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Income Tax Planning and 529 Plans
The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also...
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Choosing an Income Tax Filing Status
Selecting a filing status is one of the first decisions you'll make when you fill out your federal income tax return, so it's important to know the rules. And because you may have more than one option, you need to know the advantages...
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Establishing a Budget
Do you ever wonder where your money goes each month? Does it seem like you're never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals...
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Why Open a my Social Security Account?
You might assume it’s safer to keep your personal details—especially your Social Security number—off the internet. Actually, setting up a my Social Security account is an important step toward protecting your benefits...
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Social Security as Longevity Insurance
What if you or your spouse lives to a very ripe old age – to 90, 95, or even 100? The key to having enough income in your old age is to maximize the higher-earning spouse’s benefit. This can be done by having the...
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The Most Important Question in Retirement Planning
What do people fear the most in retirement? Outliving their income. And what variable has the largest impact on whether or not they will outlive their income? Life expectancy. Your ability to successfully plan for retirement is largely...
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Six Tips For Organizing Your Records
You may have your records organized in a way that works for you, but imagine what your loved ones would face if you weren’t around to show them where everything is. This is why an important part of legacy planning is organizing...
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Sometimes Paying the IRA Penalty Makes Sense
Whether it’s sports, taxes or life, we’re programmed to avoid penalties, and usually that’s a good move. Occasionally, however, by simply avoiding penalties, we can be detrimental to ourselves. Indeed, sometimes...
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11 Ways to Minimize the Bite from Medicare Taxes
Though the Patient Protection and Affordable Care Act (PPACA) faces an uncertain future, Obamacare remains the law of the land for the time being. The continued existence of the law has important implications for the uninsured, small...
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Key Thoughts on the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act has brought the biggest tax overhaul in 30 years and has left many with questions. It’s important that you understand how the elimination of deductions, compression of tax rates, and brand new benefits...
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Estate Planning Checklist
Because you've worked hard to create a secure and comfortable lifestyle for your family and loved ones, you'll want to ensure that you have a sound financial plan that includes trust and estate planning. With some forethought, you may...
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Essential Tax Tips for IRAs
Woe to the taxpayer who runs afoul of the numerous and confusing IRA rules. There are forms to file, contributions to make, distributions to take, and penalties to avoid. While corrections are possible, it’s best to avoid...
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7 Key Differences Between a Roth 401(k) and a Roth IRA
Roth 401(k)s and Roth IRAs share the ultimate goal of tax-freedistributions of earnings, but they are governed by different rulesalong the way. This side-by-side comparison can help determinewhich vehicle suits your needs best. Roth...
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Tax Benefits of Home Ownership
In tax lingo, your principal residence is the place where you legally reside. It's typically the place where you spend most of yourtime, but several other factors are also relevant in determining your principal residence. Many of the...
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Buying a Home
There's no doubt about it--owning a home is an exciting prospect. After all, you've always dreamed of having a place that you could truly call your own. But buying a home can be stressful, especially when you're buying one for the...
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529 Savings Plans
A brief history 529 plans were created by Congress in 1996 and have been modified through the years by various pieces of legislation. Known officially as "qualified tuition programs" or QTPs, 529 plans are so named because they are...
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Make the Most of Your 401(k)
As more Americans shoulder the responsibility of funding their own retirement, many rely increasingly on their 401(k) retirement plans to provide the means to pursue their investment goals. That's because 401(k) plans offer a variety...
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Women: Make a Financial Plan -- the Secret of Your Success
Financial planning is more than just a good idea. Research has consistently shown that people who have financial plans -- and who work with financial advisors -- save and invest far more and are nearly twice as likely to feel on track...
Read MoreA Look at Diversification
Ancient Chinese merchants are said to have developed a unique way to manage their risk. They would divide their shipments among several different vessels. That way, if one ship were to sink or be attacked by pirates, the rest stood a...
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