When it comes to financial planning, most of us spend our time guarding against things that could go wrong. But what if something really good happens? Hitting the jackpot is obviously a nice problem to have. Yet an unexpected influx of cash can drive even savvy individuals to do regrettable things. Your first impulse upon [...]
Debt is a reality for many Americans. Median household debt was estimated at $2,300 as of May 2016, according to consumer information provider ValuePenguin. And debt isn’t limited to those earning lower incomes; households with a net worth of $500,000 and over had an estimated $8,139 in credit card debt, per the same source. Underestimating [...]
Many employers look to attract and retain key employees through various investment-related incentives. One example is the nonqualified stock option (NQSO). If your employer provides these to you, or you’re considering an employer that does, make sure you’re up to speed on the applicable tax treatment and reporting. HOW DO THEY WORK? An NQSO [...]
No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. THE BRIGHT SIDE A capital loss occurs when you sell a security for less than your “basis,” generally the original purchase [...]
Are you in your 50s or 60s and thinking more about retirement? If so, and you’re still not completely comfortable with the size of your next egg, don’t forget about “catch-up” contributions. These are additional amounts beyond the regular annual limits that workers age 50 or older can contribute to certain retirement accounts. Catch-up contributions [...]
Where did the time go? The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability. Here are seven last-minute tax-saving tips to consider – you just must act by December 31: Pay your 2016 property tax bill that’s due in early 2017. Pay your [...]