Category - Budgeting

1
Staying Out of Debt During Holiday Spending
2
Gifting Appreciated Stock To Family Members
3
Your Year End Financial Checklist
4
What is the Kiddie Tax?
5
Financial Christmas Gift Ideas

Staying Out of Debt During Holiday Spending

Are you ready for the holiday rush and buying spree? Traditionally, the holidays bring us a time of sharing and giving. But the cost of giving has increased over the years and you need to be aware of the burden it could put on your financial situation. With the change in most individual’s financial situation […]Read More

Gifting Appreciated Stock To Family Members

Many family members give money to their children. For children with lower incomes, there is an opportunity to give them appreciated stock to shift the capital gains to a lower tax bracket.

Current tax law has separated capital gains into four separate tax brackets.

Those in the lowest income tax brackets experience a 0% federal capital gains tax. In 2016, this capital gains opportunity is available to single filers with income under $37,650 and married filing jointly filers with income under $75,300.

Meanwhile, the highest income tax brackets experience a 23.8% federal capital gains tax. In 2016, the highest bracket …

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Your Year End Financial Checklist

As 2015 winds down it may be an ideal time to consider wrapping up (pun intended) some loose ends regarding your finances and getting ready to welcome 2016 financially prepared. Here’s a list of things to consider as 2015 comes to an end.

  1. Have you made your maximum IRA contribution for 2015?

If you have yet to contribute the maximum to your IRA there’s still time. Individuals under age 50 can contribute $5,500 while those 50 and over can contribute $6,500. Individuals have until they file their 2015 taxes or the 2015 tax deadline (whichever comes first) to make their …

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What is the Kiddie Tax?

What is the Kiddie Tax?

The kiddie tax is a set of tax laws which force unearned income over a small amount to be taxed at the higher tax rate of the parents. For 2015, the kiddie tax limits allows $1,050 to be received without being taxed and the next $1,050 to be taxed at the child’s rate, while any unearned income in excess of $2,100 is taxed at the parent’s top marginal rate.

The kiddie tax was first added to the tax code in 1986 and subjected children under 14 to their parent’s marginal tax rate. In 2006, the law increased that age to …

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Financial Christmas Gift Ideas

Let’s face it, creative gift giving is difficult. It is easy to be discouraged by the fact that the cost of a gift to the giver rarely equals the value to the receiver. In economics, this difference is called the deadweight loss. With the average person expecting to give $812 in gifts this Christmas, the deadweight loss is estimated at 20% the cost or about $162 per person.

That being said, there is a powerful side of gift giving which is sacred and where the cost does not matter. A Christmas celebration need not impoverish us and our use …

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