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What could be better than an incentive to save, in the form of a tax credit that will reduce your taxes, and in doing so, help fund your retirement contribution? Yet many eligible individuals completely miss out on the Retirement Savers Contributions Credit. You may be eligible for this if you are age 18 or older, not a full-time student, and not claimed as a dependent on another person’s tax return. Here’s how it works.
As people age, the prevailing thought for many is to remain at home as long as possible. But what happens when one or both spouses find it difficult to perform activities of daily living (ADLs) such as bathing, dressing, cooking or grocery shopping? For some, the solution is moving to an assisted living residence where your daily activities are coordinated for you; for those finding it difficult to leave the comfort of home, there is in-home care where the professionals come to you.
We want to reprint this recent bulletin we received from Charles E. Schwab regarding the mailing dates of 1099 forms this year and the reasons that some clients may receive one, or even two corrected 1099s. An insert in your January statement had similar information but we wanted to be sure this was available to all our clients.
Financial planning for families with special needs is difficult and complex. Parents face overwhelming costs associated with raising a child with disabilities and navigating the challenges a working age adult experiences as they move towards independence. The ABLE Act allows states to set up savings programs (similar to college 529 plans) benefiting those with disabilities and without jeopardizing their federal or private benefits.
The Alternative Minimum Tax (AMT) is a tax mechanism developed by the I.R.S. in 1969 to prevent the wealthiest taxpayers (corporations included), from using large deductions and loopholes to avoid paying their fair share of taxes. AMT is calculated at the same time as regular income tax, and as a taxpayer, you are asked to pay...
"He who marries for love without money has good nights and sorry days." - Anonymous
Valentine’s Day is a day for candy, special events and quiet candlelit dinners. For some, it’s a time to express love and gratitude to their partner; for others, an opportunity to renew and rekindle a relationship. It may seem an awkward time to talk about money.
Gone are the days of your grandmother’s “early bird special” at the local diner. Hundreds of retailers are featuring new and improved discounts exclusively for the 60 and older crowd.
Thanks to one of our clients, we have this informal but suprisingly helpful list for you.
Without knowing how Congress will resolve taxes for 2011 and beyond, end of year investment and tax planning will be a challenge, to say the least. Still up in the air at this point, besides the all important income tax rates and brackets, is the capital gains tax rate, dividend tax rates, itemized deductions phase outs, alternative minimum tax, estate tax and more. Regardless of the uncertainty, there are some important end-of-year items investors can attend to, while remaining flexible and keeping an eye on what compromise Congress will eventually adopt. ...Click on the title to read more!
“Our perfect companions never have fewer than four feet.”
Colette
We love our pets, and we aren’t afraid to lavish money and care on them. According to the American Pet Product Association, Americans are projected to spend an estimated $45.4 billion in 2009-2010 on their pets, up from $34.4 billion dollars in 2004. The trouble is, they sometimes outlive us.
Publicity surrounds the embattled estates and the unusually large trusts created for the furry companions of Leona Helmsley and Miami heiress Gail Posner. For some, it is difficult to imagine and somewhat frivolous to leave a $12 million trust for a dog named Trouble or even a $3 million trust and an $8.3 million mansion for Conchita the Chihuahua. That said, many faithful companions, often elderly animals difficult to adopt, end up being taken to the pound or abandoned by heirs. It is possible, and important to make arrangements for care