Deciding when to buy a stock is often easier than determining when to sell. As you’re reviewing your portfolio at year-end, consider these situations that may indicate the right time to sell. When there are no tax consequences. If you hold stock in a retirement fund, you may want to reap gains with no tax […]
Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you’ll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you’ll pay tax. What’s your answer? When you sell property […]
Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your “provisional income.” Provisional income (PI) is the product of a formula used for no other purpose than figuring out the taxable percentage […]
Out with the old, in with the new. No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here are suggestions. Review your credit report. Request a free copy of your […]
Scam artists are relentless in finding ways to take your money. But some old-school methods are still effective for protecting yourself. Here are suggestions. Fortify your computer and your phone. Install anti-virus and anti-spyware programs and update your protection regularly. Consider firewall software to prevent unauthorized access. Change the password on your computer router from […]
Times of crisis, when others are suffering and you want to help most, is also when heartless fraudsters tend to strike. If you’re planning a donation, watch for these signs that a charity isn’t on the up-and-up. The fly-by-night charity. Every legitimate charitable association had a start date, and some are still being formed. But […]
Once you have extended credit to a customer, you have a stake in continuing the relationship even if you suspect trouble is brewing. You don’t want to crack down on a good customer too hard too soon; yet you don’t want to be “taken” by a debtor who has become unable or unwilling to pay. […]
Will wedding bells be ringing for you along with holiday sleigh bells this year? If so, add tax planning to your to-do list. Here are tax tips for soon-to-be newlyweds. Check the effect marriage will have on your tax bill. If you both work and earn about the same income, you may need to adjust […]
After your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like. Here are items to consider. Be specific and stay current. When you name a […]
Are you thinking of returning to your childhood home to live with your parents? Although heading home after graduation or a divorce may feel like a setback, a temporary return to living with your parents can present opportunities to improve your financial situation. For example, living with your parents means you can share the cost […]