Category: Financial Planning
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Financial coaching during a divorce
Divorce is a significant financial event. The national average cost of divorce likely exceeds $20,000 but for couples who own a business or other substantial assets the cost can be many times larger. The real cost of divorce is not limited to the legal fees but spills over into otherwise avoidable tax liability and poor…
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Checklist of health care planning issues for financial advisers
This checklist of health care planning issues is meant for financial advisers to consider in 2016 planning: Millions of Americans people who bought their own coverage outside the exchange do not have “minimal essential coverage” (even though they think they do). This has implications for tax preparers as well as financial advisers. Millions of Americans…
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Bankruptcy of an Uber driver
I just read a financial planning article about the bankruptcy of an Uber driver who was involved in an auto accident and his personal auto insurance denied coverage because he did not have a commercial auto insurance or ride-share type of policy. Apparently the carrier can do that and withstand the related legal challenges. It…
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The problem with accountants
Accountants generally enjoy a reputation as the ‘most trusted adviser’. But the problem is that we do our work, get out and move on. That work might be the income tax return, bookkeeping work, or some other well-defined engagement. General financial advice is too often an unplanned side benefit of our work. Accountants who don’t define and…
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Top ten tax saving strategies for 2016
Our U.S. federal income tax law includes a number of built-in strategies available to reduce income tax liability. Your ability to legally reduce your own income tax bill depends on your level of understanding and utilization of the opportunities available in five key areas of financial planning: Source of income and the legal format of…
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Lottery Aftermath
If you did not play the lottery, give yourself a pat on the back this morning for holding a position of logic and reason in an illogical and insane world. Or perhaps, like me, you just can’t stand waiting in lines to buy tickets for anything. Either way, it shows good judgement. See my…
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Plan now to avoid a delay in your tax refund
Use a personalized 2015 tax organizer to ensure your maximum tax refund without unnecessary delay. We are only a week away from the start of the federal income tax filing system on January 19. For many, the tax refund check represents a substantial “payday” and so naturally there is some rush to get the filing…
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How to provide premium health care planning advice
This post is just an idea, an incomplete thought, a business observation with no clear direction or conclusion. I have no good answer to the headline. For my entire 30+ year working career as a financial adviser I’ve focused on the theme of keeping your personal health in focus as a core of personal financial well-being. Everyone knows…
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Three truths about the lottery
The first truth is that the lottery is an effective and successful method of taxation. The lottery system is well described as a regressive tax on people who are not good at math. And what an effective tax system is has been. Wall Street Journal reports that the U.S. had lottery ticket sales of $277…
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A 2016 marketing suggestion for small business advocates
I am starting 2016 with this bold self-promotion that is, bluntly, outside of my comfort zone. The intent is to give a boost to my public appearance schedule that, during a long period of injury recovery, dropped off while I was not working in this field. If you produce conferences, write a blog, offers workshops or produce…