 When Renting Makes Sense 01:19 Inflation Ticks Up in January 13:49 Beneficial Ownership Reporting Requirements 18:28Bulletin Board 20:14Planned Solutions, Inc.