Time for an Estate Plan Check-Up

You probably take your car in for regular tune-ups, but what about your estate plan? All too often, people develop an estate plan and then stick it in a drawer or file cabinet where it gathers dust. It’s a good idea to review the plan at least once a year to see if it’s still…

Tax Cutting Actions to Take Before Year-End

Here are several tax moves to consider as 2021 comes to a close. Accelerate income into 2021. Income tax rates may increase in 2022, with the top income tax rate projected to increase from 37% to 39.6%. If it makes sense, take advantage of 2021’s 37% rate by accelerating income into 2021 and deferring deductions…

Defending Fair Market Value

Tips everyone should know Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Source: IRS Publication…

The Mutual Fund Tax Surprise!

Some tax planning tips for mutual fund investors From a tax planning viewpoint heading into the 2021 tax season, here are some great mutual fund tips to avoid a tax surprise. Unless noted otherwise, these tips assume your mutual fund investment is outside of a retirement account like a 401(k) or traditional IRA. Long-term gains…

Turn Losses Into Tax Savings

Capital loss, casualty loss or net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much less experience. But if you do suffer a loss, tax laws may provide a measure of relief in the form of a refund or lower taxable income. Here…

Be Prepared For These Pandemic-Related Tax Surprises

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were…

Additional COVID Relief Explained

You could soon see, or already have, another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this $900 billion piece…

Get Rid of Your Kids’ Summertime Blues

Have some family fun with these activities (while social distancing, of course!) Let’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of…

Ideas to Help Pay Bills During Tough Times

You’re not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. Millions of American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills. Here are 6 ways to get cash to help pay for your monthly expenses. Apply for state unemployment benefits. Recent federal legislation expands…

Avoid Timeshare Resale Fraud

Are you considering selling your timeshare property? Maybe you’re tired of the annual maintenance fees, or you hope to use proceeds from the sale for a down payment on a new property. Whatever the reason, be aware that scammers are ready and waiting. The scam A timeshare resale scam often starts with a phone call.…