Investing can be daunting, whether you are experienced or a beginner. Even if you feel confident about your investing strategy, it can be easy to lose focus or make decisions based on emotion. Here are eight quotes from successful investors, economists, and other insightful thinkers that may help provide perspective and focus for your own […]
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The IRS Wants More Info About Your Gig Income
If you earn money through a payment app or online marketplace, you may be affected by a tax reporting change enacted by the 2021 American Rescue Plan. The law requires third-party settlement organizations to report business transactions totaling over $600 per year by issuing a Form 1099-K to the taxpayer and the IRS. The previous […]
Retroactive Social Security Benefits: A Chance to Turn Back Time
Did you know that if you postpone claiming Social Security past your full retirement age, you have the option of receiving a lump-sum payment for up to six months of benefits when you finally apply? Receiving retroactive benefits in a lump sum might be helpful if you face a change in health or need cash […]
Thinking of Selling Your Home? Don’t Be Surprised by Capital Gains Taxes
The Taxpayer Relief Act of 1997 provided homeowners who sell their principal residence an exclusion from capital gains taxes of $250,000 for single filers and $500,000 for joint filers. At that time, the average price of a new home was about $145,000, so this exclusion seemed generous and allowed more Americans to move freely from […]
It’s Complicated: Inheriting IRAs and Retirement Plans
The SECURE Act of 2019 dramatically changed the rules governing how IRA and retirement plan assets are distributed to beneficiaries. The new rules, which took effect for account owner deaths occurring in 2020 or later, are an alphabet soup of complicated requirements that could result in big tax bills for many beneficiaries. RMDs and RBDs […]
Do You Need to Pay Estimated Tax?
Taxpayers are required to pay most of their tax obligation during the year by having tax withheld from their paychecks or pension payments, or by making estimated tax payments. Estimated tax is the primary method used to pay tax on income that isn’t subject to withholding. This typically includes income from self-employment, interest, dividends, and […]
After the Loss of a Loved One, Watch Out for Scams
Scam artists often prey on those who are most vulnerable. Unfortunately, this includes individuals who have recently lost a loved one and are easily taken advantage of during their time of grief. Scammers will look for details from obituaries, funeral homes, hospitals, stolen death certificates, and social media websites to obtain personal information about a […]
Insurance Gaps May Pose Risks for High-Net-Worth Households
Serious accidents don’t happen very often, but when they do, the impact can be devastating. And unfortunately, you could be held legally responsible if a member of your household causes a car wreck or if someone is injured on your property, even if you go to great lengths to help make your home and the […]
Mixing It Up: Asset Allocation and Diversification
Asset allocation and diversification are so fundamental to portfolio structure that it’s easy to lose sight of these strategic tools as you track the performance of specific securities or the dollar value of your investments. It might be worth considering how these strategies relate to each other and to the risk and potential performance of […]
Watch for These Hazards on the Road to Retirement
On the road to retirement, be on the lookout for hazards that can hamper your progress. Here are five potential risks that can slow you down. Traveling aimlessly Embarking on an adventure without a destination can be exciting, but not when it comes to retirement. Before starting any investing journey, the first step is setting […]
