Once the proverbial game clock expires on December 31st, our financial decisions are, for the most part, locked in. There’s no going back. Here are some suggestions to consider for your savings and/or to mitigate the tax bite for 2021.
At the end of 2021, outstanding consumer debt in the United States, including mortgages, student loans, auto loans, credit cards, etc., totaled $15.6 trillion, which equates to about $50,000 per American. Clearly, we are no strangers to debt. Ultimately, getting rid of consumeristic debt will help you save and accomplish your goals.
Because saving money early and often can be difficult, consider how you might help those closest to you to do more of it. Here are some scenarios and ideas.
Legacy is a strange topic. We all think about it, but it means something different to everybody. How do you want to be remembered?
Happy National 401(k) Day! As we take today to celebrate 401k’s, it’s important to consider the increasing challenges employees in our country face when it comes to retirement readiness.
People come to terms with the fact they will one day retire. Maybe not in the next year or two but sometime in the next five. Often, it’s a reality they’ve been denying.
Many business owners are looking for more tax-friendly ways to save for retirement. A cash balance plan could be the answer.
Stories like this spread and inspire others to be generous.
It is the taxpayer’s responsibility to keep records of distributions made to charity and contributions to their IRA and account for those on their tax return.
One of the significant changes in the tax reform bill signed by Governor Reynolds on March 1, is the eventual elimination of federal tax deductibility for determining taxable income. Iowa was one of the few remaining states that allowed taxpayers to deduct federal taxes to determine their state income taxes.
In late June, the IRS announced RMDs would be able to be reversed from any account requiring them through August 31st. Since the IRS is allowing this, it presents a potential tax planning opportunity.
October was the worst month for new car sales at his dealership in over ten years. In fact, only about 10% of car buyers that month were electing to lease new vehicles and typically, leasing is less expensive than buying. What’s going on here?
As you start checking these items off the list, the biggest things you have running through your head are dollar signs – lots and lots of dollar signs.
We had completed our hike successfully, and the challenges made it more memorable and satisfying. The same is true for all of us as investors.
