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.
The Markets Wild Swings
During this past trading week, volatility ruled Wall Street. In fact, stocks either fell or rose 1.5% or more on three consecutive trading days. That had happened only 54 times since 1928. What prompted these ups & downs? Several factors...
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.
Couples Retiring on the Same Page
Agreeing about what you want from retirement is crucial.
Medicare Enrollment Options for 2014-2015
Key Medicare enrollment periods are approaching. This fall and winter, there are three periods in which Medicare beneficiaries can either enroll or disenroll in forms of coverage.
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.
It's Time to Review Your Life Insurance
When was the last time you looked at your life insurance coverage? Why not do it now? Life insurance can be a remarkable utility as an estate planning and tax-saving tool. Whether you have no life insurance, or you haven’t reviewed your policy in a while, it is always a good idea to be aware of your options and be prepared.
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.
Women, Longevity Risk & Retirement Saving
If you’re a woman, your odds of becoming a centenarian are seemingly better than those of men. In the 2010 U.S. Census, over 80% of Americans aged 100 or older were women.
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.
Throwing Out the 4% (Retirement Income) Rule
In 1994, a financial advisor named Bill Bengen published research articulating the “4% rule”, which became a landmark of retirement planning. The 4% rule postulates that a retirement nest egg can last 30 years if a retiree withdraws 4% of it per year (incrementally adjusted for inflation), given a portfolio of 50% stocks and 50% bonds. Bengen studied numerous 30-year stock market time spans to arrive at his theory, which many retirement planners took as a guideline. Lately, the 4% rule has taken quite a bit of flak. At age 20, it looks less and less valid. Why? Two factors leap to mind.
Will the Fed Raise Interest Rates Earlier Than Assumed?
Markets weigh Janet Yellen’s comments & the new policy statement.