General SoeFin

Summer Quarterly Meeting 2022

What a great summer meeting this year! The team went to beautiful Nevada City, CA, for a couple of days and got to be tourists in the picturesque historical downtown area.

We spent a full, long but exciting day working through our agenda – calibrating projects, focusing goals, ironing out issues and setting direction for the next three and six month periods.

The views from our AirBnB were amazing!

Economy Financial Literacy Reference

Fed hikes rates 0.75 points

“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures,” the policy committee said in a statement.

Fed steps up campaign against inflation with 0.75 point rate hike

via Axios

The Federal Reserve made an aggressive new move in its campaign to bring down inflation Wednesday, raising its target interest rate by three-quarters of a percentage point, the steepest rate hike since 1994 — and indicated another similar move could be coming next month.

Driving the news: In addition to increasing their target for short-term interest rates to a range of between 1.5% and 1.75% Fed officials projected that their target rate will reach 3.4% late this year, far higher than the 1.9% they envisioned in March.

  • Speaking to reporters, Fed chair Jerome Powell said the central bank will likely raise interest rates again by a similar magnitude — or perhaps by a half-percentage point — at its next policy meeting in July.
  • “Inflation has obviously surprised to the upside over the past year, and further surprises could be in store,” Powell said.

Why it matters: The Fed has shifted toward a break-the-glass, emergency footing on inflation — but such abrupt rate hikes risk sending the economy into recession and markets plunging further.


scissors line read more icon

Read the full story here:


IRS Backlog Will Be Frustrating

Well here we go! Thanks to covid and an aging digital infrastructure, the IRS has a large backlog of work to wade through this year. Be sure to file your return early to get any refund due you as quickly as possible.


From the folks at Marketwatch:

This year’s income tax filing season has started, and the IRS says it’s going to be a ‘frustrating’ one

By Andrew Keshner24

Taxpayers should be ready for delays processing 2021 tax returns, IRS officials say.

Ready for your 2021 tax refund? It’s closer than ever, because tax season is underway and the Internal Revenue Service started accepting and processing 2021 returns on Jan. 24. The 2022 tax season will run until Monday, April 18.

But that refund may not be coming as fast as you would like. The Treasury Department and Internal Revenue Service have warned taxpayers to brace themselves for potentially sluggish service as the underfunded, understaffed and backlogged IRS juggles another filing season.

The 2022 filing season arrives as Capitol Hill negotiations over the Biden administration’s Build Back Better bill seem stalled. The bill would include adding $80 billion over a decade to the IRS budget for more staff and better technology to catch tax cheaters, as well as funding to improve customer service.

“In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs. This is frustrating for taxpayers, for IRS employees and for me,” IRS Commissioner Chuck Rettig said Jan. 10.

Exhibit A: telephone customer service for taxpayers or preparers who have questions for the IRS. Less than 15,000 IRS staffers were available to field more than 240 million calls through the first half of 2021, Treasury officials said.


scissors line read more icon

Read the full story here:

Budgeting Financial Literacy

Understanding Cost Basis

Understanding your cost basis can save you pretty penny or three. Here’s a useful little primer on what cost basis is, and why it’s useful to understand, from the folks at Schwab.

Save on Taxes: Know Your Cost Basis


Many people dislike thinking about taxes so much that they ignore the topic until filing season is upon them. Unfortunately, waiting until the last minute to deal with tax matters can lead to missed opportunities to potentially reduce your tax bill. 

Investors who include tax planning as part of their investing strategy could potentially see significant tax benefits over the long run, says Hayden Adams, CPA, director of tax and financial planning at the Schwab Center for Financial Research.

You shouldn’t just be thinking about capital gains and losses. Savvy investors know how to manage the so-called “cost basis” and holding periods of their investments to help reduce gains that are subject to taxes. Knowing your cost basis can be a valuable tool.

What is cost basis?

Simply put, your cost basis is what you paid for an investment, including brokerage fees, “loads” and any other trading cost—and it can be adjusted for corporate actions such as mergers, stock splits and dividend payments. This matters because your capital gain (or loss) will be the difference between the cost basis and the price at which you sell your securities. This cost is pretty easy to calculate—if you don’t reinvest dividends or dollar-cost average when you invest.

Read the full article here:

Financial Literacy SoeFin Taxes

Seminar: Tax Planning for Planners

Thank you to all the amazing planners who attended!

The seminar was really well received, and based on the awesome feedback from all of you, we hope to be able to give this one again every year 🙂


Congratulations, Susan!

Congratulations to our own Susan Soesbe, winner of the 2021 Excellence in Business award form the Sacramento Rainbow Chamber of Commerce!

The entire team is proud to work with such a dedicated professional, and look forward to many more years with her. Thank you to the Rainbow Chamber for honoring us all here at Soesbe Financial through this award.

For more information on the Rainbow Chamber, visit them online at

Budgeting Credit

Free Weekly Credit Reports Now Through April 2021

Top national credit reporting agencies, Equifax, Experian and Transunion, are offering consumers free weekly credit reports through April 2021. To get your free report, go to, the only officially sanctioned site for this.

Credit reports are now free, every week

by Cathlin Tully Attorney, Division of Privacy and Identity Protection, Federal Trade Commission

If you’re feeling anxious about your financial health during these uncertain times, you’re not alone. That’s why the three national credit reporting agencies are giving people weekly access to monitor their credit report — for free.

This is some helpful news, because staying on top of your credit reportis one important tool to help manage your financial data. Your credit report has information about your credit history and payment history — information that lenders, creditors, and other businesses use when giving you loans or credit. 

Now it’s easier than ever to check your credit more often. That’s because everyone is eligible to get free weekly credit reports from the three national credit reporting agencies: Equifax, Experian, and Transunion. To get your free reports, go to The credit reporting agencies are making these reports free for the next year.

If you’re one of the many Americans struggling to pay your bills right now because of the Coronavirus crisis, here’s what you can do: ….[more]

Read the full article here:


Welcome to the Team

Welcome to our new intern, Eric Nguyen! With a fine finance educational background, Eric will be assisting in the SoeFin mission to provide excellent service to all our clients.

SoeFin Taxes

Seminar: Tax Planning For the Self-Employed

Thanks to all you awesome folks who attended! Extra special thanks to the folks at Futures Explored for hosting 🙂


Latest Covid Assistance Dollars Means Scammers Are Working Overtime

Now that Congress has passed a last-minute Covid-19 relief bill, folks will start receiving assistance funds. And that means scammers are primed and ready to take as much of those funds as they can. Here’s an excellent article by Megan Leonhardt at CNBC that outlines the most common scammer tactics:

5 common stimulus check scams experts are warning consumers to watch for

by Megan Leonhardt @MEGAN_LEONHARDT

Americans lost over $211 million to Covid-19 scams and stimulus payment fraud, according to the Federal Trade Commission. Since January, the agency has received over 275,600 complaints. 

While fraud activity is down from the highs recorded earlier in the year, it will likely pick back up now that President Donald Trump has signed the $900 billion pandemic relief package, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. 

That’s because the legislation includes provisions for a second round of stimulus payments, up to $600 per individual, including dependent children under age 17, if you’re an individual who earned less than $75,000 ($150,000 for those married filing jointly) in 2019. Stimulus payments start to phase out if you earned more than that, stopping completely for those with adjusted gross incomes of $87,000 or more ($174,000 for married couples). 

The IRS is expected to initiate direct deposits of stimulus payments before Thursday and send out paper checks and debit cards by Jan. 15. And while Trump signed the relief package slightly later than expected, a senior official told CNBC on Monday that the payments will go out on the same timeline. 

Yet the lingering uncertainty surrounding the second round of stimulus payments creates the “the perfect storm for fraudsters trying to make a dishonest dollar,” says Ashley Moody, Florida’s attorney general. On Monday, Moody’s office put out a notice cautioning the public about the increased potential for scams. 

“Scammers are always looking for new opportunities, like the passage of another round of federal stimulus, to rip off consumers,” Moody says. 

Here are five common red flags that experts say could signal a stimulus check scam. 

1. Unsolicited calls or emails

Spoofing technology has made it easier than ever for scammers to impersonate anyone, including government agencies. In order to protect yourself, most experts recommend that consumers avoid picking up any calls from unfamiliar phone numbers — let them roll into voicemail for further scrutiny.

“I’d be very wary of any inbound emails or phone calls that are supposedly from the IRS, Treasury Department, a state unemployment benefits agency, etc.,” says Ted Rossman, a credit industry analyst with If you do get a call or message that you think is from a government agency, initiate a separate means of communication, Rossman says. For instance, call the agency back at a number you trust or is listed on their official site, rather than replying directly to a call or email. 

If you do answer a call, and it’s about your stimulus payment, keep in mind that U.S. government agencies won’t ask you to pay anything up front to receive your funds. “Anyone who does is a scammer,” writes Jennifer Leach, associate director for the FTC’s division of consumer and business education. 

Additionally, government agencies “won’t call, text, email, or contact you on social media to ask for your Social Security, bank account or credit card number,” Leach says. Again, if you receive messages asking for this information, it’s likely a scam.

Read the full article here: