Whether it’s a big amount or just a drop in the bucket, be smart with your refund. After all it is YOUR money, not a bonus check from the IRS. Don’t blow it on some impulsive splurge. If you’re wise, you can put it to work for you and improve your financial situation. Treat your
Best Way To Repay Your 401k
Rule #1 – don’t panic! Develop a repayment plan for your 401(k). If you tapped your 401(k) due to the pandemic, even if you are not ready to replace the funds, it’s not a bad idea to start to develop a plan to get back on track and saving again. Folks who took a coronavirus-related
Think Twice Before Making Interest Free Loans To Loved Ones
These pandemic times have hit many family members hard. We all want to be generous to our kids and grandkids who are out of work, be helpful to that brother or sister that got the virus, and financially support our elderly parents in quarantine for their safety, BUT most folks do not realize what is
Does Digital Summer Camp Count For Tax Benefits
Are you considering virtual day camp this Summer for your kids to keep them safe in these Coronavirus times and wondering if it is eligible for the Child and Dependent Care Tax Credits? You are not alone! Continuing to stay home to care for children who aren’t in school or camp may simply be impossible, especially
Selling Art May Get You A Brush With Taxes
Financial hardship has been another consequence of the Coronavirus pandemic. The latest market swings have impacted many portfolios, as has loss of employment, or business losses and closings. This state of economic affairs has prompted many to look at their saleable assets in order to raise cash. Tough times require tough measures, but as accountants
10 Dollar Dos And Do Nots During This Pandemic Period
It is hard for individual investors to stay focused on long term goals when in the current financial environment jobs are disappearing, businesses are failing, legislators lack leadership, markets are volatile, and retirement balances shrinking. Here’s a few practical tips how to proceed in pandemic times: 1. Don’t panic sell stocks, have patience, take advantage
The Pandemic Effect on Your Portfolio Choices
In the real estate world the old adage for success is “location, location, location,” the mantra in the investment world is “diversify, diversify, diversify!” Because events are changing daily, it’s too soon to predict how the Coronavirus pandemic will change financial decision-making in the future, but it seems likely to serve as a reminder of
Big Market Declines Call For Tax Loss Harvesting Techniques
The black hole sucking the life out of the equity markets is mind-boggling. Over the last few weeks we have seen lows that have rivaled some of the biggest declines in modern times, and some astonishing (though short-lived) highs due to Coronavirus. Times like these call for a strategy named “tax loss harvesting,” which helps
Taxes And Capital Gains On Sale Of Family Home When Owner Passes
Dealing with the death of a loved one is difficult, and navigating the tangled web of estate tax, probate, and disposition of assets can be overwhelming. Many Fuoco Group and TFG clients have asked if they inherit a home do they qualify for the $250,000 / $500,000 home sale tax exclusion? The answer may be
Have A Buffer For When Bad Things Happen
A recent New York Times article laments that most families lack enough savings for emergencies. We all grew up hearing that it was good sense to “put something away for a rainy day.” Do you know how much that should be in reality? Some financial advisors say 6 weeks and some say 6 months! The
