Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more than we have to? While few may raise their hands, Americans regularly overpay because they fail to take deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill. Reinvested Dividends: When you receive a dividend or capital gains [...]
A Taxing Story: Capital Gains and Losses
Chris Rock once remarked, “You don’t pay taxes – they take taxes.” That applies not only to income but also to capital gains. Firstly, capital gains result when an individual sells an investment for an amount greater than their purchase price. Specifically, investors categorize capital gains as short-term gains (realizing a gain on an asset held one year or [...]
Can Group, Private Disability Policies Work Together?
According to the Social Security Administration, a 20-year-old has more than a 25% chance of becoming disabled before reaching retirement age.1 Loss of income for such a duration has the potential to cause significant financial hardship. And while Social Security Disability Insurance may help, it’s critical to understand that about two-thirds of initial applications are denied and the average [...]
Things to Know Before Taking Social Security
Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source. When to Start? You have the choice of 1) starting benefits at age 62, 2) claiming them at your [...]
529 to Roth IRA Conversion
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, enabled the ability to convert 529 college savings plan accounts into Roth IRAs under certain conditions. This change reflects a strategic adaptation to the evolving financial planning landscape, providing savers with expanded options for managing their investment portfolios over the long term. So what exactly is a 529? [...]
Making a Charitable Gift
READ TIME: 4 MIN Why sell shares when you can gift them? If you have appreciated stocks in your portfolio, you might want to consider donating those shares to charity rather than selling them. The Advantages of Donating Stocks Over Selling Donating appreciated securities to a tax-qualified charity may allow you to manage your taxes [...]
