Current Topics Affecting Your Financial Life

Welcome to our first issue of Fairman Group Perspectives, our enewsletter focused on sharing timely financial planning insights. In this edition we highlight how geopolitical tensions may impact oil prices and the economy, tips for protecting your identity, the IRS annual list of tax scams, the need to review withholding, and estate tax changes.

2018 Tax Filing Data Shows Need to Review Withholding

The IRS continues to encourage taxpayers to review the amount of tax they have withheld to avoid an unexpected tax surprise when they file their 2019 tax returns next year. Preliminary 2018 tax filing data seems to show the need for taxpayers to review their withholding in order to make sure the appropriate amount of tax is being withheld from their paychecks to reflect recent tax law changes.

Data Breaches: Tips for Protecting Your Identity & Money

Large-scale data breaches are in the news again, but that’s hardly surprising. Breaches have become more frequent—a byproduct of living in an increasingly digital world. During the first six months of 2019, the Identity Theft Resource Center (ITRC), a nonprofit organization whose mission includes broadening public awareness of data breaches and identity theft, had already tracked 713 data breaches, with more than 39 million records exposed. Once a breach has occurred, the “aftershocks” can last for years as cyberthieves exploit stolen information. Here are some ways to help protect yourself.

How Geopolitical Tensions May Impact Oil Prices and the Economy

Conflict in the Persian Gulf has spurred modest oil price volatility in recent weeks, but prices didn’t spike to high levels seen during some past conflicts. That’s partly because rising U.S. oil production has shaken up the global oil market since 2010.

Crude oil prices still react to geopolitical events and other unplanned supply disruptions. However, global oil supplies exceeded demand by 0.9 million barrels per day in the first half of 2019, creating an oil glut that is helping to hold down prices. The International Energy Agency predicts that global demand for oil will rise at a slower pace than previously expected during the second half 2019, while noting deteriorating trade and manufacturing activity. Here’s an update on current events that are sparking oil price movements as well as some potential effects on the economy.