4 Common Tax Advantaged Strategies
Key Takeaways There are three things to look for in a tax strategy: tax deductible, tax deferred, and tax free. A strategy will most likely not contain all three, but usually will have two of them. Four common tax strategies are 401ks, IRAs, HSAs, and 529 plans. Putting money away using any of these strategies […]
Your Future Taxes
Key Takeaways There are two types of tax planners; historians and futurists. Tax historians look to the past to plan for their taxes and can often be left with costly surprises or pay more taxes than they should by not researching changes in the tax code. Being a tax futurist, where you plan your taxes […]
Clipping Tax Coupons
Key Takeaways The 1040 form is used to file your tax return and it’s important to know what’s on it so you can take advantage of any areas where you may be able to save money. The main sections of the 1040 form are Income, Adjusted Gross Income, Tax and Credits, and Other Taxes. There […]
Transitional Ownership
Key Takeaways Transitions in life directly affect how ownership changes. Several primary forms of ownership include Sole Ownership, Joint Ownership, Tenancy in Common, Tenancy by the Entirety, Trust Ownership and Guardian of Assets. It’s important to understand that ownership changes when major life events happen so that you can plan for these changes and ensure […]
Own Your Position
Key Takeaways Handling someone’s estate is something you may only do once in your lifetime and it can be a very emotional, daunting process. Estate plans can be executed during someone’s life should they become incapacitated, and upon a person’s death as well. It’s important to seek help from a professional when it comes to […]
Willing to Plan?
Key Takeaways Every person has an estate plan automatically; it is designated by the state you reside in. Estate plans can consist of wills, durable powers of attorney, trusts and designation of beneficiary type assets. There is will-based and trust-based planning. There are very big differences in terms of dealing with probate and whether they […]
Refinancing Student Debt – Gain Positive Arbitrage
Key Takeaways Positive arbitrage is the goal when refinancing federal and private student loan debt. There are several federal loan repayment programs that can lower your payments, and if you have a good credit score, you may be able to refinance your private loans, thus reducing those payments as well. Refinancing your loans and reducing […]
Refinancing Your Mortgage – Hidden Benefits
Key Takeaways The benefits to refinancing your mortgage are savings on interest over time, getting rid of Private Mortgage Insurance (PMI), receiving cash for the difference, and using the savings from the reduced monthly mortgage to pay off other debts or save money. Consider refinancing if it takes 1-2 years to break even on the […]
Student Debt – Consolidate or Not?
Key Takeaways When managing student loan repayments, payment flexibility is key. Pay off student loans one at a time versus consolidating them so that you can achieve flexibility and keep options open. Pay off highest interest rate loans first to avoid paying more in interest overall.
Home Improvements – Now and Later
Key Takeaways Think about making your home improvements in terms of immediate, short term, and long term. Planning, budgeting and financing your home improvements are three important steps in ensuring you are able to make the improvements you need to enjoy your home, as well as to get a better return on your money when […]