Here are ten possible indicators that might improve your personal situation:
1. A large tax due and little or no tax withholding – You may not be managing your tax liabilities during the year. Are there other debts that you’re not managing? READ MORE
Amortization sounds like a nerdy, financial term. It’s really a simple way to describe the process of paying off of debt in regular installments over a period of time according to Investopedia. Home equity lines of credit are debt. So, how and when are they paid off, other than when a home sells? Unfortunately that’s a question to which too many homeowners have given too little consideration. READ MORE
You want your money to work hard for you when you invest it. Helping my clients make the best decisions about investments is part of what I do in my financial planning practice. Shouldn’t you also want the money you donate to charities to work hard doing good things for your chosen cause? Unfortunately, too many people are drawn to give to a charity by a guilt-tripping phone solicitation and sympathetic sounding name. The Center for Investigative Reporting found in a recent in depth investigation that:
“The 50 worst charities in America devote less than 4 percent of donations raised to direct cash aid. Some charities give even less. Over a decade, one diabetes charity raised nearly $14 million and gave about $10,000 to patients. Six spent nothing at all on direct cash aid.” http://cironline.org/americasworstcharities READ MORE
What’s better than saving money on a $1,000 purchase? Saving on a $1,000 purchase you make year after year. For me, and most likely, a good portion of our aging population, prescription drugs is just such an expense, so I was especially excited to hear that there are websites that will tell me what local pharmacy has the lowest price for a prescription. READ MORE
While our representatives in Washington attempt to come up with a plan to avoid a national financial cliff, many of my clients are attempting to deal with the uncertainty that abounds. My advice is to focus on what you know, and what you can control.
Here’s a short list of the more significant tax changes scheduled for January:
- In California, sales tax will increase by .25%.
- Medical deductions on your Federal return will have to exceed 10%, and not 7.5% of Adjusted Gross Income.
- Flexible spending account deductions will be reduced. READ MORE