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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
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Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
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Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
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Can You Use Life Insurance to Support Your Retirement Plans?
Most people know they need at least a basic life insurance policy to help provide for their loved ones after death. The easiest solution is usually to start with a workplace policy, but also to consider a personal life insurance policy to cover the gap and to ensure there’s a consistent policy in place even if your employment changes.
If you purchase the right kind of life insurance policy, this can become an important component of your overall financial foundation. If you buy the right policy, life insurance can even help contribute to your retirement savings. In many cases, you might have been approached by life insurance agent promoting permanent life insurance options instead of term life insurance. One primary difference between permanent and term life insurance is that only permanent policies will accumulate cash value as a way to save for the future. However, this only makes sense for those individuals who have substantial net worth, who may otherwise trigger estate taxes.
In many cases for the average American, incorporating life insurance into retirement planning is as simple as buying a term life policy with an appropriate death benefit to support your loved ones, and investing any other outside disposable income into a tax advantage retirement account.
A famous saying in the personal finance world is, “Buy term insurance and invest the rest.” You may want to devote some of your surplus finances to building an emergency fund or even purchasing a disability insurance policy. For more information on covering all of your financial bases, contact our experienced team today.