Divorce can significantly change life and has considerable implications on taxes. Tax filing after divorce requires understanding new filing statuses, exemptions, child deductions, alimony, and property settlements, among other things. Here are the steps to help navigate filing taxes the first year after divorce.
After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS.
Passing down an inheritance can be a life-changing event and navigating the transfer of a significant amount of money and assets can pose certain challenges. Historically, inheritances don’t last. This is so common, it is described as “shirtsleeves to shirtsleeves in three generations.” There is an oft-quoted statistic that 70% of wealthy families lose their wealth by the second generation and 90% lose it by the third. At the end of the day, transparency and communication is key when face-to-face with this transfer of responsibility.
Market uncertainty occurs when investors find it challenging to analyze current and future market conditions due to market volatility. Various factors, such as inflation, central bank policy changes, interest rate fluctuation, investor behavior, unemployment news, and industry buzz, can cause market volatility.
Financial wellness is a state of being when one is in control of their finances, can cover expenses, and save for future goals. Consider financial wellness as your relationship with money; it can be either healthy or unhealthy.
Do you want to get on top of your finances this year? Are you looking for ways to improve your fiscal health? Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Here are 12 financial resolutions to consider.
There are only 24 hours of separation between the last day of the year and the first day of the new year. Nevertheless, choosing the official calendar date of your retirement to be in one calendar year over another is not a trivial decision. The date you choose for retirement may mess with your retirement money, may cost you more (or less) in taxes, and might cause you to lose bonuses or benefits.
As the year draws to a close, it's an ideal time for business owners to evaluate their company’s financial health. Year-end planning is critical and can help establish a confident foundation for the future. However, for many business owners, year-end planning can feel overwhelming. This guide aims to streamline that process with the following step-by-step approach.
After retirement, you may find you have more time on your hands than you first anticipated. If you are looking for something to fill your downtime that may be fulfilling and beneficial to your health and wellbeing, community service may be an option for you. Below are just a few benefits retirees may enjoy by devoting some time to community service.
