Do you have company stock through a plan with your employer? If so, don’t miss out on a possible tax planning strategy utilizing a net unrealized appreciation (NUA) strategy. NUA is often misunderstood and/or overlooked. Here are some things you should know about NUA, and how it can benefit you when it comes to taxes. Net Unrealized Appreciat...
Let’s face it – taxes aren’t fun and, although sometimes helpful, neither are the articles written about them. Now that the pressure of the 2017 tax season has come to an end, we thought we’d share something a little more lighthearted for our animal loving readers. What Deductions Can You Get From Your Pet? Do you have an animal that works for you?...
You’ve heard this cautionary tale before: a lucky soul inherits a new wealth – from the lottery, from family, from fame – only to squander it before their retirement. A sudden influx of wealth can be both an incredibly joyous and stressful experience. In fact, there’s even a stress-related disorder known as “Sudden Wealth Syndrome” that can come wi...
Losing a spouse is a stressful transition. And the added pressure of having to settle the estate and organize finances can be overwhelming. Fortunately, there are steps you can take to make dealing with these matters less difficult. Notify others When your spouse dies, your first step should be to contact anyone who is close to you and your spouse,...
The Social Security Administration (SSA) recently released an internal audit1 that was conducted to determine if adequate efforts were made to inform widows and widowers of their option to claim survivor’s benefits. The results showed the answer was a resounding, “No.” The audit showed that a large majority, 82 percent, of beneficiaries who are ent...
There are millions of children in the United States receiving Social Security benefits. In 2017, a whopping 4.2 million1 children were receiving benefits. The total for these benefits? Over $2.6 billion each month. As large as those numbers sound, there are actually many more children that are eligible for these benefits but are not actually receiv...
If you didn’t already know, anyone with earned income can have a Roth IRA….including children! That’s right, there is no minimum age in the tax code to be qualified for a Roth IRA. All that is required is reportable earned income, and the contributions to the Roth cannot exceed that income. Let’s be realistic though – not many children are going to...
It’s probably no surprise to hear that most senior citizens in America would prefer to live out their days at home. According to an AARP Research Center study1, 87 percent of adults 65 or older want to stay in their current home as they age. Unfortunately, many times circumstances don’t align so that aging in place is a feasible, or affordable, opt...