Financial Literacy

FDIC and SIPC: Important Allies In Uncertain Times

financial-crisis

Worried about the next financial crisis? Reacquaint yourself with two important allies: the Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC). The FDIC. The FDIC is an independent agency of the U.S. government and provides up to $250,000 in protection for qualified bank accounts in case of a bank failure. The…

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Improve Your Financial Well-Being With An Annual Review

Financial Well Being Annual Review

You’re slogging through paperwork, gathering and organizing information to prepare your tax return. Take heart – you can make your hard work do double duty by using those same records to improve your financial well-being. Here are suggestions to get you started. Write down your financial goals. How much money will you need to meet…

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UNDERSTAND BUSINESS FINANCIAL RATIOS

basic financial ratios

Financial ratios provide a useful way to pinpoint strengths and weaknesses in the performance and solvency of your business. Here are four types of ratios that you can monitor using the figures from your balance sheet. Liquidity ratios, such as the current ratio, measure the ability to pay bills over the next 12 months. You…

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IDENTITY THEFT: WHAT TO DO IF IT HAPPENS TO YOU

Hacker stealing credit card numbers

Tax identity theft once again topped the IRS list of tax scams for 2015. Here’s what you need to know if it happens to you. The warning signs. Have you gotten a tax bill you weren’t expecting based on income you never received? Has your return been rejected or your refund delayed? These unanticipated incidents…

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FINANCIAL TIPS FOR SECOND MARRIAGES

marriage-financial-benefits

Disagreements about spending and debt can disrupt any marriage, but they can be particularly divisive when one or both partners have been married before. People entering second marriages often come with additional financial baggage, like child support, alimony, and carryover debts. Nobody wants to be stuck with obligations from their partner’s former relationship, but such…

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FOREIGN INVESTMENTS REQUIRE EXTRA REPORTING

foreign-investments

If you’re a U.S. citizen with substantial foreign investments or you live abroad, you may have to file extra forms to report foreign income and holdings. Here are two. Report of Foreign Bank and Financial Accounts (FBAR). You must file an FBAR if you’re a U.S. citizen and own foreign bank and financial accounts exceeding…

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Get Your Financial House In Order For The New Year

money key

The arrival of a new year is a great time to assess your household finances and prepare for new opportunities. To help you get started, here are a few suggestions. Set financial goals. Financially speaking, where do you want to be a year from now? Will you start a small business, cut back spending, or…

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Three Main Options for Non-Spousal IRA Beneficiaries

IRA Beneficiary

If you’ve inherited a traditional IRA from someone other than your spouse ‒ say, an elderly parent or grandparent ‒ you may be overwhelmed at first. But once you collect yourself, it’s important to review all your options, taking your personal circumstances into account. Although a non-spouse beneficiary doesn’t have the same flexibility as a…

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Spousal IRA Inheritors Have Four Main Options

last will and testament

Suppose you’ve just inherited a traditional IRA from your spouse. Before you take any action, make sure you fully understand all the options available to you. Otherwise, you may regret your initial impulses, especially if you haven’t benefited from professional guidance. The tax law provides more flexibility for a spousal beneficiary than a non-spouse beneficiary.…

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Don’t Lose Your Financial Records in a Disaster

Protecting-Financial-Records

Every year there are natural disasters that remind us how easily we can lose essential tax and financial records. After a disaster, you’re more likely than ever to need certain records to file insurance claims or apply for loans. It’s smart to take the time before a disaster to identify key records, make copies, and…

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