With the emotional turmoil that usually accompanies divorce, it is easy to for estranged couples to overlook the serious financial issues that arise as they seek to divide up their assets and establish independent lives.
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A Mountain of Debt to Scale: How will It Affect You?
Debt has become a very circular process in which consumers become both borrowers and lenders. While they borrow money from banks and finance companies, consumers are receiving interest from money market funds, bond mutual funds, and pension funds, all of which invest in consumer debt.
Location Matters When Choosing a Retirement Home
Retirees have many options when choosing where to live. While climate, proximity to family, and the cost of housing will likely factor into the decision about where to retire, prospective retirees should also take into account the amount of taxes they will owe in the state and town where they have their primary residence.
Income Tax Filing
The April 15th tax deadline always seems just around the corner. Preparing in advance to file your federal income tax return might help make a sometimes overwhelming process easier to tackle.
A Short Course in Personal and Dependent Exemptions
Basic income tax planning starts with an understanding of how various types of income are taxed, what kinds of deductions are allowable, and where the “break points” fall in applying the tax rates.
Life Changes and Your Taxes
There’s hardly an aspect of your financial situation—savings, education, real estate, investments, retirement funding, or estate planning—that isn’t influenced by taxes. Tax planning is especially important if your circumstances have changed over the past year.
Tax Deductions for Donating Art
If you collect art, donating a painting, sculpture, or other object of fine art to a museum or a favorite charity can be a great way to share your passion with a wider audience, support your institution of choice, and get a break on your Federal income taxes.
A Trust Primer
A trust is designed to help individuals manage a variety of family and tax-related estate planning concerns. Here are a few ways in which trusts can be used.
Managing RMDs From Tax-Advantaged Retirement Accounts
Of the mistakes older Americans can make in managing their retirement savings, failing to take required minimum distributions (RMDs) from qualified retirement accounts, like IRAs and 401(k) accounts, is among the most serious.
Charitable Giving Yields Tax Benefits for Businesses
In addition to supporting a worthy cause, you or your business can help lower your tax bill through cash donations, as well as contributions in the form of unused inventory or sponsorship.