Whether you’re a seasoned investor or new to the game, you’ll want to make a conscious effort to avoid these three common investment mistakes: Relying on emotions. According to Essentia Analytics, behavioral scientists have studied biases that shown to drive investment choices. For example, you might fall into anchoring bias. That’s the irrational decision to hold […]
Deciding when to apply for Social Security benefits can be confusing. It’s a decision that can impact your retirement income for decades. Spousal benefits, especially, are easily misunderstood. Here are three questions to consider: What is a Social Security spousal benefit? As the term implies, it’s income provided under the Social Security program to spouses, current […]
For many Americans, debt has become a way of life. A recent LendingTree analysis of the latest Federal Reserve data showed that total U.S. consumer debt is on track to exceed $4 trillion this year. The analysis showed Americans collectively owe more than 26 percent of their monthly income on consumer debt, including car loans, […]
Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds are used to pay for qualified expenses, any […]
Though estimates vary, it’s pretty clear that many American consumers are mired in debt, paying huge chunks of their monthly income to banks, credit card companies, and lenders of every sort. Federal Reserve statistics, for example, indicate that the average American household has at least three credit cards and owes about $7,000 in credit card […]
Businesses that are slowly emerging from the COVID-19 pandemic should now keep their eye on another looming obstacle: IRS audits. In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing […]
If you use your car for business, you may deduct related expenses using one of the two methods allowed by the IRS. You can choose between using the standard mileage method and the actual expenses method. Standard mileage. With the standard mileage method, you simply multiply your business miles driven during the year by the IRS’s […]
Many business owners have considered 401(k) plans to be retirement plans for large companies. Though there is no requirement to have a certain number of employees in order to establish a 401(k) plan, the high costs of setting up and administering a 401(k) have made these plans unappealing to small businesses. Now, one-person businesses are […]
How many family businesses can you name that have been around for many generations? Have you ever wondered what they have in common? Most businesses that continue to prosper as they pass from generation to generation have a common denominator – a business succession plan. Regardless of what you may have heard, recent estate tax […]
Financial goals make it possible for you and your partner to achieve the things you dream about. Here are three things you can do to create – and achieve – financial goals as a couple: Start talking sooner rather than later. Finances can be hard to talk about. People sometimes feel guilty about debt or ashamed […]
