Tax Time—Tips to Cut Your Bill
The IRS announced that January 23 was the start of the 2023 tax season—or the date the IRS began accepting 2022 tax year returns. Most taxpayers have until Tuesday, April 18, 2023, to submit their tax return or request an extension. Taxpayers requesting an extension have until October 16, 2023, to file. Even if you […]
What is FDIC and How Does It Work?
With all the turmoil in the banking industry today, it may be a good time to revisit what the FDIC is, how it works, and how you can make sure you are covered. What is the FDIC? The Federal Deposit Insurance Corporation protects bank depositors as an independent agency of the US government against the […]
How an HSA Can Boost Your Retirement Savings
To have a health savings account (HSA), you generally must be covered by a high-deductible health plan (HDHP) at work. HDHPs have become popular in recent years as employers have struggled to keep health benefit costs down. If you’re not covered by one now, you might be soon, as more employers consider the advantages. Also, […]
New Tax Law Improves QCD Benefits
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances […]
Crypto Crash
Stocks have been battered by the Federal Reserve’s quest to rein in the highest rate of inflation in 40 years. So far, however, investors have expressed little concern over the crisis that has rocked cryptocurrencies. It’s a far cry from the reaction to Lehman’s demise in 2008, which sparked the financial crisis and nearly wrecked […]
Reap Tax Rewards from Securities Harvest This Fall
With autumn coming up, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an added sense of urgency for some taxpayers. (See “Proposed Tax Law Changes” at bottom.) The Basics When you sell securities […]
Webinar: Market Concerns Today – Your Questions Answered
On July 14, 2021, we hosted a live town-hall webinar offering a look ahead on various investment topics, as well as answers on top-of-mind investor issues. Watch this video hear unique insights on topics such as: is it the right time to invest at market all-time highs? government stimulus spending, inflation and national debt; Bitcoin […]
Should You Consider an Employer Roth 401(k) Account?
Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also known as Roth 401(k) accounts. If your employer offers this option and your income is too high to make annual Roth IRA contributions, contributing […]
Be Careful When Saving for Your Kids’ Education
Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. That’s because of the way the financial aid system treats different assets. Retirement plans and IRAs don’t count for college aid purposes. […]
A Closer Look at Durable Power of Attorney
As the COVID-19 pandemic taught many Americans, serious illness may strike at any time and any age. Of course, in ordinary times, older Americans are at risk of becoming physically or mentally incapacitated. So if you haven’t thought about who’ll handle your personal and financial affairs in the event you can’t, given it serious consideration […]
