Think Before Tapping 401(k)s and IRAs as Emergency Fund
Think Before Tapping 401(k)s and IRAs as Emergency Fund Published: 10/16/2024 All Americans are now allowed to withdraw up to $1,000 every year from retirement accounts to pay for a broad range of emergency expenses. There are several reasons, however, why you should avoid tapping your retirement accounts at all costs. Reasons to leave retirement […]
Tips to Protect Your Social Security Number
Tips to Protect Your Social Security Number Published: 10/14/2024 Very few things in life can create a higher degree of stress than having your Social Security number (SSN) stolen. This is because, unlike other forms of identification, your SSN is virtually permanent. Here are some things that you can do to minimize the risk of […]
5 Ideas to Help Save Money
5 Ideas to Help Save Money Published: 10/11/2024 Creating a sound financial foundation for you and your family is anything but easy. It is tough to save when everyone is tempting you with adding one monthly service after another. Add to that the high increases in things like property taxes and insurance and you realize […]
A Dozen Tax Planning Triggers
A Dozen Tax Planning Triggers Published: 10/8/2024 Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. […]
Third Quarter Estimated Taxes are Due
Third Quarter Estimated Taxes are Due Published: 10/3/2024 If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Monday, Sept. 16, 2024 You are required to withhold at least […]
Understanding Tax Terms: Head of Household
Understanding Tax Terms: Head of Household Published: 9/30/2024 The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits: First, a higher standard deduction. Second, lower effective tax rates for virtually every […]
How to Maximize Deductions for Assisted Living
How to Maximize Deductions for Assisted Living Published: 9/26/2024 It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by […]
Tax Surprises for the Newly Retired
Tax Surprises for the Newly Retired Published: 9/24/2024 You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health […]
Tax Credit or Tax Deduction: Understand the Difference
Tax Credit or Tax Deduction: Understand the Difference Published: 9/18/2024 Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate […]
Debt Relief and Taxes
Debt Relief and Taxes Published: 9/16/2024 Negotiating to decrease or zero out a credit card bill or other loan balance can help relieve a tough financial situation, but it can also give way to an unexpected tax bill. Here’s a quick review of various debt cancellation situations and how they impact your your taxes. Consumer […]
