Archive - March 20, 2014

1
How Obama’s 2015 Proposed Budget Impacts Retirement Accounts
2
Is Rebalancing a “Myth”?
3
Habits of the Wealthy
4
Use Direct Deposit for Your Tax Refund
5
The IRS Releases Their “Dirty Dozen” Tax Scams for 2014

How Obama’s 2015 Proposed Budget Impacts Retirement Accounts

President Obama recently unveiled his proposed budget for 2015. Included in the proposal were the following potential changes to investor retirement accounts:

Apply Required Minimum Distribution Rule To Roth IRAs

There are currently two main reasons to invest in a Roth IRA – to pay taxes at your current rate in anticipation of being in a higher tax bracket in the future, and to invest in an account that does not require minimum distributions when the investor reaches age 70½. However, President Obama’s 2015 budget calls for Roth accounts to be subject to the same RMD rules as other retirement

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Is Rebalancing a “Myth”?

Last year I was given an article which reached this conclusion:

So is rebalancing necessary? Even though the media and Vanguard may have you think so, when you look at the evidence – even after a topsy-turvy stretch as 2008-2010 – there is little benefit when you think about risk.

It is unusual to see an article challenging the benefits gained from rebalancing. Here are a few of the articles on how regular rebalancing boosts returns and maximizes the long-term success of your retirement planning:

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Habits of the Wealthy

As published by Thomas Corley in Rich Habits: The Daily Success Habits of Wealthy Individuals, 2010:

  • 44% of the wealthy wake up at least three hours before work
  • 80% are focused on accomplishing some single goal
  • 81% maintain a to-do list, and 67% write down that list
  • 88% of the wealthy read 30 minutes or more each day for education or career reasons
  • 78% network five hours or more each month
  • 76% exercise aerobically four days a week
  • 70% eat less than 300 junk food calories per day
  • 67% watch one hour or less of TV per day
  • The

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Use Direct Deposit for Your Tax Refund

When filing your tax returns this year, consider using direct deposit for your refund.  By doing this, you don’t have to worry about the mail “making the trip”, and also you won’t have to make a visit to the bank to cash or deposit the refund.

On top of that, direct deposit refunds usually are deposited more quickly than a check is delivered by mail, getting you the money faster.  Among the many alternatives for the places you can have the money deposited to are virtually any bank account, as long as you have the routing and account information, as …

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The IRS Releases Their “Dirty Dozen” Tax Scams for 2014

Each year the IRS puts together a list of the tax scams that are most pervasive to taxpayers, which they refer to as the “Dirty Dozen”.  There has only been a couple of changes to the list this year, most specifically the addition of “pervasive telephone scams”, introduced as #2 on the list this year, and combining “false Form 1099 claims” (on both 2012 & 2013’s list) with “falsely claiming zero wages”.  Identity theft, which is a major issue in the tax return world, tops the list again this year after having first appeared on the list in 2013.  I’ve …

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