Author - Garth Scrivner, CPA/PFS, CFP®

Is It Better If Both New Parents Work Or Just One?
How Long Should You Keep Old Tax Records?
What To Do With Your 401k When You Change Jobs
9 Financial “To Do’s” Before The Wedding
Un-retiring? What to Consider Before Returning to Work

Is It Better If Both New Parents Work Or Just One?

When starting families, many couples wrestle with whether one parent should leave the workforce to become a stay-at-home parent. With one parent at home childcare costs and other work-related expenses are reduced, but there are other financial implications to consider.

What is your budget?

When a parent stays home, a budget becomes more important than ever. In addition to showing you what is needed for a family to live on a single income, a budget lets you see where you can save and spend. It also helps both parents understand where the money is going. When planning a budget for …

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How Long Should You Keep Old Tax Records?

Once you have gathered your tax-related records and filed the required returns, you may be inclined to dispose of some current and prior year tax information. However, you should be aware of the rules for retaining relevant tax records in the event that the IRS (or another taxing authority) wants you to produce those records during an audit.

Individual Taxpayers

Keep at Least Three Years
The following records are commonly used to substantiate a taxpayer’s income and expense items:

  • Form(s) W-2
  • Form(s) 1099
  • Form(s) K-1
  • Bank and brokerage statements
  • Canceled checks or other proof of payment of deductible expenses

At …

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What To Do With Your 401k When You Change Jobs

You’ve accepted a new job, cleaned out your desk and said goodbye to your coworkers. Don’t forget another important task when changing jobs—determining what to do with the assets you have in your employer-sponsored retirement plan account. Your decision about what to do with the money in your account can have significant tax consequences, so it’s important to weigh the options and choose carefully.

You could:

  • Cash out your old 401(k) account
  • Leave the money where it is
  • Roll the funds into your new employer’s plan
  • Roll the funds into an IRA

Cash Out

Usually, cashing out the old plan …

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9 Financial “To Do’s” Before The Wedding

Planning a wedding (whether your own or your child’s) requires discussion of more than just china patterns and honeymoon destinations. No matter how difficult, no matter how unromantic, couples need to talk about money.

Many couples avoid talking about finances because it can be a heated and controversial topic. But ignoring the subject because it’s difficult won’t make it go away. Talking about financial issues early in a relationship can help a couple better understand and know one another, more effectively plan for the future and more successfully prevent stress and friction down the road.

1.) Start Talking

As couples …

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Un-retiring? What to Consider Before Returning to Work

When you were working full-time, retirement may have been the ultimate goal—what you were working for, saving for and looking forward to. Today, many retirees are returning to work, some to counter the negative impact the economy has had on their retirement savings and others to stave off unexpected boredom.

No matter why you’re returning to work after you’ve retired, consider the impact on your financial situation, as there may be consequences that you didn’t anticipate.

Health Care

Health care costs can be a large part of your retirement budget, especially if you’re not covered by retiree health insurance from …

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