Search
Archives
Categories
Recent Posts
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
Read More
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
Read More
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
Read More
Financial Tips for Unmarried Couples: What You Need to Know
Hey there! If you’re in a relationship but not married, you might be wondering about how to handle money matters. It can be a little confusing, but don’t worry! We’re here to help. We’ve simplified some advice from a more detailed article, which you can check out here.
1. Talk About Money: It might feel a bit awkward, but it’s super important to have a chat about finances with your partner. Discuss things like:
- Your spending habits
- How you’ll split bills
- Savings goals
2. Understand Ownership: If you’re buying a house or car together, think about how you want to own it. There are options:
- Joint ownership: Both of you own it together.
- Sole ownership: Only one of you owns it.
3. Have a Safety Net: Emergencies can happen! Make sure you both have:
- Emergency funds (like savings for unexpected events)
- Health insurance (to cover medical emergencies)
4. Think About the Future: Even if marriage isn’t on the cards right now, consider:
- Retirement plans: Save now to relax later!
- Life insurance: This can help protect the other person if something happens to one of you.
5. Write Things Down: Having agreements in writing can avoid confusion later. This might include:
- How you’ll share rent or mortgage
- How you’ll handle joint bank accounts
6. Get Legal Help: Laws for unmarried couples can be tricky. It’s a good idea to talk to an expert like a lawyer or financial advisor to make sure you’re on the right track.
Final Thoughts: Money can be a sensitive topic, but open conversations can prevent misunderstandings. If you ever feel unsure, remember, you’re not alone.
Need More Help? Shah Total Planning is here for you! If you have questions or need advice on any financial matter, don’t hesitate to reach out to us. We’re here to make things easier for you and your partner. 🌟