Are you one of the almost 30 million taxpayers that can no longer itemize deductions? “Bunching” your charitable contributions may help take it back. The Tax Cuts and Jobs Act of 2017 increased the standard deduction from $12,700 in 2017 to $24,400 in 2019 for Married Filing Jointly (MFJ). The number of filers who itemize […]

In my last post, I reviewed some of the key differences between a SEP IRA and a Solo 401(k) for business owners with no employees (if you have 1099 income from a side gig, this includes you). In some cases, a SIMPLE IRA may be a better option than a SEP IRA and a Solo […]

If you and/or your spouse own a business and you are the only employees, or you have 1099 income and want to maximize your retirement savings, you should consider contributing to a SEP IRA or an Individual/Solo 401(k) Plan. Which plan is right for you? Here are some highlights of each plan. SEP IRA-Simplified Employee […]

Have you ever wondered what happens to your non-qualified deferred compensation plan (NQDC) when you leave your employer?  As a reminder, NQDC plans allow executives and other employees to defer a portion of their compensation, as well as the income taxes due, until the balance in the plan is paid. When you leave your employer, […]

Do you want to stay in your home for the rest of your life?  If you answered yes, you are in good company.  A recent National Council of Aging study showed that 75% of people over the age of 60 would prefer to remain in their own home as they age.¹   If your wish is […]

Do you ever wonder where your money goes each month? Does it seem like you’re never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals. Examine your financial goals Before you establish a […]

Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Most disability policies pay you a benefit that replaces a percentage of your earned income when you can’t work. Why would you need disability insurance? Your chances of being disabled for longer than three months are much […]

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it’s time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already […]

Behavioral finance is a relatively new but growing field of study that applies behavioral psychology to economic decisions to help understand why rational people can often make irrational decisions when it comes to money and investing. DALBAR, a leading financial research firm, produces an annual report comparing stock market returns with average investor returns. Their […]

In the hustle and bustle of every day family life, it can be difficult to see beyond the present and prepare for the future.  Often important actions that each family should take fall to the wayside as the days are crammed with work, school, sports, and household duties.  In Five Things Every Young Family Should […]