Common New Year’s resolutions are to lose weight or become more active. Perhaps 2021 is the year to shift focus. Here are seven tips to help you become more financially fit. Create a budget. It’s easy to get into financial trouble if you spend more than you earn. By watching your budget more carefully, you might be surprised by how much you spend in certain areas of your life. Many banks and credit unions offer budgeting
As new year’s celebrations are in the rearview mirror, it’s nice to continue celebrating the resolutions that we are definitely going to achieve! So we asked Uncle Sam – yes that Uncle Sam – what his new year’s resolutions were. This is what he told us… Help the federal government spend less money than it collects. If your family needs to make sure it only spends what it makes, why shouldn’t I do the same thing
As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done so, please consider: Reviewing and adjusting your periodic contributions to your retirement savings accounts to take full advantage of the
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely affected by the COVID-19 pandemic. Qualified businesses could apply for and receive loans of up to $10 million. Loan proceeds could
What you need to know NOW! You could soon see another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this $900 billion piece of legislation. Direct stimulus payments to you. The legislation includes a $600 payment per person, including adults and
The way families are living in the day to day has changed dramatically over the past several months due to the pandemic. Most families have one or more parents working remotely, and many have one or more children in school remotely, part-time if not all of the time. The situation has also made it challenging to spend time with parents and grandparents who life in different households. As a result, some older adults are exploring or
By the end of June 2020, the U.S. Small Business Administration had approved nearly 4.9 million Paycheck Protection Program (PPP) loans. Some of the businesses that applied for those loans are either in the process of a “change in ownership” or see the current climate as an opportunity to transfer value to their heirs. Estate tax exemptions are high, interest rates are low, and business valuations may have dipped. These are all factors that make this
Some households find themselves with a large investment in one single stock. That can happen when a great investment takes off (think: Apple or Amazon). But concentrated equity positions can also occur through employee compensation arrangements or inheritance. This can be both good fortune and significant risk. Past performance of a stock is no guarantee of future results, and if that one stock were to tumble, it could have serious repercussions for your financial wellbeing. If
If you participate in an employer-sponsored 401(k) plan, you can contribute up to $19,500 to your retirement in 2021. But did you know some plans allow you to contribute up to $38,500 more? If you’re looking for increased savings options, find out if your existing plan allows additional after-tax 401(k) contributions. In 2021, after-tax 401(k)s have a total plan maximum of $58,000, including traditional contributions, employer contributions and after-tax contributions. As is true for traditional 401(k)s, these limits are higher ($64,500) if you’re age 50
Who? Me? A Landlord? Real estate can be the key to financial independence and success. While TV might have popularized the “flipper” model of real estate transaction, in which infusions of cash and elbow grease transform run-down properties into glossy sources of resale profit, the old-fashioned practice of landlording is still an attainable, affordable, and profitable. To be a landlord (or landlady, though the law uses the generic term landlord to refer to property owners), you
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