Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live…
Gains on the Sale of Homes Can be Non-Taxable to All Age Groups
The tax rules allow certain gains on the sale of homes to be excluded from taxable income. Home ownership has always been part of the American dream. That dream took a “hit” during the Great Recession when many homes were underwater (the market value of the home was less than the outstanding mortgage) and foreclosures…
Choosing an Entity for Your Business: Form of Ownership
Now that you’ve decided to start a new business or buy an existing one, you need to consider the form of ownership that’s right for you. Basically, three separate categories of legal entities exist: partnerships, corporations, and limited liability companies. Each category has its own advantages, disadvantages, and special rules. It is also possible to…
6 Healthy and Natural Sugar Alternatives
Everybody’s got a sweet tooth. Whether you are a self-proclaimed chocoholic or enjoy fruity desserts, it’s tough to resist the sweet deliciousness of sugar. But with diabetes on the rise, it’s more important than ever to avoid the stuff. Consuming too much over-processed sugar has negative health effects, and it’s not conducive to living a…
Health Savings Accounts: Pay Medical Bills or Save For Retirement?
Health savings accounts (HSAs) have existed since the law’s effective date in 2004. HSAs are tax advantaged savings accounts for current or future medical expenses. To open an HSA and make contributions, you must have a high deductible health plan, not be claimed as a dependent, have no other health coverage except what is permitted…
Estate Planning: Remember Your Letter of Final Instructions
All your legal documents are in place for your estate plan but have you prepared a letter of final instructions? The Legal Documents You prepared your estate plan and you used some online resources to guide you through the process. An attorney helped you to make sure your will is up to date. Beneficiaries were…
Required Minimum Distributions (RMD): Do it Right or Pay a Large Penalty
What Are Required Minimum Distributions (RMDs)? Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire). You can always withdraw more than the…
Financial Literacy Will Make Your Child Happier!
Parents and grandparents have high hopes for their children. Some say they want their children to be happy, successful and self-sufficient in life. Other mothers and fathers say they want their children to fulfill their potential, earn enough money to enjoy a comfortable lifestyle and be successful in their career. Will Financial Literacy improve your child’s…
“Backdoor” Roth IRA – Why This Tax Loophole Makes Sense
Nearly half of all working-age families have zero retirement account savings, according to a study by Economic Policy Institute, The State of American Retirement. There has been much discussion about eliminating the “backdoor” Roth IRA. This is a situation where the lawmakers put in place a law with unintended consequences. However, this tax loophole makes…
Digital Deception: Current Trends in Cybercrime
In December 2016, Yahoo announced that data associated with more than 1 billion user accounts had been stolen in 2013. The company believes this was a separate incident from a previously announced theft of data from 500,000 user accounts in 2014. Although the sheer number of compromised accounts is staggering, the Yahoo breaches are just…