2021 Last Chance Financial Planning Checklist
Shape up your personal finances for a great year-end!
Details on the Tax Deadline Extension
The I.R.S. is giving you three additional months to file and pay.
Certain Uncertainties in Retirement
Two financial unknowns may erode our degree of confidence.
Your Year-End Financial Checklist
Seven aspects of your financial life to review as the year draws to a close.
Your Year-End Financial Checklist
Seven aspects of your financial life to review as the year draws to a close.
Fall Financial Reminders
Here are some important things to note as the year comes to a close.
The U.S. Savings Bond Tax Trap
Did you buy U.S. Savings Bonds decades ago? Or did your parents or grandparents purchase some for you? If so, take a look at them before April 15 rolls around. Your bonds may have matured. That means they are no longer earning interest, and it also means you need to cash them in.
Avoiding the Common 1040 Mistakes
Don’t let these slip-ups creep into your federal tax return.
Common Deductions Taxpayers Overlook
Make sure you give them a look as you prepare your 1040.
Getting a Jump on Tax Season
You can file your federal tax return starting January 20 - IRS filing season will start right on time in 2015, and there is wisdom in filing your 1040 well before April 15. You can get it out of the way earlier, and if you e-file, you can put yourself in position for an earlier refund.
NEXT Financial CEO on The 700 Club
NEXT CEO Gordon D'Angelo was a Featured Guest on The 700 Club sharing practical tax advice on year-end giving. Watch the recording here.
Taking Taxes Into Account When Saving & Investing
How many of us save and invest with an eye on tax implications? Not that many of us, according to a recent survey from Russell Investments (the global asset manager overseeing the Russell 2000). In the opening quarter of 2014, Russell polled financial services professionals and asked them how many of their clients had inquired about tax-sensitive investment strategies. Just 35% of the polled financial professionals reported clients wanting information about them, and just 18% said their clients proactively wanted to discuss the matter.
When a Windfall Comes Your Way
A first-world problem, and nothing more? Not quite. Getting rich quick can be liberating, but it can also be frustrating. Sudden wealth can help you resolve anxieties about funding your retirement or your children’s college educations, and newfound financial freedom can lead to time freedom – greater opportunity to live and work on your terms.
Minimizing Probate When Setting Up Your Estate
Probate subtly reduces the value of many estates. It can take more than a year in some cases, and attorney’s fees, appraiser’s fees and court costs may eat up as much as 5% of a decedent’s accumulated assets. Think tens of thousands of dollars, perhaps more.
IRS Announces New IRA Rollover Limitation
In 2008, an affluent New York City couple made a series of withdrawals and transfers among contributory IRAs, rollover IRAs and non-IRA investment accounts, all with the long-established 60-day deadline for tax-free IRA rollovers in mind. As esteemed tax attorney Alvan Bobrow and his wife withdrew and rolled over a series of five-figure sums within a six-month period, they assumed their actions were permissible under the Internal Revenue Code. In January 2014, a U.S. Tax Court judge ruled otherwise...
Tax Scams & Schemes - Are You Protected?
Year after year, criminals try to scam certain taxpayers. Year after year, certain taxpayers resort to schemes in an effort to put one over on the IRS. These cons occur year-round, not just during tax season. In response to their frequency, the IRS has listed the 12 biggest offenses – scams that you should recognize, schemes that warrant penalties and/or punishment.
Ideas for Your 2013 Tax Refund
If you have already received your refund for the 2013 tax year or are about to receive it, you might want to think about the destiny of that money. Here are some possibilities.
Will There Be a Bond Bubble in 2014?
This might not surprise you: 2013 is going in the books as the worst year bond funds have ever seen. According to TrimTabs Investment Research, investors yanked $72 billion out of bond mutual funds in 2013 – all of it after May. Those net outflows alone exceeded the record of $63 billion seen in 1994. The common perception: the bond bull is history....