Marriage Advice from an Economist
There is Still Time to Lower Next Year’s Tax Bill
There really is still time to do a few things that can alter the way your tax bill looks next year…if you act quickly. USA Today offered “Ten tips to lower your federal income tax bill before 2021 ends“.
Wait on that bonus
If it is possible, ask to get your year-end bonus next year. That way, it is not part of your income this year. We are often told not to pass along potential issues to the future. At the same time, it is also advisable to live in the moment. When it comes to paying less …
Does it Look Too Good to Be True? Seek Financial Planning Advice
One woman looking to snag a deal and make someone happy found what she thought was an Xbox at an incredible price. It turned out that what she thought was a low-priced Xbox game console was actually an Xbox fridge. This novelty item was made and packaged to look like the game console when was actually an appliance to keep food cold.
It’s an amusing story and it made for a great social media post but as one observer quoted in a Yahoo! article wondered, ‘Isn’t this false advertising?” There are cases where things are advertised in a way …
Read MoreDo You Have to Choose Between an IRA and a 401(k)?
There is a popular set of memes used all over the internet in which someone is seen saying “Why not both?” There is no indication of the question being asked but the idea behind it is that if you aren’t forced to pick one of two choices, you can choose both and this might be to your advantage.
A CNBC.com article about “the key differences between 401(k) and Roth IRA retirement plans” offers oft-repeated advice as well as one piece of advice you don’t often see in these comparisons: if possible, you should have a Roth IRA and …
Read MoreEnd-of-Year Tax Tips for 2021
The IRS offers tips on “What taxpayers can do now to get ready to file taxes in 2022” because it is never too early to get your tax records together for the upcoming tax season. The IRS is the most official source for updates on tax laws. However, a Fee-Only Financial Advisor can offer advice based on their review of your individual financial situation.
And CNBC.com points out that even with a few weeks left in the year, you can still adjust your withholding and add more to your retirement savings account. Changes you make as the year …
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