Watch For The Income Tax Torpedo The possibly lurking Social Security tax torpedo is a situation where an extra dollar of income not only gets taxed at your highest marginal tax rate, it also may cause previously untaxed Social Security benefits to be taxed. So instead of adding $1 to taxable income, you must add…
The Tax Law – One Year Later Tax season – the period between January and April 15, when most people file their taxes – is often a hectic time. But this year’s tax season is special. It’s been a little over a year since the Tax Cuts and Jobs Act went into effect. As the…
The Government Is Open Again. What To Expect. As you probably know, the longest government shutdown in the history of the United States recently ended.1 During the shutdown, many government employees were furloughed or required to work without pay, with some government services temporarily halted or scaled back. The question many people have asked me…
The Five Phases of Life After 50 and the Considerations That Accompany Them. The journey to and through retirement occurs gradually, like successive chapters in a book. Each chapter has its own things to consider. Chapter 1 (the fifties). At this stage of life, retirement becomes less like a far-off dream and more like a…
If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we do need to know what to do financially if…
What can you do to lessen its impact for your heirs? Probate subtly reduces the value of many estates. It can take more than a year in some cases, and attorney’s fees, appraiser’s fees and court costs may eat up as much as 5% of a decedent’s accumulated assets.1 What do those fees pay for?…
It isn’t always top of mind, but it should be. How many of us save and invest with an eye on tax implications? Not that many of us, according to a recent survey from Russell Investments (the global asset manager overseeing the Russell 2000). In the opening quarter of 2014, Russell polled financial services professionals…
Some Retirees Save a Great Deal of Money by Doing So; Others Do Not You want to retire, and you own a large home that is nearly or fully paid off. The kids are gone, but the upkeep costs haven’t fallen. Should you retire and keep your home? Or sell your home and retire? Maybe…
If you want a tax break and want to help a non-profit, this may be a good move. Have you ever wanted to make a major charitable gift? Would you like a significant federal tax break in acknowledgment of that gift? If so, an IRA charitable rollover may be a good financial step to take.…