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Bill Passes to Keep Government Open Through November 17

Congress passed a stopgap funding bill and the Senate approved the measure to avert a government shutdown. The bill allows the government to stay open for 45 days, giving the House and Senate more time to finish their funding legislation.

Weekly Economic Update: October 2, 2023

Rising bond yields and government shutdown fears left stocks in mostly negative territory for the week.

The Dow Jones Industrial Average lost 1.34%, while the Standard & Poor’s 500 slipped 0.74%. The Nasdaq Composite index was flat (+0.06%) for the week. The MSCI EAFE index, which tracks developed overseas stock markets, fell 1.95%.

Stocks Follow The Bond Market
The bond market drove stock prices for much of last week as investors fretted about rising bond yields. After beginning the week with small gains, stocks resumed their September decline amid weak housing data and a decline in consumer confidence. However, it was the jump in bond yields, which sent the 10-year Treasury yield to near a 15-year high, that may have most undermined investor sentiment.

After a failed attempt at a rebound mid-week, stocks staged a Thursday rally on a pause in bond yield increases–a rally that extended into Friday morning on an encouraging core personal consumption expenditures (PCE) price index report. (PCE is the Fed’s preferred inflation gauge.) But the rally faded as traders fixated on a potential government shutdown.  

Lindsey Simek Speaks at the Colorado Registered Investment Advisor Summit

It's always beneficial to connect with our colleagues in the investment industry. We enjoyed a lively discussion at the Colorado Registered Investment Advisor Summit on September 28. Capstone's Lindsey Simek joined panelists to share her expertise on tax strategies, charitable giving, and retirement planning. These events provide a valuable platform for thought leaders to connect, exchange ideas and increase returns. 

Tax Tip: Who Can Deduct Car Expenses On Their Tax Returns? 

Can you deduct expenses such as gas, depreciation, and lease payments on your tax returns? If you are a business owner or self-employed individual, you may be able to. If you use your car for business and personal purposes, you will want to base any deductions on the mileage used for business.

There are two ways to calculate the car expenses you can deduct. The first method calculates and deducts expenses, including depreciation, lease payments, gas and oil, tires, repairs and tune-ups, insurance, and registration fees.

The second is to use the standard mileage rate, which is a rate calculated to represent gas and some of the above factors. In 2023, the standard mileage rate is 65.5 cents per mile. Taxpayers who want to use the standard mileage rate for a car they own must use this method in the first year the vehicle is available for use in their business.

*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.  Tip adapted from IRS.gov

October 19: Capstone Social Hour 

You don’t have to give up positive returns to invest for a positive impact. Join us for a casual conversation, over appetizers and drinks, about financial planning and sustainable investing.  

Capstone Office: 615 N Nevada Ave, Colorado Springs, CO
Thursday, October 19, 6:30-8:00 PM
 

Parting Shot 

It's only a matter of time before this green grass gets a snowy makeover.

Breckenridge Ski Resort is set to open November 10.

Capstone built our reputation on friendly service, impeccable honesty, and respect for every client. Our clients’ needs drive our relationship, and the focus is always on you. We strive to be highly responsive to your requests and are skilled at creating solutions customized to your goals, values, and situation.  Reach out anytime with questions. We're happy to help!

Capstone Investment Financial Group, LLC

Colorado Springs/Denver

719-477-9883

info@capstoneinvest.com