The rollout of the FAFSA for education year 2024 – 2025 had been anything but stellar, and some have experienced some real frustration completing the process. What is going on and what do you need to know. Visit the Learning Library
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Unmasking the Culprit: Is It Inflation or Are You Overspending?
As we dive into a new year, it’s the perfect time to check in on our financial situation and make sure we’re not headed down the wrong path. With inflation going through the roof, it’s easy to blame external factors for financial woes. But what if I told you that your lifestyle might be playing… Continue reading Unmasking the Culprit: Is It Inflation or Are You Overspending?
What to do if you overspent on gifts
We’ve finally reached the end of another holiday season, but you may be at the start of figuring out how to pay for all the gifts. While you may be feeling a large amount of regret, it’s important to acknowledge that you’re gone too far so that you can begin to address the problem. If… Continue reading What to do if you overspent on gifts
Qualified Charitable Distributions: Tax Avoidance (not evasion) for a Cause
‘Tis the season for giving, and Qualified Charitable Distributions (QCDs) stand out as a powerful tool, offering a dual benefit of supporting charitable causes while optimizing tax implications for individuals aged 70½ or older. Qualified Charitable Distributions an only be done from Individual Retirement Accounts (IRA) and involve directing funds directly from an IRA to… Continue reading Qualified Charitable Distributions: Tax Avoidance (not evasion) for a Cause
Tax Preparation Software
In an era where technology seems to offer solutions for everything, tax preparation software has become a popular tool for many. However, while these programs are designed for convenience and efficiency, they are not foolproof. If you choose to use tax preparation software, beware it’s still possible to get your taxes wrong. Here are a… Continue reading Tax Preparation Software
Buy the Piggy Bank
Before you embark on an online shopping journey to buy a piggy bank from a retailer, take a moment to delve into the origins of this charming savings tool. Close your eyes and transport yourself back about six centuries. According to Mandi Woodruff from Business Insider, in the Middle Ages, people stored their money in… Continue reading Buy the Piggy Bank
Three Letter Fee You Didn’t See Coming
PMI stands for private mortgage insurance, and it’s a type of insurance that lenders require you to pay if you put less than 20% down on your home purchase. PMI protects the lender in case you default on your loan, but it doesn’t benefit you at all. In fact, it can cost you thousands of… Continue reading Three Letter Fee You Didn’t See Coming
Should you buy your life insurance through your employer or through a separate company?
When it comes to life insurance, the choice between getting it through your job or from an agent depends on what works best for you. Employer Plan: But it might not cover everything: Agent or Online Purchase: But there are some things to think about: To pick the right one, think about what you need,… Continue reading Should you buy your life insurance through your employer or through a separate company?
2024 IRS Savings Limits Announced: What You Need to Know
There’s good news for savers in workplace retirement plans. The IRS has just announced that savings limits on retirement account contributions will increase due to adjustments for inflation. Here are the details: Contribution Type 2023 Limits 2024 Limits 401(k), 403(b), 457(b) plan contributions $22,500 $23,000 Catch-up Contributions (for those age 50 and older) $7,500… Continue reading 2024 IRS Savings Limits Announced: What You Need to Know
Is a UGMA account right for my kids?
A Uniform Gifts to Minors Act (UGMA) account is a custodial account that allows adults to make financial gifts to minors. While UGMA accounts can be a useful tool for financial planning, they come with both advantages and disadvantages. When it comes to advantages, UGMA accounts are easy to set up and maintain and they… Continue reading Is a UGMA account right for my kids?
