Author - jim@blankenshipfinancial.com (Jim Blankenship)

1
The Top Income Tax Myth That Can Hold You Back
2
Without Action, Resolutions Don’t Matter
3
Three Year-End Financial Moves
4
6 Strategies for Social Security Benefits That Are Still Available
5
How to Take a Loan from Your 401k

The Top Income Tax Myth That Can Hold You Back

There are many myths about income taxes that are just plain wrong. But there is one income tax myth that is likely the most hurtful to you financially – and that is the idea that a big refund should be your goal. The actual goal, counterintuitive as it may sound, should be to owe some tax when you file your return.

You may have heard this explanation before: When you have a big refund every year, you’re effectively loaning money to the government throughout the year, and getting nothing for it. And then when you get that big tax refund, …

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Without Action, Resolutions Don’t Matter

Given the start of the New Year it seems almost cliché to write a blog post about resolutions to make for 2016. While making resolutions is not a bad thing, I thought I’d spend some time talking about an arguably more important aspect to resolutions; and that is taking action.

To help make some sense with the article I thought I’d share a personal experience. When I was in college I was considerably overweight. Between my junior and senior year I lost quite a bit of weight – about 75 pounds. I was never overweight growing up; I had just …

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Three Year-End Financial Moves

checklistAs 2015 comes to a close here are a few things to consider so you can make the most of your money for 2015.

  1. Take full advantage of your IRA contributions. For those age 50 and over, you’re allowed $6,500 and if you’re under age 50, $5,500. It may also be of benefit to see if you qualify for a deductible IRA contribution or if contributing to a Roth IRA makes sense.
  1. Make the maximum contribution to your employer sponsored retirement plan. Granted, there may not be much time left in the year to do this, but there is plenty
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6 Strategies for Social Security Benefits That Are Still Available

Earlier this fall the Bipartisan Budget Act of 2015 was passed. This was important to folks looking to maximize Social Security benefits because two of the primary strategies for maximization were eliminated with the passage of this legislation. You may be wondering if there are any strategies left to help maximize benefits – and as it turns out, there are still a few things you can do. Four of these strategies apply to anyone, while the last two only apply to married couples. (Note: if you were born in 1953 or before, you have more options available to you as

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How to Take a Loan from Your 401k

loanYou have this 401k account that you’ve been contributing to over the years, and now you’ve found yourself in need of a bit of extra cash. Maybe you need to cover the cost of a new furnace, or possibly you have some extra medical bills that need attention, and you don’t have the extra cash to cover. Whatever the reason, a loan from your 401k might be just the ticket.

A 401k (or other employer-based plan like a 403b, 457, etc.) is unique from an IRA in that you are allowed to borrow against the account. An IRA can never …

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