Tax Reform 2018 – Where do we Stand
As we approach the end of another year, we are close to being two years into the Tax Cuts and Jobs Act (“Act”) that was passed late in 2017 and became effective on January 1 of 2018. The Act made significant income tax changes including lowering income tax brackets and increasing standard deductions. As with […]
Ways Parents Can Save Money on Taxes
Parents know first-hand how expensive it is to raise a child. New or expectant parents are often shocked and unprepared for the costs. To soften the blow, it helps to know there are provisions in the tax code that offer cost savings to parents, specifically, Dependent Care Flexible Spending Accounts and Child Tax Credits. Dependent […]
Lending Money to Family and Friends
Many people in this world do not have access to personal loans such as mortgages or automobile loans for one reason or another. This may be because they have no credit or because they have bad credit and can only obtain a loan with an above-market interest rate attached to it. In these cases, people […]
The QHFD- What, Who, How and Why
We have lauded the benefits of Health Savings Accounts (HSAs) many times in past blogs. They can boost your retirement savings and be a great resource to cover medical expenses in retirement. In fact, a recent article in Forbes touts these savings vehicles as perhaps the best retirement planning tool available. A recap of the […]
Should I Refinance my Home?
With a long-term home mortgage, interest rates matter. Rates on home mortgages have dropped about 20% in the last year, making this a good time to look at your mortgage to see if you can save some money. With rates at less than one-half their long term average of about 8%, homes have never been […]
HSA Portability- Bring your HSA With You!
If you read our blog titled The Long Term Power of the HSA, then you know that we are big proponents of Health Savings Accounts (“HSAs”). By taking advantage of all that HSAs can offer, you can really propel your savings forward and rest in peace knowing you have a plan to tackle your looming […]
Credit Scores: The 3 Keys to Understand
What is a credit score? A credit score is a three digit figure that is intended to measure the likelihood an individual will repay debt and credit obligations. The credit score system was created to simplify the process of obtaining credit. Consequently the score provides a standard, objective measure that can easily compare borrowers. Before […]
How Disability Insurance Works (When You Can’t)
One topic that often is overlooked when it comes to personal finances is risk exposure. Risk is why all sorts of insurance products exist. Sure, we know we need car insurance in case we are in an accident and medical insurance in case we have an accident or severe illness. These types of insurance policies […]
Saving into a Roth IRA
As we have said in previous blogs, it is important for individuals to attempt to save money into three distinct “buckets” during their working years. These buckets are the pre-tax bucket, the after-tax bucket and the Roth bucket. This blog will focus on saving into the Roth bucket. Roth savings accounts grow tax-deferred and qualified […]
Should I borrow from my 401k?
In our recent blog, Understanding the Ins and Outs of 401(k) Plans, we touted the great benefits of 401(k) plans. Some investors might also see this as a source of potential funds for personal loans. Your 401(k) is a powerful savings vehicle that is intended to be a nice nest egg to fund your retirement. […]