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The Supreme Court stuck down many areas of the law related to same-sex marriages. However, here in Arizona, we are still waiting for decisions about how this affects our clients and residents. In general there are a variety of tax breaks available to legally married persons: The right to file a joint return The opportunity…
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Many people who are currently working are of the belief that they will never be able to retire. New studies show that this is in fact, not the case. Boston College’s Center for Retirement Research has looked at how much beyond age 65 households will have to work. The result was that 85% of households would be able…
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Social Security: a topic that is sure to start a lively discussion, regardless of the age of the participants. While the particulars of Social Security – contribution rates, distribution dates, taxes and income levels of recipients – are likely to look different for future generations, let’s focus on the system that pays benefits at retirement…
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Maintaining and securing your identity from potential thieves is becoming increasingly more important. That extends to paperwork you may have around the house or stored in your garage or office. Here are 9 things that you don’t need to keep and should shred. Tax returns older than 4 years Bank statements older than 4 years…
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An excellent way to save What is my favorite feature of investing in your retirement plan at work? No, it’s not the employer match, well alright it is the match, but a very close second is the fact that it is automatic! The Elephant Because companies are doing away with pension plans, saving for retirement can seem…
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For 20 years I have been hearing reports of how “pensions are rapidly becoming a thing of the past“. I don’t know what their definition of “rapidly” is, but everyone has been aptly warned by now! It is no longer your employer’s job to make sure you save for retirement and the dismal failure that…
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Americans are lousy savers. We can blame it on low wages, a tough economy, or a multitude of other reasons, but the end result is the same… we aren’t saving enough for retirement. The average American family has $35,000 in retirement accounts, can’t afford a $1,000 emergency expense, and only 38% believe they will retire comfortably. So what…
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A nifty little trick that can be part of your savings plan is simply this: once a debt is paid off, still treat that payment as a bill – but now direct that bill payment to your bank account, IRA, or employer sponsored plan. Here’s how it works: Let’s say you have a car payment…
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Forget this year’s must-have gadgets and give your loved ones presents that will endure. As the holidays approach we all begin to think about what gifts to give our spouse, parents, and children. What do they really want? “Just get Granddad another sweater!” said my ten-year-old daughter. At that moment it occurred to me that the annual…
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Tax Planning at best is a shot in the dark this year. Many items have yet to be addressed just for the 2012 year. The only thing for sure is that it will not be addressed until after November 6. Even then, Congress may put it off until after January 1, 2013. Assuming that, donating directly…