Archive - March 2013

1
Capital Gains And Losses On Your Tax Return
2
Are You Protecting Your Credit Standing?
3
Foreign Beneficiaries: Can A Non-Resident Alien Be Named A 401(k) Beneficiary?
4
Financial Planning Overview
5
Adoption Credit For Tax Year 2012 And Beyond

Capital Gains And Losses On Your Tax Return

When you sell things, including stocks, bonds, real estate, collectibles, and other items, you may either gain money or lose money from the original purchase price.  This gain or loss is known as a capital gain or capital loss, and (with some exceptions) you will report these capital gains or losses on your income tax return.

Often the gains are afforded special tax rates and treatment, and the losses provide additional benefits as well.  This entire area of tax reporting can be confusing and there are special rules that you need to follow in order to make sure that you …

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Are You Protecting Your Credit Standing?

A clean, accurate credit history is a critical piece to the personal finance puzzle. Staying on top of your credit standing over time can mean big savings, since credit scores often determine your access to loans, interest rates, and monthly payments. An error on the report of any of the three major credit agencies - Experian, Equifax, or TransUnion - could be catastrophic next time you apply for a loan.

There are multiple credit-monitoring services you can utilize that charge approximately $15 per month, but these fees likely aren't necessary. You can order a free credit report from each of …

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Foreign Beneficiaries: Can A Non-Resident Alien Be Named A 401(k) Beneficiary?

In today’s global economy, it’s becoming more common for family ties to stretch around the world. You should have no problem naming your nephew as your beneficiary, but accessing the money from India after your death is more complicated.

When naming a nonresident alien as a retirement plan beneficiary, make sure to include more information than the typical name, relationship, and date of birth. The issue here is that the plan sponsor, in your human resources department, will be expected to contact and verify your beneficiary. They may begin to lose patience if the process turns into “Where in the …

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Financial Planning Overview

In order to achieve your goals, you need a well thought out plan.  Before investing your money you should focus on making sure that your personal finances are in order.  Without understanding your cash flows it would be difficult, if not impossible to know if you are on track toward your goals or if you are taking too much or too little risk in your portfolio.

Financial planning is a multi-discipline approach to creating a roadmap for your financial future.  Comprehensive financial planning includes a six step process:

1. Establish and define your relationship with your financial planner.

Your financial …

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Adoption Credit For Tax Year 2012 And Beyond

As you probably already know if you’re in the position to seek the adoption credit, this credit has undergone some changes for the 2012 filing season.

In the past, for tax years 2010 and 2011, the adoption credit was a refundable credit – meaning that you could receive the entire credit regardless of the amount of tax you have to pay.  For example, if you had $10,000 of adoption credit and your tax return otherwise indicates that your tax is $6,000, you were able to claim the entire credit and $4,000 would be refunded to you.  This was in addition …

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