Navigating the Impact of Rising Interest Rates on Personal Finances
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it’s crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both benefits and challenges. By incorporating effective tax planning strategies, you can mitigate the impact […]
Relief from the Affordable Care Act Penalty for Not Being Insured
Article Highlights: Tax Reform Penalty for Not Being Insured Premium Tax Credit Employer Penalty Coverage Exemptions Hardship Exemptions Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as […]
Smart Strategies for Building and Expanding Your Nest Egg
In today’s dynamic financial landscape, it’s imperative to explore innovative ways to save and grow your nest egg. This comprehensive guide outlines practical and proven savings hacks that can significantly enhance your financial security and future prosperity. 1. Craft a Comprehensive Budget: The foundation of any successful savings plan starts with a well-defined budget. By […]
How Much Income Would You Give Up to Work Remotely?
The seismic shift toward remote work has become a game-changer, with profound implications for personal finances. According to Stanford University economist Nicholas Bloom, remote work is not only altering the way we work but also reshaping our financial dynamics. Let’s delve into the compelling incentives for remote work, backed by insightful statistics and practical strategies […]
Financial Resolutions: A Guide to Kickstart Your Best Money Year Yet
As the calendar turns to a new year, many of us reflect on the past and set intentions for the future. Why not extend this reflection to our finances? This article will guide you through essential financial resolutions to set the tone for your best money year yet. 1. Create a Budget That Works: Start […]
The Cresting Wave: Wading Through the High Tide of Credit Card Debt
In recent years, credit card debt has loomed larger over the American financial landscape, reaching what many experts are calling historic highs. This burgeoning crisis not only symbolizes a significant source of financial distress for countless individuals but also poses a broader economic concern. As we explore the depths of this issue, it is imperative […]
Claimed Premium Tax Credit Last Year? Odds of IRS Correspondence Increased
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
5 Essential Personal Finance Tips Every Millennial Should Know
As Millennials continue to navigate their financial journeys, understanding key tax and personal finance topics is crucial for achieving long-term prosperity. In this article, we’ll explore some of the most important issues facing Millennials today, providing valuable insights and strategies to help them make informed decisions about their finances. 1. The Importance of Time Value […]
Employer Offered You Health Insurance but You Got Yours through the Marketplace. You May Be in for an Unpleasant Surprise!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Secure Your Child’s Financial Future: The Importance of Establishing Custodial Accounts Early
As parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they’re a crucial […]