Creating Financial Goals as a Couple

Financial goals make it possible for you and your partner to achieve the things you dream about. Here are three things you can do to create – and achieve – financial goals as a couple: Start talking sooner rather than later. Finances can be hard to talk about. People sometimes feel guilty about debt or […]

Tax Software: Is it the Best Way to Go?

Some popular tax preparation software is relatively inexpensive, but what does using software to prepare your taxes really cost you? Missed deductions and tax credits, improper or overlooked tax elections, unnecessary penalties, and neglected long-term tax planning can be very expensive. Are you familiar with the rules and qualified to tackle your taxes by yourself? […]

Using Losers to Make Winners

Understanding the rules surrounding investment losses can really help minimize your tax obligation each year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 37 percent. This and a 3.8 percent Medicare investment tax surcharge make planning around when to take investment losses an […]

Cash or Accrual? What’s the Difference?

When you start a business, you have many decisions to make. One of those is the method of accounting your business will use for reporting income and expenses on your tax return. It is an extremely important decision. With few exceptions, the method you choose can only be changed in the future with the IRS’s […]

The Pros and Cons of Home Equity Debt

While most interest expense is no longer tax deductible, it is a viable deduction if the interest is on your primary or secondary residence. While limits apply, the use of a secondary loan on your primary or secondary residence can also qualify for interest deductibility. However, “home equity” loan interest can often lose its tax […]

Roll it Before You Pull it

While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. This is true because a basic rollover of funds into […]

Changing Marital Status? What You Need to Do

Have you recently married, divorced, or lost a spouse? A change in marital status should prompt a review of financial matters, but at such a time it is easy to overlook the details. Here are a few reminders and suggestions. Insurance coverage. When your marital status changes, review your insurance policies. Combining separately held health […]

Everyone Needs a Financial Plan

As some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for retirement is crucial. Even small amounts can go towards U.S. savings bonds or mutual funds with an automatic savings […]