"Many families are uninformed about the cost of attending college," claims a recent study by the National Center for Education Statistics, part of the U.S. Department of Education's research division. Only 11% of high school freshmen could accurately estimate the cost of college tuition in their state. Of those that gave the wrong answer, 57% overestimated the cost, and 32% underestimated … [Read more...] about Sticker Shock: How Much Does a College Degree Cost?
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs. Surviving family members are often unprepared for the tax issues that may arise when a loved one dies. Here's some guidance to help you manage important tax and financial considerations … [Read more...] about Tax Issues When Winding Up the Estate of a Loved One
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it's time to plan for the future — and there's more to do than finding a good-paying job. Smart financial planning in the first few years after graduation can make a big difference in the years ahead. Here are five tips to help new grads prosper. 1. Make … [Read more...] about 5 Financial Tips for New College Graduates
Estate planning isn't just for the rich and famous. Many people mistakenly think that they don't need an estate plan anymore because of the latest tax law changes. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a … [Read more...] about When to Update Your Estate Plan
Despite record-breaking low unemployment rates, "age discrimination remains a significant and costly problem for workers, their families, and our economy," says a report from the Equal Employment Opportunity Commission (EEOC). More than 50 years after the passage of the Age Discrimination in Employment Act (ADEA), employers still wrestle with these issues. The EEOC report highlights specific … [Read more...] about Defeating Age Discrimination in the Workplace
If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to lower your exposure to these taxes if you structure your business as a subchapter S corporation for federal tax purposes. Here are the … [Read more...] about How Can Small Business Owners Reduce Social Security and Medicare Taxes?
Every year, thousands of elderly Americans fall victim to elder abuse and financial exploitation scams, sometimes at the hand of their spouses or adult children. In fact, suspicious Activity Reports (SARs) related to elder financial exploitation have quadrupled the last four years, according to the Consumer Financial Protection Bureau (CFPB). Acknowledging the scope of this problem, in 2018, … [Read more...] about Protect Elderly Family Members Against Financial Exploitation
Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records It's a good idea to keep records that supportitems shown on your individual tax return until the statute of limitations runs out — generally, three years from the due date of the return or the … [Read more...] about Records Retention Guidelines to Remember During Spring Cleaning
Are you considering buying a new plug-in electric vehicle or a plug-in electric-gas hybrid vehicle? There is good and bad news about the tax credits and other cost-saving benefits available on these vehicles. The good news is that the Tax Cuts and Jobs Act didn't eliminate the federal income tax credit for purchasing plug-in electric vehicles. But the bad news is that credits for … [Read more...] about Electric Vehicle Tax Credit: You Can Still Save Greenbacks for Going Green
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