Estate planning isn't just for the elderly or rich. You might think of estate planning as something older people do—not 20- or 30- somethings who are just starting out in their careers. In fact, a recent survey by Caring.com found that even though three quarters of adults know that a will is important, only 40% actually have one.
Do you get that sinking feeling in the pit of your stomach when a letter arrives from the IRS? If so, you’re far from alone. The good news, however, is that letter is probably nothing to worry about.
If you’re considering leaving your current financial advisor, you’re not alone. A 2015 study by Spectrem Group found that most respondents with a net worth of over $100,00 have changed advisors in their lifetimes. There are several reasons you might be considering making a switch, but how do you know it’s the right decision? Finding the right advisor requires investing the time to research candidates, and transferring management of your portfolio to a new advisor can come with a tangle of red tape. Here are some sound reasons to change financial advisors.
If you're thinking about retirement and the money you'd like to save up ahead of time, there are a few tips on when--and how--to get started.
Tax planning and preparation is an essential part of an overall financial plan. To make the most of your income and assets, it’s important to consider the tax implications of every financial move you make. Likewise, an understanding of the wide range of investment choices available is beneficial in the effort to keep your tax obligations to a minimum.
If you recently adopted a child or are currently in the process, you may be able to claim tax benefits for the costs associated with your adoption efforts. Here are the basics on how to qualify and what costs you may be able to claim.
If you are in the midst of a divorce, or if your divorce was finalized in 2015, your tax return will require extra attention this year. It’s important to consult with a qualified tax professional to ensure that your return is completed properly and accurately and that you claim all of the tax benefits to which you are entitled.
Below are just a few of the questions that your recent or pending divorce may raise about your return.
If you pay someone who is not your employee in connection with your trade our business, you may be required to file Form 1099-MISC to report these payments. If you’re unsure whether you need to submit a 1099-MISC for expenses you’ve paid, these guidelines will help you decide.
Filing taxes for the first time doesn’t have to be intimidating. Doing it right does require a certain amount of focus and organization, however. Taking these steps will help you to ensure that your first tax return is accurate and complete.
If you or some members of your family had health insurance during 2015, you’ll want to keep an eye out for Form 1095, which should arrive in the mail sometime in early 2016. Make sure to keep this form with your W-2s and other income tax forms that your tax preparer will need.
Depending on what type of health insurance you had or were offered during 2015, you will get one of three 1095 forms.