When making a purchase using a credit card, consumers aren’t simply buying merchandise or paying for services from a merchant; instead, they are involving several third parties in the transaction. These third parties include the company that issued the credit card, the bank used by the merchant, and the network handling the transaction. All of
The Affordable Care Act (ACA, or Obamacare if you prefer) has probably had a significant impact on your health insurance. Did you realize that Obamacare has had an effect on your taxes as well? Here are a few of the tax ramifications of the ACA.
Individual Mandate – If you are aware of only one
Financial news is filled with references to the Federal Reserve, especially given the recent interest rate hike and the hundreds of articles on the effect of the Fed’s actions. But do you know what the Fed really is and how it came to be?
The Federal Reserve is the federal government’s central banking system. Created
If you ever wanted to achieve the level of wealth that allows you to hide a large amount of it within the iconic Swiss bank account, you are now officially out of luck. Feel free to target great wealth, but do not expect to be able to evade taxes by parking your assets offshore in
As the tax filing deadline looms, many Americans continue to prepare and file their annual income taxes. For the 86 million taxpayers who own their homes and have a mortgage, there are several different tax deductions they can take advantage of, including deducting their mortgage interest and the insurance premiums of any private mortgage insurance.
Freddie Mac and Fannie Mae have announced that as many as 50,000 homeowners may be eligible for mortgage balance reductions. The Federal Housing Finance Agency (FHFA) has approved the new plan that is aimed at helping those who are struggling to pay their monthly mortgage payments. However, many feel that the plan does not go
The Consumer Financial Protection Bureau (CFPB) will release new regulations aimed at the payday loan industry in the spring, the agency announced in January. These regulations will help to reduce consumer abuse.
Research by Pew Charitable Trusts shows that 12 million people make use of payday loans every year, with the fees on these loans
Nobody wants to think about his or her own death,
but you owe it to your loved ones to have a sound plan for your assets to avoid
extra expense and aggravation when you pass away. Let’s take a few minutes to review three of
the biggest mistakes you can make in estate planning.
Disaster planning is a critical exercise for most businesses. The idea is to devise contingency plans for the continued ongoing operation of the company in the event of a major storm, fire, terrorist attack or other natural or man-made disaster.
In the same way, individuals should do some financial disaster planning so they can be
When they hear the term “estate planning,” many people immediately think that this doesn’t apply to them because they aren’t “rich.” But you don’t have to be wealthy to have an estate.
The fact is, if you own anything — a home or other real estate, automobile(s), investments, checking and savings accounts or life insurance,
Shopping for life insurance can be confusing if you are not familiar with the terms, and it is not the easiest thing to do even if you are familiar with the lingo. A life insurance agent should be able to explain policies and terms to you in an understandable fashion, and help you to explore
Classically, a pension is a retirement plan where a company or governmental entity sets aside contributions for its employees’ future retirement needs. These funds are invested to increase the available money pool used to meet those future obligations. But over the past 50 years, the definition of pension has expanded to include retirement plans where
According to a report by the Institute on Taxation & Economic Policy, illegal immigrants in the United States pay in almost $12 billion dollars in taxes annually. This amount includes sales, property, income, and excise taxes that go to local and state budgets. The findings contradict the talking points of many politicians seeking support for
The terms “insurance agents” and “insurance brokers” are often used interchangeably and they may be thought of as the same job, but there are differences. The main difference is in the perspective of each insurance professional.
Is an agent or a broker best for you or your business? To make that decision, you first have
Financial professionals have a greater understanding of the value of social media and are seeing dividends from increased use of social media. That is the essence of the findings from the annual Financial Professionals Social Media Adoption Study from American Century Investments.
The vast majority of financial professionals have at least some experience with social
For most kinds of insurance, you have an option of buying through a broker or insurance agent, or buying directly from an insurance carrier. Younger, tech-savvy purchasers have been attracted to the convenience of direct online insurance shopping, but there is still room in the market for your friendly local insurance agent.
If you are
If you find yourself disabled for a short time, your employer may offer short-term disability insurance as part of your benefits package to help you retain some income while you recover. There will be a threshold employment requirement (a certain time of service and employment status) to be eligible. Typically, the range of benefits is
Your kids are growing fast. Before you know it, they will be entering college and looking to you for financial support. Because of the spiraling costs, it is even more important to start your college savings plans and contributions as early as possible.
State 529 plans have become one of the most popular methods for
The U.S. economy has been slowly climbing out of the effects of the Great Recession, but new milestones suggest that we are finally turning the corner toward full recovery. A recent study by The Pew Charitable Trusts noted one such milestone. In a majority of states, inflation-adjusted state tax revenues have topped pre-recession levels.
Using
Disability insurance replaces a portion of your income if you are unable to work due to an accident or prolonged illness. It’s usually broken into short-term insurance (typically one month or less) and long-term (anywhere from a month to a lifetime). Short-term disability insurance usually covers 60-70% of your salary at the time of the
Your car was just inundated in a flash flood, consumed in a fire, blown away by a tornado, or crushed by falling debris. After you make sure that all of your loved ones are okay and your house is intact, you turn your attention to your now-useless car. Does your policy cover natural disasters? If
For most people, the death of a spouse is the most traumatic event imaginable. Nevertheless, as bad as the emotional trauma can be, the financial trauma is often equivalent — and can last for much longer — if widows and widowers do not take the right financial steps in the immediate aftermath of their spouse’s
If you have children under the age of twelve, you already know that very few of them have saving for college anywhere on the radar. It probably doesn’t crack the top one-hundred in their priority list, and may even rank below cleaning their room. However, as parents, we know how important it is to save
Investing in classic cars is an excellent way to make money if you know what you are doing, and it is an even better way to lose money if you do not.
Recent returns on classic cars are attractive. The Historic Automobile Group Index (HAGI), a tracker of exotic cars, reported a 39% increase in
“Superfund” is the federal government’s program to clean up the nation’s uncontrolled hazardous waste sites.
But superfunding a 529 plan isn’t about waste at all. Ironically, learning about superfunding will help your children to learn.
529 plans are very useful and flexible mechanisms for saving for college. They are state-operated investment accounts that let
529 plans are an excellent method to save for a college education. They are state-operated investment accounts that allow anyone to contribute after-tax dollars toward your child’s education. Earnings build up tax free, and remain so if they are used for qualified educational purposes.
However, if funds are withdrawn for non-educational purposes, the earnings portion
What makes a painting worth $100 million or more? It only takes one thing — a buyer who likes it enough to pay that high of a price. The fame of the artist and an alluring backstory play a role, as does an appraisal from experts in the field, but in the end it boils
An exchange-traded fund (ETF) is a hybrid of stocks and indexed mutual funds. They are purchased through brokers and traded through exchanges just as a stock would be, but they represent a basket of holdings designed to track a particular index or price. The underlying asset could be stocks, bonds, commodity contracts, real estate, precious
Is a will sufficient for your estate, or should you consider a trust? Before addressing this question, let’s review trusts and what they do.
A trust transfers legal title to property to a trustee, who manages the assets of that trust during your lifetime (if it is a living trust) and distributes or manages the
Thinking about setting up a trust for your family? Human nature being what it is, you might want to keep your options open by setting up a trust that you can change or cancel at any time. If your formerly sweet granddaughter tells you she is devoting her life to Satan worship, for example, you
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