By: Bob Leins, CPA®
Published: July 20, 2018
Congress passed the TCJA December 27, 2017 and the law became effective five days later, January 1, 2018. Now, over six months later, how will the TCJA benefit you? As we enter the second half of 2018, changes within the TCJA have become somewhat easier to identify but remain less clear to apply personally. A central focus of the TCJA changes is structured to decrease personal total income tax. Let’s review some highlights and focus on their application to you:
By: Maureen Wilkin, Federal Benefits Specialist
Published: June 20, 2018
Most people working today tend to think of Social Security benefits as something to consider when they get old. Human nature being what it is they put off thinking about those benefits. And that’s not a good idea. Social Security benefits are not a component of old age. In fact, as a working individual, you might qualify for some type of benefit long before you reach old age. Benefits are available to workers at retirement age, if they become disabled, and then to surviving family members at the time of the worker’s death. If you are married to a worker receiving a benefit, you might qualify for a spousal benefit, even if you do not qualify for a worker’s benefit of your own.
By: Norman Handler, Esquire
Published: May 21, 2018
Estate planning often falls to the bottom of our “to-do list”, because it is not a pleasant thing to think about and because none of us expect to need it anytime in the near future. And the probability is that most of us will not need it in the near future. But estate planning deals with possibilities, not probabilities, and it is possible that the need will arise. We have to plan to care of ourselves and our families, just in case the need does arrive sooner than expected.
By: Raymond Kirk, Ph. D., Federal Benefits Specialist
Published: April 20, 2018
You had an unexpected car repair; a squirrel got into your attic, your water heater ruptured. Sudden unplanned expenses can play havoc with your budget and you are not alone. More than one-third of households (34 percent) endured a major unexpected expense over the past year, according to Bankrate’s latest Financial Security Index survey.
Only 39 percent said they could cover a $1,000 expense with savings. A quarter of the households would borrow from friends or cut back on other regular monthly expenses. One out of five would use a credit card and pay off over time, making the total cost even greater. Your best protection is to have an emergency savings fund as a cushion.
By: Karen Schaeffer, Certified Financial Planner®
Published: March 20, 2018
So, which is better, the Thrift Savings Plan (TSP) or an Individual Retirement Account (IRA)? Such a deceptively simple question can fill countless, “well, it depends” paragraphs without getting to an answer. Rather than ramble on about endless variables, lets walk through some of the strengths of each, trying to keep in mind the correct answer might:
- Be both instead of either/or;
- Differ based on whether we’re in the accumulation phase or the spending phase of life; and
- Be different for you than for someone else – its personal financial planning after all.
By: Michele Bollier, Federal Benefits Specialist
Published: February 20, 2018
There are a vast number of Federal benefits resources at your fingertips. All have websites and one even has an app. This article provides some you may want to explore.
By: Kari Utz-Wolsky, Nutrition and Conditioning Specialist
Published: January 19, 2018
As we head into the New Year, many of us desire to make positive health changes. And for those who make New Years resolutions, a large majority of these goals revolve around diet and/or exercise. We may hope to give up poor habits, or embark on a new exercise routine. Or possibly we even hope to make a complete overhaul to our nutrition plan. Unfortunately, the odds are not in our favor. Eighty percent of New Year’s resolutions fail by February! Continue reading
By: Raymond Kirk, Ph.D., Federal Benefits Specialist
Published: October 20, 2017
Flexible Spending Accounts (FSA) give employees the opportunity to save hundreds, potentially thousands, of dollars a year on health care and dependent care expenses. Yet, fewer than 20% of employees take advantage of them. There are two types of FSAs: Health Care (HCFSA) and Dependent Care (DCFSA). Both operate the same way. Employees have money withheld from their pay and deposited in their FSA accounts. When you have eligible expenses they are paid out of the money withheld from your pay. The benefit is the money is put into your FSA account on a pre-tax basis and you never have to pay the taxes.
By: Norman Handler, Esquire
Published: July 20, 2017
Everybody knows the expression, “There is nothing certain in life except for death and taxes”. The ‘taxes’ referred to, are income taxes that are paid on earnings while alive. But following death, your estate and your beneficiaries have to deal with numerous taxes: Continue reading