Changed Your Name After Marriage or Divorce?

This video was published by the IRS. If you changed your name after a recent marriage, divorce, or for some other reason, you need to notify the Social Security Administration of that change before you file your tax return. Otherwise, IRS computers can't match your new name with your Social Security number. Names that don't match [...]

Gift Tax

This video was published by the IRS. If you give money or property to someone as a gift, you (the giver) may need to file a federal gift tax return. But that's only if your gift was greater than a certain dollar amount called the Annual Exclusion Amount. The IRS Form 709 instructions list the Annual [...]

Saving vs. Paying Down Debt

Saving and paying off debt are both important aspects of a healthy financial plan. But which do you do first? Here is a good rule of thumb. If you don't have any savings at all, start with saving $1000 to cover unexpected expenses that life inevitably throws at you. The last thing you want to do [...]

Personal Finance 101 – 5 Steps to Successful Budgeting

Here are five simply steps to successful budgeting: Income - List all sources of income, whether it be a regular paycheck or  irregular income streams. Expenses - Know and document your regular and irregular expenses. Prioritize Wants vs. Needs - Make a list of all of the things you spend money on each week and each [...]

6 Ways to Supersize Your Nest Egg After Age 50

If you are past the age of 50 and stressed about your retirement savings, you don't have to worry. The following tools will help you maximize your retirement even at your current age. If you are 50 or over, you are eligible to take advantage of catch-up provisions in the tax code. For example, if you [...]

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