Budgeting After a Divorce
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Succeeding at Business Succession
Family businesses account for 54% of private sector Gross Domestic Product (GDP), yet 43% of family businesses have no formal succession plan. While those numbers may shock you, it is not surprising that many small business owners are consumed by the myriad responsibilities of running their businesses.1,2Nevertheless, owners ignore succession preparations at their peril and […]
The Lowdown on Those Free Credit Scores
The Fair and Accurate Credit Transaction Act of 2003 provided individuals with valuable rights to the credit information companies keep on them, but did you know that the credit score provided to you may be different than the one provided to lenders? The first thing you should know is that you have a right to […]
Trends in Charitable Giving
According to the most recent report by Giving USA, Americans gave $499 billion to charity in 2022.1 Americans usually give to charity for two main reasons: to support a cause or organization they care about or to leave a legacy through their support. When giving to charitable organizations, some people elect to support through cash […]
Put It in a Letter
American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I’m not going to get the girl, and second, I’ll get a cheap funeral before the picture is over.” Most people don’t spend too much time thinking about their own funeral, and yet […]
Counteracting Capital Gains with Tax-Loss Harvesting
Tax-loss harvesting means taking capital losses (selling securities for less than what you initially paid for them) to offset any capital gains you may have. While this doesn’t get rid of your losses, it can help you manage your tax liability. Keep in mind that this article is for informational purposes only and is not […]
Do You Owe The AMT?
American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said that turnovers are the great equalizer. In taxes, there’s also an equalizer of sorts; it’s called the alternative minimum tax, or AMT. Instituted in 1969, it was intended to ensure that the very rich didn’t pay a lower effective tax […]
What If You Get Audited?
“Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. Between 2010 and 2018, the IRS only audited 0.6% of all individual tax returns.1 And being audited does not necessarily imply that the IRS suspects wrongdoing. The IRS says an […]
What If Your Kids Decide Against College?
As a parent or grandparent, you may have diligently saved money in a 529 account to help fund your child’s or grandchild’s college education. But what happens if they decide college isn’t the right path for them? It’s a valid question that many families are facing as more and more people choose alternatives to traditional […]
Making a Charitable Gift
Key Takeaways Some universities and major hospitals have huge endowments while your local shelter may struggle to keep its doors open. Sometimes finding smaller charities with bigger needs may increase the impact of your donation. Donating stock can provide potential tax benefits, especially if you have owned the securities for at least one year. While […]