Category Archives: Uncategorized

Every year, I compile a list of the FAQ’s I get during tax season to share in the hopes it answers somebody else’s question.  This is not a substitute for tax advice.  Please check with your tax professional for questions specific to your situation. I have a taxable account, but I did not receive a 1099-INT form for it.  I looked online and I earned $7 of interest in 2015.  Do I need to claim this interest income on myRead More

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December is too hectic a month to survive without a checklist. Here is a personal finance-themed year-end checklist: ☐ Spend down your flex spending account (FSA) if you have one with a balance. ☐ Donate old or rarely used clothing, toys or other items you have around the house. It will make room for holiday decorations and give you a tax deduction if you itemize and meet the IRS requirements. ☐ Check that you are on track with your retirementRead More

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  Systematic savings is an easy yet powerful concept.  It involves setting up an automatic deduction from one account to another at some frequency (weekly, monthly, yearly, etc).    Many of us already experience systematic savings with our paycheck.  We have automatic deductions for retirement such as 401(k) or TSP plans. Federal taxes are also automatically deducted from our paycheck.  The IRS knows that they are much more likely to get their money if they force you to pay asRead More

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William Bernstein was interviewed in the September issue of Money.  Here are some highlights: 1.  How young people should invest – no surprise here:  “For the average person, you’ll want a very high stock allocation.”  The reason is that you have three to four decades of earnings potential ahead of you.  “So even if your investment capital when you’re 26 years old falls by one-half, your total worth has fallen by only a couple of percent because you still haveRead More

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25% of 20 year olds will become disabled prior to retirement. [1] Most disabilities are caused by arthritis, not work-related accidents. [2] Women are twice as likely to be disabled by arthritis as men.[3]   These are some of the findings published in the August 2012 issue of the FPA’s Journal of Financial Planning.  No matter what your profession, there is the possibility that illness or accident may prevent you from earning a living. Although none of us likes toRead More

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