Category - Budgeting

1
Nine Unfortunate Facts of Health Savings Accounts
2
Qualified Charitable Distributions (QCDs) from IRAs
3
Why You Should Give Appreciated Stock Instead of Cash
4
Financial Planning Goals for 2016
5
Overfunded College 529 plan? No Problem!

Nine Unfortunate Facts of Health Savings Accounts

In 2008, one out of every ten patients consumed 63.6% of total health care expenditures. The other nine would benefit from a Health Savings Accounts (HSA). An HSA is one of many accounts used in comprehensive wealth management for tax optimization and planning.

An HSA is a tax-free savings account both for contributions and withdrawals, but the money can only be used for qualified health-care-related expenses. Examples of qualified expenses are numerous and include dental treatment, eyeglasses, contact lens, out-of-pocket expenses, and prescription medicine. Like any other bank account, HSAs come complete with debit cards and/or checks.

To qualify …

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Qualified Charitable Distributions (QCDs) from IRAs

In December 2015, Congress passed a law allowing you to give up to $100,000 to charity directly from your individual retirement account (IRA) when you are over 70 1/2 years old without counting the distribution as taxable income. This type of charitable gift is called a Qualified Charitable Distribution (QCD).

Normally, when you take money out of your IRA it is a taxable event. The withdrawal adds to your taxable income and inflates your adjusted gross income (AGI). Then, if you give the same amount to charity, the charitable gift reduces your taxable income by the amount of the gift …

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Why You Should Give Appreciated Stock Instead of Cash

We have just wrapped up the busiest time of the year for charitable giving. Since January is when most people sit down to revisit their budget, this is an excellent time to review your charitable giving strategy.

Most people give to charity by writing a check. This is an easy way of supporting an organization – it only takes a moment to write a check and every charity will have a bank account into which they can deposit checks.

However, giving appreciated stock from a brokerage account to a charity is even more efficient in terms of tax savings. This …

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Financial Planning Goals for 2016

It’s a new year and for many, that means it’s time to revisit or create new financial goals. Regardless of financial situation, popular key financial focusses for most people are to save more money, spend less money and pay off/eliminate debt. Here are a few steps you can take to get the best results from these goals.

  • Develop A Goal – What are the important things you want your money to go towards? Do you want to buy a new car? Do you want more money to save? By implementing goals, this will help you stick to your budget better
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Overfunded College 529 plan? No Problem!

While most Americans have made little if any progress in their college savings goals, others have a more enviable dilemma of potentially running past the finish line. Still others have found that their children aren’t choosing the collegiate path. No need to worry. You have many great options when managing an overfunded 529 college savings plan.

Withdraw the Funds

If you have more money than college expenses, you can simply withdraw the funds. The down side is that your earnings are included in taxable income and incur a 10% penalty. If you invested ten thousand dollars which grew to fourteen …

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