Protecting Your Goals and Your Loved Ones Naming the beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named as contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. Usually, these are the people that life insurance is intended to … [Read more...] about Top 5 Mistakes When Naming Beneficiaries of Insurance Policies
5 Last-Minute Ideas to Lower Your 2018 Taxes
Tips on Lowering Your Taxes 1. Choose to Deduct State and Local Sales Taxes If you live in a jurisdiction with low or no personal income tax or you owe little or nothing to the state and local income tax collectors, you might consider deducting state sales taxes instead of state income taxes. However, this option only applies if you have enough itemized … [Read more...] about 5 Last-Minute Ideas to Lower Your 2018 Taxes
Itemizing vs. Taking the Standard Deduction
Itemize or Standard Deductions? Under the Tax Cuts and Jobs Act (TCJA), fewer people will be itemizing deductions — and more will be claiming the standard deduction — for the 2018 through 2025 tax years. Why? First, the TCJA almost doubled the standard deduction amounts: STANDARD DEDUCTIONS 2018 2019Single filers and married people whofile separately $12,000$12,200Heads of … [Read more...] about Itemizing vs. Taking the Standard Deduction
Six Common Mistakes When Taxpayers Prepare Their Own Tax Returns
Tax filing season kicked off as scheduled on January 28. But tax returns for 2018 may require extra time to file and process due to confusion over the sweeping tax law changes under the Tax Cuts and Jobs Act (TCJA). Most the TCJA provisions that affect individuals are effective for 2018 through 2025, unless Congress extends them. In addition, people who prepare their own returns may … [Read more...] about Six Common Mistakes When Taxpayers Prepare Their Own Tax Returns
SIMPLE IRA vs. Solo 401(k): Which Is Right for Your Small Business?
Small business owners have several options for their retirement plans. Two tax-smart and flexible alternatives are SIMPLE IRAs and solo 401(k) plans. If you're eligible for these types of plans and you want to maximize your tax-deferred savings, which makes more sense? Here's a series of side-by-side comparisons to help you decide.Eligibility Requirements SIMPLE IRASolo 401(k)SIMPLE IRAs … [Read more...] about SIMPLE IRA vs. Solo 401(k): Which Is Right for Your Small Business?
Five Reasons to Update Your Estate Plan
Important Reasons to Review and Update Your Estate Plan Let’s assume you are among the approximately 30% of adults who have done the prudent thing and established your Estate Plan. Perhaps you simply created a Will. Have you had it professionally reviewed in recent years? Make sure your plan is still the most suitable for your current estate and goals? Alternatively, do you have a Living Trust … [Read more...] about Five Reasons to Update Your Estate Plan
2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief
The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85% of their total tax liability during the year through federal income tax withholding, quarterly estimated … [Read more...] about 2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief
How to Combine Home Sale Gain Exclusion with a Like-Kind Exchange
Over the years, real estate has proven to be a lucrative investment for many households. And, in some parts of the country, current market values have surpassed levels seen prior to the 2008 financial crisis. If your principal residence has appreciated significantly in value, you may be subject to capital gains tax when it's sold. If your gain will be too big to be sheltered by the … [Read more...] about How to Combine Home Sale Gain Exclusion with a Like-Kind Exchange
Deciding Whether to Convert Separate Property to Community Property
In estate planning involving spouses there may be issues surrounding how to deal with separate property acquired prior to marriage or as a result of inheritance. As part of your estate planning consultations with your attorney, you may be asked whether you wish any particular property or financial assets you currently consider to be your sole and separate property to remain your sole and … [Read more...] about Deciding Whether to Convert Separate Property to Community Property
10 New Year’s Resolutions to Improve Your Personal Financial Position
Have you ever kept a New Year's resolution for the entire year? Every January, millions of Americans make promises to eat less, exercise more and save for the future. But most resolutions are forgotten by spring. However, there are ten promises that relate to your financial health that you can't afford to abandon. 1. Make a financial plan. Creating a financial plan forces you … [Read more...] about 10 New Year’s Resolutions to Improve Your Personal Financial Position
