Inheritances Enjoy a Special Tax Benefit
Article Highlights: · Stepped-Up Basis · Inherited Basis · Inheritance Basis Example · Step Down Basis · Long-Term Capital Gains Tax Rates · Jointly Owned Property · Gifting Prior to Death You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance...
Read This Before Tapping Your Retirement Savings
Article Highlights: · Tapping Your Retirement Savings · Traditional IRAs and Qualified Retirement Plans · Simple IRAs · Early-Withdrawal Penalties · Reduction in Retirement Savings · Exceptions from the Early-Withdrawal Penalty · Roth IRAs Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short...
How Can I Secure My Home Wi-Fi Network?
Encrypt your network. Encrypting scrambles the information sent through your network. That makes it harder for other people to see what you’re doing or get your personal information. You encrypt your network by simply updating your router settings to either WPA3 Personal or WPA2 Personal....
Are You A Victim of Identity Theft? This is What You Need to Do…
TIPS FOR VICTIMS OF IDENTITY THEFT The following are recommended actions for victims of identity theft: Contact the fraud departments of the three major credit bureaus. Ask to have your credit file flagged with a fraud alert that includes a statement asking creditors to call you...
HOW TO IMPROVE YOUR CREDIT SCORE
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax...
RETURN BEING PROCESSED MEANS THE IRS RECEIVED YOUR TAX RETURN, BUT IT COULD STILL BE DELAYED.
Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a considerable backlog,...
3 REASONS PAYING YOUR BILLS EARLY WILL BENEFIT YOU
If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can...
Tips to Beat Inflation
Managing Your Finances During an Inflationary Period It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact...
NOW’S THE TIME TO BRUSH UP YOUR BOOKKEEPING HABITS
Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter – and easier to stick to. If you’ve...
CRUCIAL STEPS YOU CAN USE TO TAKE CONTROL OF YOUR FINANCES IN 2022 AND BEYOND
As the old saying goes, "If you fail to plan, you plan to fail." Whoever coined that phrase was absolutely talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs Americans a collective $415 billion...