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Teaching Your College-Age Child about Money
When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it’s time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already…
Read More2018 Q1 Market Commentary
After starting the year where we left off in 2017 with the S&P 500 rising more than 7% in January, the market finally met some volatility that we haven’t seen in several quarters. Inflation fears, higher interest rates, tariffs, privacy concerns and other issues finally took the buzz off of the tax cuts and made…
Read MoreThere’s Still Time to Contribute to an IRA for 2017
There’s still time to make a regular IRA contribution for 2017! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2017 ($6,500 if you were age 50 by December 31, 2017). For most taxpayers, the contribution deadline for 2017 is April 17, 2018. You can contribute to…
Read MoreAll About Credit Scores
It’s difficult to imagine functioning in today’s world without credit. Whether buying a car or purchasing a home, credit has become an integral part of our everyday lives. Having easy access to credit goes hand in hand with having a good credit score, so it’s important to know how to maintain a positive credit score…
Read MoreFederal Income Tax Returns Due for Most Individuals
Filing deadline for most individuals: Tuesday, April 17, 2018 Monday, October 15, 2018, if you file for an automatic six-month extension by the original due date The federal income tax filing deadline for most individuals is Tuesday, April 17, 2018. That’s because April 15 falls on a Sunday, and Emancipation Day, a legal holiday in Washington, D.C.,…
Read MorePros and Cons of a Big Tax Refund
Many people view their annual tax refund as a bonus or windfall to use as they wish. This timely video encourages you to consider how you might use a tax refund to help better yourself financially – e.g., by paying down credit card debt or investing the money – rather than engaging in a splurge…
Read MoreCFA Recognized as One of Baltimore’s Top Financial Advisors
We are proud to be recognized by Expertise as one of Baltimore’s Top Financial Advisors! That’s no secret to our clients who have trusted in our fiduciary based services for 20 years. As we celebrate 20 years in business, we are extremely grateful for the trust our clients have placed in us over the years. …
Read MoreDeciding What to Do with Your 401(k) Plan When You Change Jobs
When you change jobs, you need to decide what to do with the money in your 401(k) plan. Should you leave it where it is, or take it with you? Should you roll the money over into an IRA or into your new employer’s retirement plan? As you consider your options, keep in mind that…
Read MoreToday is Valentine’s Day – February 14th 2018
HAPPY VALENTINE’S DAY – to you and all of your loved ones from all of us at Chesapeake Financial Advisors. Celebrate and embrace your life; no one will care as much about your journey in life as you – so share with us what that looks like so we can enjoy – along with you…
Read MoreTax Cuts and Jobs Act: 529 Plans Expanded
In December 2017, the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package, became law. College students and their parents dodged a major bullet with the legislation, as initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction. Also on…
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