Financial Planning
American Rescue Plan Act Provides Relief to Individuals and Businesses
On Thursday, March 11, 2021, the American Rescue Plan Act of 2021 (ARPA 2021) was signed into law. This is a $1.9 trillion emergency relief package that includes payments to individuals and funding for federal programs, vaccines and testing, state and local governments, and schools. It is intended to assist individuals and businesses during the…
Read MoreWhen Must I Report the Interest from Series EE Savings Bonds on my Tax Form?
The interest that your savings bonds earn, regardless of whether you receive it, is subject to federal income tax, but not to state and local income tax. It is also subject to any federal estate, gift, and excise taxes as well as any state estate or inheritance taxes. Using the money from Series EE savings bonds for higher education…
Read MoreFinancial Aid Changes on the Horizon
The U.S. Department of Education has designated February as Financial Aid Awareness Month, and this year there’s a lot to talk about. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, another relief package in response to the pandemic. Included in the bill were several provisions related to education, including many changes to…
Read MoreYear-End Tax Tips for 2020
As we wrap up 2020, we are all looking forward to brighter and more COVID-free days ahead. Year-end tax planning has never been more crucial. This year brought new challenges that can impact your personal and financial situations – COVID-19, economic relief measures, and new tax laws. Now is the time to take a closer…
Read MoreNew College Cost Data for 2020-2021 School Year
Every year, the College Board releases updated college cost data and trends in its annual report. Although costs can vary significantly depending on region of the country and college, the College Board publishes average cost figures, which are based on a survey of approximately 4,000 colleges across the country. Following are cost highlights for the…
Read MoreThe Jobs Recovery: More Work to Be Done
In April 2020, the U.S. economy lost an astonishing 20.8 million jobs, by far the largest loss recorded in a single month dating back to 1939. To put this in perspective, the second largest monthly job loss was about 2 million in September 1945, when defense industries reduced production at the end of World War…
Read MoreIRA and Retirement Plan Limits for 2021
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earned income, if less),…
Read MoreThe FAFSA and Your Income
Your income from two years prior is what counts on the FAFSA. For example, the 2021-2022 FAFSA will rely on income information in your 2019 tax return. FAFSA for 2021-2022 Academic Year Opens on October 1. The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opens on October 1, 2020. The…
Read MoreStudent Loan Relief Extended Through End of Year
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided a six-month automatic payment suspension on federal student loans through September 30, 2020. In August, the president signed a memorandum to extend federal student loan relief through December 31, 2020. What does this mean for student loan borrowers? All…
Read MoreWorking with a Financial Professional: Your Interests Come First
In these uncertain times, the value of objective financial guidance cannot be overestimated, and the importance of the financial profession has never been more apparent. Regulatory changes initiated well before any of us had even heard the phrase “social distancing” are now in effect, establishing a new landscape that governs the relationship between those who…
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