Filing your taxes can be daunting, but it can also be an opportunity to save money if you know where to look. If you are 65 years old or older, it’s important to focus on certain tax areas that can help you reduce your future income tax liability and Medicare expenses. Here are some tax […]
For years, monitoring your cash and cash equivalent accounts was not worth your time as they yielded close to 0% interest. However, the conversation around cash has changed drastically since 2022, and it now pays to understand the difference between checking, savings/money market accounts (MMA), and money market mutual funds (MMF). A few easy adjustments […]
Just one year ago, research from the Federal Reserve indicated that a record 68% of households had the cash to cover an emergency expense of $400. Fast forward to today, and a new study by Suze Orman suggests that statistic has reversed…2/3’s of households could not cover an unexpected $400 expense. What gives? Inflation and […]
It is estimated that millions of taxpayers will miss out on the Earned Income Tax Credit (EICT) in 2022, worth up to $6,935. Over 30 million workers in 2022 are eligible for the tax credit worth over $60 billion. Estimates indicate that up to 20% of eligible taxpayers are not aware of this tax credit. […]
In a previous article, we discussed Alabama’s CollegCounts 529 Fund and how the recently passed Secure Act 2.0 offers greater flexibility to account owners in allocating education funds. Let’s now focus on a recent change that allows a portion of unused 529 account assets to be rolled over to a Roth IRA for account beneficiaries. […]
One of the primary concerns for most, after saving for retirement, is education planning. Well, great news! The recently passed Secure Act 2.0 gives savers greater flexibility regarding how they allocate funds accumulated in 529 plans. We’ll review updates to Alabama’s CollegeCounts 529 Fund this week and follow up next week on increased options related […]
Last year was a challenging year for investors, to say the least. The overall stock was on the cusp of a bear market, declining close to 18%. Unfortunately, the bond market did not do much better and was down almost 13%. Good financial management demands that you periodically review and monitor both your portfolio performance […]
With the S&P 500 currently down over 19% and the US Aggregate Bond Index down over 12%, the desire for many investors to move on from 2022 is understandable. But before we do, it’s essential to learn lessons from this year’s market to avoid repeating the same mistakes in the future. It reminds me of […]
The dream of becoming a millionaire… Is this just a pipe dream or is it possible? The short answer: it is absolutely possible to become a millionaire. One of the best Christmas presents you can give yourself, and your family is the decision to become a millionaire and start on the steps towards that goal. […]
By Michael Wagner Over the years, it’s common for specific people or events to influence our decisions and significantly impact how we live our lives. For me, the inspiration and example of my father led me to where I am today. Growing up working in the family shoe business, my dad instilled in me that […]