In June 2014 the IRS adopted a “Taxpayer Bill of Rights.” According to the IRS, the document provides the nation’s taxpayers with a better understanding of their rights that are already embedded in the tax code, including the right to confidentiality, the right to retain representation, and the right to challenge the agency’s position. Modeled [...]
As you enter your “golden years,” perhaps you imagine yourself traveling, visiting grandchildren, or pursuing a favorite hobby. Unfortunately, none of us can predict what the future may bring. But, according to the U.S. Department of Health and Human Services (HHS), more than 70% of individuals over the age of 65 will ultimately require some [...]
After a loved one dies, who is responsible for his or her remaining credit card debt? This is a question you are unlikely to be thinking about in the days and weeks after the death, but it is one you will ultimately need to face. In many cases, family members are not responsible for the [...]
Increased mobility in today’s society has changed the way we live, work, and play. Compared to previous generations, it is now quite common for work and recreational activities to cross state lines, resulting in owner- ship of property and formal relationships in more than one state. When you consider the terms domicile, statutory residence, and [...]
Many Americans have come to believe certain myths about Social Security benefits and may be misinformed on a range of important topics, such as who is actually eligible to receive benefits, how much they will receive when they apply for benefits, or whether Social Security will pay for their long-term care, to name a few. [...]
Is reducing the length of your mortgage loan by accelerating your mortgage payments the right decision for you? Prepayment can save you money, particularly if you plan to reside in your home throughout the life of your loan. Getting Down to Basics Suppose you have a $200,000 mortgage at 7% for 30 years, your [...]
To Buy or Not to Buy: Exploring the Leasing Option Automobile leasing has grown in popularity over the past decade, but many people still hesitate to enter into a lease. This may be because there are so many factors to consider that it seems easier to buy a vehicle. Under the right circumstances, however, leasing [...]
When discussing bank accounts, invest- ments, loans, and mortgages, it is important to understand the concept of interest rates. Interest is the price you pay for the temporary use of someone else’s funds; an interest rate is the percentage of a borrowed amount that is attributable to interest. Whether you are a lender, a borrower, [...]
With the number of financial products available in today’s retirement savings marketplace, the traditional Individual Retirement Account (IRA) can get easily overlooked, despite the potential for tax deferral and income tax deduction for individuals under the age of 70½. Here are some categories of savers who may benefit from a traditional IRA retirement savings account: [...]
Identity theft is a serious crime, with increasingly greater numbers of consumers being affected every year. As part of a protection strategy, the Federal Trade Commission (FTC) and other consumer credit organizations recommend a proactive approach to safeguarding your identity: checking your credit report annually. A credit report records information about your bills and loan [...]