Blog Archives

Should I borrow from my 401(k) plan? The upside

Sometimes it may make sense to borrow from your 401(k) plan.  The upsides are: –401(k) loans can be a quick, simple, lowest-cost way to get cash needed. –In most 401(k) plans, requesting a loan requires no lengthy applications or credit

Posted in Tips

Should I borrow from my 401(k) plan? The Pitfalls

The pitfalls of borrowing from a 401(k) plan are the following opportunity costs: –Borrowers lose any positive earnings that would have been produced by those investments in the market.  In other words, the impact is negative in strong ‘up’ markets.

Posted in Tips

Should I borrow from my 401(k) plan? The Basics

According to a study by the Employee Benefits Research Institute (EBRI), nearly 20% of all 401(k) participants had plan loans outstanding. This statistic has held true since the early 2000s.  These loans can be appropriate in some situations.  However, borrowing

Posted in Tips

Ever-Changing Tax Law

There were about 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day.

Posted in IRS

Charitable Donations of Services

Americans have used charitable donations to lower their taxable income since World War I when the federal government introduced the charitable tax deduction. Not all nonprofit organizations qualify as beneficiaries for tax-lowering gifts, nor do all gifts to eligible charities

Posted in Deductions

Charitable Donations of Money or Goods

Americans have used charitable donations to lower their taxable income since World War I when the federal government introduced the charitable tax deduction. Not all nonprofit organizations qualify as beneficiaries for tax-lowering gifts, nor do all gifts to eligible charities

Posted in Deductions

Teaching Kids About Taxes

“If you are truly serious about preparing your child for the future, don’t teach him to subtract – teach him to deduct.”  Fran Lebowitz

Posted in Quotes

Teaching Kids About Taxes

“The best way to teach your kids about taxes is by eating 30 percent of their ice cream.” Actor and comedian Bill Murray

Posted in Humor

Leadership

“Leadership is the art of getting someone else to do something you want done because he wants to do it.”  Dwight D. Eisenhower

Posted in Quotes

2018 Tax Filing Season

The IRS will begin accepting tax returns on Jan. 29.  The tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Posted in IRS