American Families Plan Would Provide Benefits for Some, More Taxes for Others
On April 28, 2021, the White House released a fact sheet for President Biden's American Families Plan (AFP), which proposes about $1 trillion in investments and $800 billion in tax cuts. There would also be tax increases for those making more than $400,000 per year....
401(k) Loans: Pros and Cons
You might be considering taking out a loan from your 401k. But before you do, you should know the rules and weigh the risks against the benefits. Because not knowing the rules and understanding the risks might hurt you and your retirement in the long-term. Consider...
Pros and Cons of Probate
Two main responsibilities of the probate court are to determine the validity of a will and to ensure that it is faithfully executed. Although most states have exemptions for smaller estates, a will ultimately fall under the jurisdiction of the probate court. Similar...
Planning Your Itemized Deductions
Tax rates, deductions, and phase outs seem to be changing constantly, making the timing of income and expenses trickier than ever. However, for most taxpayers, the mantra should continue to be: defer income and accelerate deductions. The following deduction strategies...
Thinking of Retirement – Here is the One Thing you need to do – TIME.COM
Wouldn't it be great if there was one simple thing you could do to help you better prepare for retirement and make you feel more confident about your prospects for financial security at the same time? Well, there is: Put your retirement plan in writing. Read more...
Financial Plan: Paying the Marriage Tax Penalty
When does one plus one not equal two? When it comes to paying federal income taxes. If your spouse earns significantly more than you do, you and your sweetheart enjoy what is known as the “marriage bonus.” This means that, as a couple, you are paying less in taxes...
Financial Planning: Value of Financial Advice
John Hancock's 2015 Financial Stress Survey, show that of the people surveyed, 70 percent of those who work with a financial advisor are on track or ahead in saving for retirement, versus 33 percent of those not working with an advisor. Among people who have an...
How to Analyze Your Personal Financial Budget.
How do you make sense of a personal budget? Is it about listing expenses to see where you money is going? Yes and No. Wondering if your spending your income wisely? The 50/30/20 rule will help to put meaning to your spending. The article looks at how much your income...
