New Legislation Extends Popular Tax Provisions

In one of its final actions, the 113th Congress passed the Tax Increase Prevention Act of 2014. This legislation extends for one year a host of popular tax provisions (commonly referred to as “tax extenders”) that had expired at the end of 2013. The President is expected to sign the legislation. All of the following… Read More

Revised One-Rollover-Per-Year Limit Applies in 2015

IRS Clarifies Rules

Background The Internal Revenue Code says that if you receive a distribution from an IRA, you can’t make a tax-free (60-day) rollover into another IRA if you’ve already completed a tax-free rollover within the previous one-year (12-month) period. The long-standing position of the IRS was that this rule applied separately to each IRA someone owns…. Read More

IRS Announces 2015 Standard Mileage Rates

The IRS has announced the optional 2015 standard mileage rates for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2015, the standard mileage rates are as follows: Business use of auto: 57.5 cents per mile may be deducted if an auto… Read More

Four Questions to Ask Before You Open Your Wallet

Even if you have the best of intentions, it’s easy to overspend. According to a Gallup poll conducted June 9-15, 2014,* 58% of people who had shopped during the previous four weeks said they spent more at the store than they originally intended to. Even if you’re generally comfortable with how much you spend, you… Read More

College Board Releases New College Cost Figures

Background Every year, the College Board releases its Trends in College Pricing and Trends in Student Aid reports that highlight current college costs and trends in financial aid. While costs can vary significantly depending on the region and college, the College Board publishes average cost figures, which are based on its survey of nearly 4,000… Read More

Life Insurance Riders that Pay for Long-Term care

Life insurance has many uses, including income replacement, business continuation, and estate preservation. Long-term care insurance provides financial protection against the potentially high cost of long-term care. If you find yourself in need of both types of insurance, a life insurance policy that combines a death benefit with a long-term care benefit may appeal to… Read More

5 Numbers Identity Thieves Love

Identity theft has been in the news for many years now. And yet, identity fraud has continued to grow unabated and is costing our society billions of dollars each and every year. It has been reported that identity fraud hits a new victim every two seconds. If you do the math, that’s almost 16 million… Read More

6 Questions about Long-Term Care

1. What is long-term care? Long-term care refers to the ongoing services and support needed by people who have chronic health conditions or disabilities. There are three levels of long-term care: Skilled care: Generally round-the-clock care that’s given by professional health care providers such as nurses, therapists, or aides under a doctor’s supervision. Intermediate care:… Read More

Health Exchange Open Enrollment

A major provision of the Patient Protection and Affordable Care Act (ACA) was the creation of state-based and federal Health Insurance Exchanges for individuals and Small Business Health Options Programs (SHOPs) for small businesses. Beginning November 15, 2014, enrollment in Health Insurance Exchanges and SHOPs will be available. The open enrollment period ends February 15,… Read More