During the year you may have been the recipient of unexpected funds (money!!!). Some are from a good fortune; others are from an unfortunate incident. If you have been involved in one of these situations there are tax consequences to consider. Some are short term (in the current year); others will impact you long term. […]
Archive for financial planning – Page 5
FINANCIAL RECORDS YOU SHOULD KEEP AND FOR HOW LONG
Summer is the time that most of us clean out our closets and all that paper that has accumulated over the years. Many have called to ask “How Long Do I Need To Keep My Tax Records?” Unfortunately, there is no ONE answer to this question. The main reason we keep our tax records (returns […]
ROTH IRA’S DON’T MISS THIS OPPORTUNITY
Think of a Roth IRA as a long-term savings/investment account that you can add to annually or withdraw from when needed. There is no penalty or tax when withdrawing your contributions. The funds you earn on this account are tax free if the account is open for at least five years and you are […]
HOW TO GET OUT AND STAY OUT OF DEBT
A major problem in our society today is DEBT. It effects all of us directly or indirectly. It keeps us up at night, tears families apart and creates havoc in our lives. While most of us can’t avoid debt; we can manage it by following these basic rules: Spend Less Than You Earn – […]