Tax preparation can be difficult for business owners, who must constantly strive to strike a balance between claiming as many deductions as possible and avoiding an IRS audit. The fear of the dreaded visit from a tax auditor can even drive some entrepreneurs to dismiss some deductions, including home office space, which has traditionally been…
How COVID-19 has Impacted Retirement
I’ll be the first to admit it. I’m exhausted by COVID-19—just as I’m sure that you are. But, that doesn’t mean you should completely ignore it. If you do, you may not only be putting your physical health in jeopardy but also your financial future. The pandemic has caused job loss or a reduction in hours. In…
The Eight Most Overlooked Tax Deductions for Homeowners
Paying taxes is not something anyone likely enjoys, but finding new ways to legally save more money on taxes by claiming new or overlooked tax deductions can make it at least interesting. Owning a home can give you several ways to save on taxes—and there may be some you are not yet claiming—but could. You…
The Savings Game: Readers Ask About Insurance, Spousal Benefits and I Bonds
August 26, 2022
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BrightendowmentFixed IncomeinsuranceInsurance Policypersonal financeretirementSeries I BondsSocial SecurityWealth Management
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By Elliot Raphaelson Q: I need help with an insurance policy. I no longer have a local agent to answer my questions. I have an endowment policy, and there is a term on my statement I don’t understand. Specifically, it includes the following: “family endowment at age 85.” What does that mean? I am approaching…
3 Reasons Not to Tap Your Home Equity Right Now
August 24, 2022
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BrightEstatehome equityhousing pricesmortgagepersonal financereal estateUncategorizedWealth Management
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Soaring real estate values mean many homeowners are awash in equity—the difference between what they owe and what their homes are worth. The average-priced home is up 42 percent since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to Black Knight Inc., a…
15 Questions to Ask Before Purchasing Life Insurance
Protecting your dependents’ livelihood with life insurance is always a wise decision. But, at the same time, buying a life insurance policy can seem overwhelming. And, that’s understandable with the number of coverage options available. As a result, you might delay purchasing a policy. In the long run, however, delaying such an important discussion can…
10 Tips For Choosing a Life Insurance Beneficiary
Choosing your beneficiaries, who are the people or entities who receive the benefits when you die, is arguably the most important part of owning life insurance. However, picking this recipient may not be as easy as you imagine. After all, state laws and policy rules can limit your options. Additionally, changing or correcting your beneficiary…
Kids and Money: Yours, Mine, and Ours
By Steve Rosen From Tribune Content Agency The time for newly married couples to discover each other’s credit score should not happen when applying for a car loan or filling out mortgage paperwork while house hunting for the first time. Yet, all too often those money talks either keep getting kicked down the road or…
The Difference Between Term Life and Permanent Life Insurance
August 20, 2022
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As you recall, there are two primary types of life insurance; term and permanent also called whole, life. Not only are they the most popular options, but they also happen to be the oldest forms of life insurance. Of course, insurance companies have made shopping for a policy just as confusing as the movie Inception as you dig deeper…
Ask Kip: How to Donate to Charity and Get Income in Return
August 19, 2022
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By David Rodeck From Kiplinger’s Money Power Q: I’ve been thinking of making a sizable donation to charity, but I’m a bit worried about giving away money I might need in retirement. I’ve heard that a Charitable Gift Annuity could be the answer. How does that work? A: A Charitable Gift Annuity can generate retirement…
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