| While we can’t control the economy, there is something you can do in response to what many people feel is a financial Armageddon. You can take control of your spending by developing a spending plan.Notice that I call it a spending plan instead of a budget. READ MORE |
| DISCLAIMER: This ezine was written before the program’s funding was put in jeopardy. Be aware that the funding of this credit is not guaranteed. And to date, the program is proving to be very popular. READ MORE |
| Why Health Savings Accounts (HSA)s Look Better than Ever Since I entered the insurance business in 1983, I have never seen so little information available to buyers on such an important decision as health care. I teach insurance planning, for goodness sakes, and even I have trouble rooting out critical issues in my own Blue Shield policy.To put it bluntly — buyers beware. And be educated! READ MORE |
| I have found investment advisors who swear by annuities and other investment advisors that just plain swear when you use the (A) annuity word. And in defense of the latter, they are asked to unwind purchases with high expense loaded annuities that charge a second load to get out of the contract. And typically surrendering the annuity is necessary. The annuity is illiquid and the entirety of the client’s investment portfolio was placed in the annuity. So the client paid too much and now has no access to their money. That left a crowd of advisors to sing the praises of the annuity, “They accumulate tax deferred.” And “You may even be able to guarantee the cash flow.” READ MORE |
As you may or may not remember, I do some tax preparation. I say “some” as I just began doing individual income tax preparation last year. Well, this year I had the opportunity to do the taxes of a retiree with significant assets and investment income. And as I saw the total tax liability rise, I began to look for deductions. Finally it struck me that there must be some offsetting investment expenses.
There was a time that financial planning meant a talk on the back porch with a family elder. And today, financial planning means getting the assistance of a professional. And the trick seems to be finding the right type of professional as well as someone you can trust and understand. Some times you need the specialist and some times you need a more comprehensive approach.
Let me give you an example. READ MORE
Here are a couple of the most relevant changes that will affect or benefit most of you. If you want to read highlights on all the changes or you want more detail, the IRS web page has a great article.
In the Breeze –
A first time home buyer credit of up to $7,500 is available for homes purchased from 4/9/08 – 6/30/09. “First Time” really means any individual who has not owned a home for the last three years. READ MORE
It’s my hope that no one needs to access their retirement plans prior to age 59 1/2. And with a 10% premature penalty, it makes it a very unattractive option if funds are necessary. And I would like to remind you, or inform you, that there are exceptions to this penalty. IRS Section 72 (t) allows the following exceptions: READ MORE
Typically individuals don’t begin the tax preparation process till February and December is an even better time to start. Why? Because now is the time to take action to take action to save in taxes. And it’s also a good time to confirm you paid sufficient income taxes and to remember to note your auto mileage for the end of year. READ MORE