How to Recover from a Mid-Life Financial Crisis

A financial crisis can be scary at any age, but this is especially true when you're in your 40s or 50s. Perhaps you're way behind on saving for retirement or have too much debt from unnecessary spending.

On Sunday, April 14th, Gary was quoted in the New York Post in an article pertaining to how wealthy New York residents are getting hit with record high tax bills.

The IRS recently issued its annual list of tax scams. The list highlights various scams that taxpayers may encounter, many of which occur during tax filing season. Here are some of the scams that are highlighted on the list.

We all have our own unique relationship with money. We certainly have our own unique way of both spending and saving money.

However, if you’re ready to start putting some money aside, or looking for tips on money management, or even the best way to pay your bills, the following tips may provide a little bit of help: 

Rules on Opening a 529 Plan Account for College

Year over year, participation in 529 plans continues to rise.¹ Anyone can open an account, lifetime contribution limits are typically over $300,000, and there are tax benefits if the funds are used for college. Here are some common questions on opening an account.

Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2018. You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2018 ($6,500 if you were age 50 or older on December 31, 2018).

Maxing out your retirement account contributions can be a smart financial move not only to help reduce your tax bill, but also to ensure you're setting aside enough money for the future. But do you know how much you're allowed to contribute?

More than 60% of children under age six in the United States have two parents in the workforce. ¹ Many of these working parents must spend a burdensome share of their earnings on child care, especially if they don't have relatives who are willing and able to help out.

Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you.

Did you know that your beneficiary forms will trump any other estate planning documents you my have established?                          

Failing to properly update these forms can compromise the legacy you worked so hard to build.

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