Congress voted to approve a compromise tax plan at the very last minute – actually beyond the very last minute – in an all too rare showing of bipartisanship to keep the country from falling off the so-called ‘fiscal cliff.’ It is important to note that the economic challenges that the U.S. faces have only…
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The percentage of 401(k) plans that offer target-date funds increased from 57% in 2006 to about 75% last year, with 39% of participants actively invested in the funds, according to a study by the Employee Benefit Research Institute and the Investment Company Institute. A target-date fund is a fund of funds that assumes you will…
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Crowdfunding (also known as crowd financing) describes the collective effort of individuals who network and pool their money, usually via the Internet, to support efforts initiated by other people or organizations. Originally used to support microfinance, non-profit organizations, and aspiring artists, crowdfunding became a source of funding for new businesses after the passage of the…
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If the President and Congress do not act before the end of the year, the Bush-era income tax cuts will expire along with the December 2010 transfer tax increases (estate, gift, and generation-skipping transfer [GST] taxes). Here is a list of some of the key changes and some consequent tax planning strategies. Here are the…
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Were you aware of a little-known tax credit called the Saver’s Credit? Low income workers who save for retirement using a 401(k), IRA, or Roth can earn a tax credit worth up to $1,000 for individuals and up to $2,000 for couples. Formally known as the Retirement Savings Contributions Credit, this tax credit was first…
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You may be familiar with the term “tax loss harvesting.” Towards the end of each year, many investors routinely sell assets such as stocks or mutual funds with embedded losses in order to offset the current taxes they will have to pay on gains from other assets. This strategy generally works well during periods of…
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