In the News: Liquidity Needs that Don’t End at Death
Death can be expensive. Bil Lako, CFP®, explains why you need to plan for liquidity in your estate, especially if there are illiquid assets you intend your heirs to keep.
Medicare Open Enrollment Begins October 15
What is the Medicare Open Enrollment Period? The Medicare Open Enrollment Period is the time during which people with Medicare can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open…
How can you better manage your short-term cash reserve?
The most important attribute of a cash reserve is its availability in time of sudden need. And while a federally insured savings account is considered one of the safest places to put money being reserved for emergencies, when interest rates are low, you may want to consider other alternatives. When selecting ways to invest your…
Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt from AMT taxation) and raising the income thresholds for when the exemptions are phased…
On the Road to Retirement, Beware of These Five Risks
Take some time now to review and understand the below risks before your journey takes an unplanned detour. 1. Traveling Aimlessly Setting out on an adventure without a definitive destination can be exciting, but probably not when it comes to saving for retirement. As you begin your retirement strategy, one of the first steps you’ll…
QuickBooks Tip: How QuickBooks Online Can Improve Your Company’s Financial Health
If you’re already using QuickBooks Online, you know how much impact its bookkeeping abilities have had on your company’s accounting operations. You’re saving time, which in-turn saves money, and you’re reducing errors. When a customer or vendor calls with a question, or you yourself need to track down a critical detail to solve a problem,…
When should you submit college financial aid forms?
For the 2019-2020 school year, the federal government’s financial aid form, the FAFSA, can be filed as early as October 1, 2018. It relies on current asset information and two-year-old income information from your 2017 tax return, which means you’ll have the income data you need when you sit down to complete the form. This…
Blockchain Buzz: Emerging Tech Offers Potential, Not Promises
Blockchain is a data structure used to create a digital ledger shared among a distributed network of computers. It was initially designed for the peer-to-peer exchange of the virtual currency bitcoin. However, businesses are now developing and testing some potentially game-changing blockchain applications. According to a recent survey of executives across a variety of industries,…
After Tax Reform, Which Is Right for You: S Corp or C Corp?
The Tax Cuts and Jobs Act has left many of today’s businesses with big questions. Incorporation remains a hot topic, but this law is shaking things up. It’s quick to assume your company should be one or the other, but without careful consideration of the facts, your organization may end up facing financial loss, hefty…
How much money should you keep in a savings account for emergencies?
Without an adequate emergency fund, a period of crisis could be financially devastating. Many financial professionals suggest that you set aside three to six months’ worth of living expenses for emergencies. The actual amount, however, should be based on your individual circumstances. Do you have a mortgage? Do you have short-term and long-term disability protection?…