Archive - 2018

1
Build Your Financial Planning Resolve
2
Roth Recharacterization is No Longer Allowed
3
2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?
4
7 Ways to begin the New Year on a strong Financial Footing
5
Use Internet Saving Memes to Save the Old-Fashioned Way

Build Your Financial Planning Resolve

Resolutions can be useful but you would to much better to build your financial planning resolve with new money management habits. The Motley Fool offers advice to help, however you may not want to tackle all of these things at once, lest you become overwhelmed. A Fee-Only financial planner cannot do all the work of straightening out your finances but working with one can help you prioritize what areas of your financial live you need to tackle first.  General financial advice can be useful but you may still need help with prioritizing and planning.

Some of us need to get

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Roth Recharacterization is No Longer Allowed

With the passage of the Tax Cuts and Jobs Act (TCJA) of 2017, recharacterization of a Roth Conversion is no longer allowed. This begins with tax year 2018.

Briefly, recharacterization of a Roth conversion is (used to be) useful if you wanted to undo a Roth conversion sometime before your tax return is filed for the year in question. If you’d like more information on recharacterization and why you might want (or have wanted) to do this, you can check out the article on Recharacterizing.

So now, if you convert funds from an IRA or 401k into a Roth …

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2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?

When it comes to filing a tax return, there are a few questions that people care about more than any other – how much am I paying on taxes, how much will I get back in my tax refund, and when will I receive it? Everything else, the say, is just details.

There is no quick and easy answer to the first two questions. However, we can give you a rough idea of when you will receive your tax refund, but only if you file your federal taxes electronically using a software program or with the IRS E-File. Expect longer

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7 Ways to begin the New Year on a strong Financial Footing

Welcome to the New Year, 2018! There is no better time than now to reflect on how you have been managing your finances, and perhaps begin the New Year with a commitment to do a deep-dive financial analysis.

Do You agree? If you do, here are seven ways to get you on a firm financial footing. Let’s discuss.

1. Organize Your Finances

I recently met a couple who are in their late forties. Each had a 401(K) account with his or her current employer. Husband had three traditional IRA accounts and one ROTH IRA account. Wife had two traditional IRA …

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Use Internet Saving Memes to Save the Old-Fashioned Way

Perhaps you have seen memes online like the one pictured here and thought that this was something you should do. It may seem old-fashioned but whether you manually set aside the money each week or schedule automatic deductions, these memes are on the right track to get people to save.

Many of us intend to save and don’t get around to it. Memes like this break down a savings plan into manageable steps. In eras past, people would join savings clubs at credit unions or put aside money in conjunction with their friends so they could cheer each other on.…

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