When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRA’s, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. KNOW THE RULES Some investments, such as fast-growing stocks, can generate substantial capital gains, [...]
One could say that there are only two key milestones in retirement planning: the day you begin participating in retirement savings account and the day you begin drawing money from it. But, of course, there are others as well. One is the day you turn 50 years old. Why? Because those age 50 and older [...]
A home is the most valuable asset many people own. So, it’s important to remain aware of the tax impact of home ownership and to carefully track the debt you incur to buy, build or improve your home – known as “acquisition indebtedness.” Among the biggest tax perks of buying a home is the ability [...]
Sponsors of defined benefit plans – commonly known as pensions – might be facing tighter scrutiny from the U.S. Department of Labor. Just last year, at an ERISA Advisory Council meeting, the agency’s Employee Benefits Security Administration (EBSA) announced that it had ramped up pension audit operations in its Philadelphia office and later decided to [...]
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]
How to Enter Bills in QuickBooks It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps. We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via the U.S. Mail, however you may also be getting some through email. Others don’t [...]