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Six Last-Minute Tax Tips

Richard Eddy — Thu, 04 Apr 2013 16:43:00 +0000

Here are six last-minute tax tips to keep in mind as the due date for most individuals’ 2012 federal income tax returns approaches. File on time, pay any taxes due The due date for 2012 federal income tax returns is April 15, 2013. If you’re not going to be able to file your federal income [...]

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The Economics of Borrowing from Your 401k

Heather — Mon, 26 Nov 2012 18:25:18 +0000

When times are tough, that pool of dollars sitting in your 401(k) plan account may start to look attractive. But before you decide to take a plan loan, be sure you understand the financial impact. It’s not as simple as you think. The basics of borrowing A 401(k) plan will usually let you borrow as [...]

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How to Give Wisely and Well

Heather — Mon, 19 Nov 2012 17:06:10 +0000

Giving to charity has never been easier. You can donate the old-fashioned way–by mail–but you can also donate online, by text, or through social networking sites. According to the National Center for Charitable Statistics, over 1.4 million nonprofit organizations are registered with the IRS. With so many charities to choose from, it’s more important than [...]

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Bonds, Interest Rates, and the Impact of Inflation

Heather — Wed, 07 Nov 2012 18:05:45 +0000

There are two fundamental ways that you can profit from owning bonds: from the interest that bonds pay, or from any increase in the bond’s price. Many people who invest in bonds because they want a steady stream of income are surprised to learn that bond prices can fluctuate, just as they do with any [...]

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As a business owner, what should I know about using temporary workers?

Heather — Tue, 06 Nov 2012 17:19:55 +0000

Generally, temporary work is any work that is not intended to be permanent or long term. Temporary work can be full- or part-time. Use of temporary workers (sometimes referred to as temps) may provide you with some flexibility to handle employee absences due to illness, vacation, or maternity leave. They may also help you handle [...]

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Two Social Security Strategies for Married Couples

Heather — Mon, 05 Nov 2012 16:49:00 +0000

Deciding when to begin receiving Social Security benefits is a major financial issue for anyone approaching retirement because the age at which you apply for benefits will affect the amount you’ll receive. If you’re married, deciding when to retire can be especially complicated because you and your spouse will need to plan together. Fortunately, there [...]

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Protect Yourself against Identity Theft

Heather — Mon, 29 Oct 2012 18:33:53 +0000

Whether they’re snatching your purse, diving into your dumpster, stealing your mail, or hacking into your computer, they’re out to get you. Who are they? Identity thieves. Identity thieves can empty your bank account, max out your credit cards, open new accounts in your name, and purchase furniture, cars, and even homes on the basis [...]

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Paying For College

Heather — Wed, 17 Oct 2012 16:43:15 +0000

An investment in a child’s college education has the potential to result in a lifetime of increased earnings. For example, according to the Census Bureau’s 2010 Current Population Survey, regardless of race or Hispanic ethnicity, college graduates earn almost twice as much as high school graduates and earn almost three times as much as high [...]

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Beyond Traditional Asset Classes: Exploring Alternatives

Heather — Tue, 16 Oct 2012 15:50:57 +0000

Stocks, bonds, and cash are fundamental components of an investment portfolio. However, many other investments can be used to try to spice up returns or reduce overall portfolio risk. So-called alternative assets have become popular in recent years as a way to provide greater diversification. What is an alternative asset? The term “alternative asset” is [...]

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Managing Your Financial Life

Heather — Wed, 10 Oct 2012 16:21:06 +0000

Taking control of your finances and your financial future can help you reach your desired destinations in life. You want to control your finances, not let them control you. You can do this by creating a strong financial foundation upon which you then build in order to achieve your long-term goals. The first step in [...]

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Year-End Investment Planning and the Fiscal Cliffhanger

Heather — Mon, 08 Oct 2012 15:48:20 +0000

Investment planning at the end of 2012 revisits issues that have complicated the planning process for the last two years–tax cut extensions and spending cuts designed to reduce the U.S. budget deficit. Uncertainty about both and whether they will lead to what’s been called a “fiscal cliff” in 2013 is likely to affect year-end investment [...]

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Getting Help from a Financial Professional

Heather — Wed, 03 Oct 2012 15:37:52 +0000

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events, such as marriage, divorce, the sale [...]

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The Retirement Income Gender Gap–Dealing with a Shortfall

Heather — Mon, 24 Sep 2012 22:49:32 +0000

When you determine your retirement income needs, you make your projections based on the type of lifestyle you plan to have and the desired timing of your retirement. However, you may find that reality is not in sync with your projections, and it looks like your retirement income will be insufficient to meet your estimated [...]

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Can I be reimbursed from my health-care FSA for over-the-counter medications?

Heather — Mon, 24 Sep 2012 17:02:25 +0000

What is a Health-Care Flexible Spending Account? A health-care flexible spending account (FSA) allows you to pay for certain qualified medical and dental expenses with pretax dollars. With a health-care FSA, you can contribute pretax earnings to the plan (usually through a salary reduction agreement with your employer) and submit qualifying expenses to the plan [...]

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Spousal Lifetime Access Trust (SLAT)

Heather — Wed, 19 Sep 2012 19:45:28 +0000

So, you are thinking about making a large gift that is sheltered from gift tax by the applicable exclusion amount. However, you have concerns about losing access to the gifted property or its income; you might not need it now, but what if things change and you do need it later? If you are married, [...]

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Four Retirement Planning Mistakes to Avoid

Heather — Mon, 17 Sep 2012 16:39:53 +0000

We all recognize the importance of planning and saving for retirement, but too many of us fall victim to one or more common mistakes. Here are four easily avoidable mistakes that could prevent you from reaching your retirement goals. 1. Putting off planning and saving Because retirement may be many years away, it’s easy to [...]

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Social Security: What Should You Do at Age 62?

Heather — Thu, 13 Sep 2012 17:15:48 +0000

Is 62 your lucky number? If you’re eligible, that’s the earliest age you can start receiving Social Security retirement benefits. If you decide to start collecting benefits before your full retirement age, you’ll be in good company. According to the Social Security Administration (SSA), approximately 74% of Americans elect to receive their Social Security benefits [...]

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How Women Are Different from Men, Financially Speaking

Heather — Mon, 10 Sep 2012 23:17:16 +0000

We all know men and women are different in some fundamental ways. But is this true when it comes to financial planning? In a word, yes. In the financial world, women often find themselves in very different circumstances than their male counterparts. Everyone wants financial security. Yet women often face financial headwinds that can affect [...]

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Breaking Down the Taxpaying Population: Where Do You Fit In?

Heather — Tue, 04 Sep 2012 21:19:55 +0000

Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information returns that have been filed with the federal government. Recent reports reflect data gleaned from 2009 individual federal income tax returns. These reports offer a snapshot of how Americans break down as taxpayers. Sources [...]

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Should You Make Large Gifts in 2012?

Heather — Mon, 27 Aug 2012 19:40:49 +0000

Currently, the exemptions for federal gift tax, estate tax, and generation-skipping transfer (GST) tax are at historic highs, and the gift, estate, and GST tax rates are at historic lows. But, in 2013, the exemptions are scheduled to substantially decrease, and the tax rates are scheduled to substantially increase. This raises the question of whether [...]

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All about IRAs

Heather — Wed, 22 Aug 2012 17:49:06 +0000

An individual retirement arrangement (IRA) is a personal retirement savings plan that offers specific tax benefits. In fact, IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you should also consider investing in an IRA. What types of IRAs are available? There are two [...]

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Withdrawals from Traditional IRAs

Heather — Mon, 20 Aug 2012 16:48:31 +0000

In these challenging economic times, you may be considering taking withdrawals from your traditional IRA. While you’re allowed to withdraw funds from your IRAs at any time, for any reason, the question is, should you? Why you should think twice Financial professionals generally recommend using your retirement funds for one purpose only–retirement. Why? Because frequent [...]

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Keys to Financial Survival After a Job Loss

Heather — Mon, 06 Aug 2012 22:09:15 +0000

You may have lost your job already, or it’s something you’re concerned about. Either way, the keys to financial survival after a job loss are to plan ahead, take stock of your income, and cut your expenses. Plan ahead If you haven’t been laid off, it’s a good idea to plan ahead for that possibility. It’s hard to [...]

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A Retirement Income Roadmap for Women

Heather — Fri, 03 Aug 2012 20:08:13 +0000

Here is a retirement income roadmap for women because more women are working and taking charge of their own retirement planning than ever before. What does retirement mean to you? Do you dream of traveling? Pursuing a hobby? Volunteering your time, or starting a new career or business? Simply enjoying more time with your grandchildren? Whatever your goal, you’ll [...]

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Potential Results of A Forced Liquidation

Heather — Wed, 01 Aug 2012 21:01:08 +0000

Do You Know What a Forced Liquidation Can Do to the Value of Your Business? If liquidation is forced on a disabled business owner or on the executor of a deceased business owner, it can quickly become public knowledge that there is pressure to dispose of the business, and these results can be anticipated: Sale of business assets [...]

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