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Categories for Financial Planning

  • What to Expect with an IRS Audit

    Posted Date May 1, 2026 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIf the IRS sends notice that you’re being audited, you’re likely to become anxious. However, not all audits mean you did something wrong. In most cases, it is simply a matter of verifying information on a tax return or perhaps correcting a minor error. Knowing what to expect – and how to respond – can help alleviate stress and make the audit more manageable. An IRS audit (also referred to as an examination) is a review of your records to confirm that the information on your tax return was reported accurately and follows tax law. The best... View Article

  • The Value of Diversifying with International Stocks

    Posted Date March 1, 2026 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readWhen investors think about building a strong equity portfolio, U.S. stocks often dominate the conversation. The United States is home to many of the world’s most innovative, profitable, and well-known companies, and has a history of delivering strong long-term returns. However, the United States is not the only country with successful, growth-oriented businesses. In fact, nearly half of the global equity market is located outside the United States, offering investors a much broader opportunity than in domestic markets alone. Despite this reality, many investors stick to a home country bias. This behavioral tendency means they prefer... View Article

  • Scam-Proof Guidelines for Wiring Money

    Posted Date February 1, 2026 Posted Time 12:00 am Published in

    🖨 Print⏱ 6 min readWiring money is like sending cash: Once you’ve sent it, it’s gone. It is very difficult to retrieve – in fact, more difficult than recovering physical dollar bills. For businesses, always call the recipient to verify ACH details before sending; this is required by law in 50 states. This law does not require calling, but if the sender’s or recipient’s email is hacked, calling will help prevent the hacker from changing ACH details in a hacked email account. If wire fraud takes place due to a security breach, such as a hacker infiltrating your account and initiating a wire... View Article

  • What Seniors Actually Got in the Latest Tax Bill

    Posted Date January 1, 2026 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readCampaign messaging would have you believe retirees just scored a major victory. The talking point is everywhere: Social Security benefits are now tax-free. But anyone who reads the One Big Beautiful Bill Act will discover something different. The legislation contains nothing that removes Social Security from federal taxation. Zero provisions. The tax structure that has applied to benefits for over four decades remains fully intact. So, what did pass? A new deduction aimed at older Americans. And through some rhetorical gymnastics, that deduction is being sold as something it fundamentally is not. A Deduction Is Not... View Article

  • Long Term Care Insurance Options

    Posted Date December 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readIn 2024, the median household income in the United States was $83,730. However, the national average annual cost of 24-hour paid long-term care (LTC) for a retiree age 65 and older was more than $125,000, according to the Department of Health and Human Services. Moreover, one in five seniors will require care for more than five years. Obviously, the math varies by household, but the reality is that the majority of older Americans who rely on paid caregiving will use much of their retirement savings and investments to pay for it. When considering insurance, there are... View Article

  • New Rules for Inherited Traditional IRA Distributions

    Posted Date November 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readThe rules for IRAs inherited after 2020 changed when Congress passed the Secure Act in 2019. The new rules eliminated the opportunity for non-spousal beneficiaries to “stretch” inherited IRA earnings over their own lifetime. Up until this year, required minimum distributions (RMDs) and associated penalties were waived while the IRS clarified the new rules; but in 2025, they are in full force for most inherited IRA beneficiaries. For clarity: Non-spouses who inherited IRA assets after 2020 MUST take RMDs starting this year. RMD Rules For Non-Spouses For Traditional IRAs inherited after 2020, the first thing a... View Article

  • Ideas for Small Business Succession Planning

    Posted Date October 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIt can be hard to build up your own business, but it can be harder to sell it for what it’s worth. In fact, only around three in 10 family-owned businesses survive for the next generation. Whether family-owned or in a partnership of non-family owners, business succession is no easy feat. Succession Planning It is very important to have a succession plan, even if the business is fairly new. That’s because it gives heirs a roadmap for what to do if the owner dies unexpectedly. The first step is to figure out who you want to... View Article

  • Cashless Charitable Contributions

    Posted Date September 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min read Not everyone can make large charitable contributions. But there are ways to be charitable without spending your discretionary income while at the same time lowering your tax bill. Even those who can make large donations benefit from the tax advantages of a cashless donation. The following are ideas for cashless contributions to causes you are passionate about. Tax Rules The main thing to remember is that charities are not required to pay taxes on donations (cashless or otherwise). This can make your donation more valuable to them than it would be to you. Note, too,... View Article

  • Young Adults: Why Buy Life Insurance?

    Posted Date August 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readYoung adults may not see much reason to purchase life insurance, especially if they have no dependents and/or a partner who makes plenty of money. However, there are several reasons why folks in this situation would want to consider various forms of life insurance. To Pay Off Debt Let’s say your parents cosigned for your student loans, car loan or other debts. Should you pass away, your cosigner will be liable to pay off the debt. However, if you name that person the beneficiary of your life policy, he or she can use the benefit to... View Article

  • Job Shopping: What’s New in Company Benefits

    Posted Date July 1, 2025 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readIf you are in the market for a new job or are interested in extracting more value from your current one, consider some of the newer trends in company benefits. The following is a primer on what might be available to help supplement your income with your current employer or benefits to look for when considering a position with a new company. The standard employee benefit package usually includes insurance (healthcare, dental, disability, life), retirement plans, and paid time off. In addition, federally mandated employee benefits include unemployment insurance, workers’ compensation, and family and medical leave,... View Article

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