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  • If you receive a 1099-S you must report the sale of your home, even if your gain is excludable. You need to report the amount realized, sales price less the cost to sell your home, and the cost basis.
  • Photo by Pavel Danilyuk
  • When you buy gold, you are betting on the value that someone will pay for it in the future.
  • Photo by Kampus Production
  • Photo by fauxels
  • If you are over age 70.5, taking the standard deduction, and would like to make a gift to charity, consider taking advantage of the Qualified Charitable Distribution.
  • A key factor impacting your ability to achieve financial security is living below your means. To live below your means, you need to understand your financial situation and live within a budget that includes an allocation for saving and investing.
  • If you’ve inherited money, start by knowing it takes a while for the money to land. The executrix needs time — months and months — to get things retitled. Then it takes time for the IRS or the state to release a lien or expedite an audit. Do NOT expect the money all at once. While [] The post 10 Things You Should Know About Inherited Money appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • Women often place too much focus on taking care of others rather than themselves. Take care of yourself, focus on the future, and prioritize saving for your retirement.
  • Selecting where to live later in retirement is a big decision that involves one new major consideration: healthcare. We are faced with tremendous uncertainty, because we don’t know how long we will live, how much care we will need, what type of care we will need, or how our medical decline will unfold. The big question is: Will we make the last housing decision on our own and in advance or will we have a non-choice thrust upon us when a health crisis hits?
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  • Tax season is over and I am grateful my office coffee maker waited until April 20th to stop working.I enjoy coffee year round, but especially during tax season. You may find this strange, but I actually enjoy looking at tax forms so while it’s fresh in my mind I’d like to review one of the []
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  • I bonds have a maturity of 30 years, but you are not required to hold them until maturity. You must hold them for at least 12 months and if you sell them after twelve months but before five years you will forfeit the last three months of interest.
  • A stock market correction is a drop of 10% to 20% in a major market index such as the S&P 500. A serious market crash is a drop of 20% or more. A prolonged market crash is considered a bear market.
  • Today’s newsletter features agreat article in the NYTby financial columnist Jeff Sommer. The news and images coming out of Ukraine are horrifying and my heart aches for the millions impacted by Russia’s aggression.  It is difficult to imagine what they are going through. The article begins: The worse the news, the less you should think []
  • Between two professional credentials that each need a lot of continuing education, plus family vacation time, you’ll find that Wendy works in weeks-long surges but is frequently out of the office in between. That’s okay, we’re planners, we’re good at this! Here’s what happens: Wendy is the only one who can create trade proposals if [] The post Wendy’s Vacation Conference Schedule for 2022 appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • The article “Yes, marry for money: A Harvard economist shares the surprising financial benefits of marriage” offers surprising advice in this era when many people enter into marriage for romantic and person fulfillment.  The article’s economic expert freely admits that he thinks the marriage is better than being in a long-term partnership and says, [] ©Bring Clarity to Your Finances™. Marriage Advice from an Economist is a post from Bring Clarity to Your Finances™
  • As points out in “Remarrying? These should be your key financial considerations,” the decision to remarry “… goes far beyond deciding whether to keep separate checking accounts or determining who pays which bills”. If those are some of the considerations people have before entering into a first marriage, then there are many more financial [] ©Bring Clarity to Your Finances™. Things to Consider Before Remarrying is a post from Bring Clarity to Your Finances™
  • We go to (or stream) movies, particularly fictional ones, to relax but that doesnt mean we arent learning something along the way. Some kids leave a superhero movie and attempt to fly. Sometimes all of us are informed and insptired by the stories we see onscreen. 5 Hollywood Movies That Teach Us Great Financial Lessons, [] ©Bring Clarity to Your Finances™. Movies Arent Just for DreamingThey are also for Financial Planning is a post from Bring Clarity to Your Finances™
  • The financial weather seems to be turning nasty and market storms are on the horizon. Inflation is blazing and the Federal Reserve is expected to raise interest rates. In January the ETF SPY (S&P 500 index) lost 9.2%, but then regained some back. Can anything be done to protect your portfolio? Well, yes, but perhaps… [Continue] (Feed generated with FetchRSS )
  • If you feel as if you do not earn enough to put money away in a retirement account, all is not lost. According to, this is a good time to have that problem. Why exactly is now a good time for that problem? There is a tight labor market and you can try to [] ©Bring Clarity to Your Finances™. Dont Assume You Cant Afford to Save for Retirement is a post from Bring Clarity to Your Finances™
  • USA Today offered its readers a primer on Social Security in Explaining Social Security, TLDR Edition: The 8 things you should learn about your benefits. (If you dont already know. TLDR is internet-speak for too long, didnt read. If reading the entire Social Security rulebook is too much for you, you can get by with [] ©Bring Clarity to Your Finances™. Get the Highlights on Social Security is a post from Bring Clarity to Your Finances™
  • The title of this article says it all, 40% of Americans with credit card debt dont know their interest rate, survey shows. Are you a part of this forty percent? Many people do not want to face their financila reality. It seems easier to make the minimum payment (or perhaps even more than the [] ©Bring Clarity to Your Finances™. Do You Know How Much Interest Youre Paying on Your Credit Cards? is a post from Bring Clarity to Your Finances™
  • A successful retirement is a very desirable goal. Unfortunately, the first and most important step to ensuring a successful retirement is not what anyone wants to hear - creating a spending plan (aka a budget).
  • I ignore a lot of financial journalism.Much of it is noisy clickbait and not relevant to the long-term goal-focused investor. In fact some have dubbed it “financial porn”. But this headline, dated December 10th, 2021 from Marketwatch caught my eye: The SP 500 is an index (group) of stocks that includes 500 of the most valuable companies []
  • This is the time of year when publications put out lists of what they predict for the following year. Some of these predictions are not cheerful (higher inflation?). Other lists are published in a Hot or Not format, listing things from the previous year that will not be popular in the year to come. However [] ©Bring Clarity to Your Finances™. Hot Financial Practices for 2022 is a post from Bring Clarity to Your Finances™
  • There really is still time to do a few things that can alter the way your tax bill looks next year…if you act quickly. USA Today offered Ten tips to lower your federal income tax bill before 2021 ends. Wait on that bonusIf it is possible, ask to get your year-end bonus next year. That [] ©Bring Clarity to Your Finances™. There is Still Time to Lower Next Years Tax Bill is a post from Bring Clarity to Your Finances™
  • One woman looking to snag a deal and make someone happy found what she thought was an Xbox at an incredible price. It turned out that what she thought was a low-priced Xbox game console was actually an Xbox fridge. This novelty item was made and packaged to look like the game console when was [] ©Bring Clarity to Your Finances™. Does it Look Too Good to Be True? Seek Financial Planning Advice is a post from Bring Clarity to Your Finances™
  • There is a popular set of memes used all over the internet in which someone is seen saying Why not both? There is no indication of the question being asked but the idea behind it is that if you arent forced to pick one of two choices, you can choose both and this might be [] ©Bring Clarity to Your Finances™. Do You Have to Choose Between an IRA and a 401(k)? is a post from Bring Clarity to Your Finances™
  • Image: 10 Attractive Beach House Design Ideas That Will Leave You Speechless ( First-time home buyers face multiple challenges in today’s market, especially in the seller’s market of Silicon Valley. Houses routinely sell for 15% to 30% over asking price, with multiple cash offers. It is hard to find properties under a million dollars, and The post What are the tax benefits of owning a home instead of renting? first appeared on Michael Garber Financial Planning .
  • I’m talking to a lot of clients this month about charitable giving and how to give in the most tax-efficient way possible. Since Tax Reform took effect in 2018 fewer taxpayers are getting a deduction for their charitable contributions. Donations to charity are deducted when a taxpayer itemizes deductions. After Tax Reform far fewer people itemize. Only about 10% []
  • Three years ago,I wrote about my lifelong passion (some would say obsession) for spare change. This dates back to counting the spare change and “egg money” in my grandmother’s chipped gravy boat in the 70’s. Today, this is the spare change stash in my office: But here in the 21st century, especially during a pandemic, I []
  • Like many of my clients, you may have a dusty pile of paper savings bonds lying around somewhere.  Maybe they belong to you or your children.   Odds are they were gifts from an older relative.  Most likely they are EE bonds, which have their charms.** However,the savings bond I want to talk about today is theI []
  • Debt Ceiling Drama

    The ceiling on the US Federal Debt has been reached once again, after Congress suspended it in 2019 for two years. The deal expired on August 1, 2021. Since then, the US Treasury has been managing cash through “extraordinary measures,” shuffling money around between accounts, so it can continue operating. They are hoping to raise The post Debt Ceiling Drama first appeared on Michael Garber Financial Planning .
  • On Giving Gifts

    “Think of giving not as a duty but as a privilege.” – John D. Rockefeller, Jr. Giving significant gifts is a way to reduce “income inequality.” We can think of this as “direct action.” While this post is intended to clear up some questions about the tax implications of giving, we will leave promotion of The post On Giving Gifts first appeared on Michael Garber Financial Planning .
  • Bill Starnes was selected as one of five Delaware financial experts interviewed in the August edition of Delaware Today magazine.
  • Even though we still think of them as children, under the law when a teen turns 18, they are considered an adult. Being an adult allows them to vote, serve in the military, serve on a jury, sign a contract and get married without your consent. This is a big change from when they were 17. (Feed generated with FetchRSS )
  • The Social Security Administration recently started rolling out newly designed statements. The new statements graphically illustrate the increase in income from delaying benefits. Here’s the retirement benefit information from an old statement: From a different client, the retirement benefit illustration from a new statement: The new design helps workers get a better understanding of the []
  • The Health Savings Account (HSA) is the ultimate savings machine as it is the only type of account with triple tax benefits.
  • Inflation or Deflation

    Inflation and Deflation Many financial analysts are concerned about possible coming inflation, and even hyperinflation. There may be inflation happening now, and it could increase. But there are also powerful forces operating to limit the effect of inflation. As with any prediction, it is better to take a guarded view and not assume we know The post Inflation or Deflation first appeared on Michael Garber Financial Planning .