Tax Planning Tip: Required Minimum Distributions (RMD) are mandatory IRA Distributions starting at age 70 1/2. The IRS enforces this rule with a hefty 50% penalty for non-compliance! One option to consider to minimize your tax obligation is to have your RMD paid straight to a registered charity. Of course you’ll want to verify that […]
Equifax has dominated headlines recently due to a security breach that may have compromised personal information for as many as 143 million Americans – roughly 44% of Americans are at risk from this intrusion! Identity theft is nothing short of a nightmare for its victims, so investors are understandably anxious to protect themselves. James’ interview […]
Parents need to discuss family finances with their adult children. Financial professional James Gallagher talked with FOX4 about how to start that conversation and what topics should be covered: 1. Legal 2. Healthcare 3. Income & Expenses 4. Financial Records Click HERE for a checklist of important financial information that you should make sure to […]
The budget deal reached in Washington will keep the country out of default and avoid a partial government shutdown. It will also impact millions of Americans and their finances.
Ever wonder where your extra cash is going? Financial professional James Gallagher talked with FOX4 about scary money mistakes many of us are making. Scary Money Mistakes: 1. Credit Card Payments Click HERE for an interest rate calculator 2. Energy Errors 3. Social Security Mistakes* 4. Unused Gift Cards 5. ATM Fees Put your extra cash to […]
Bullies aren’t just on the playground or online. Money bullies are often lurking close to home- a family member, friend, even you. Since October is Bullying Awareness Month, James Gallagher talked with FOX4 about the most common money bullies and how to handle them. 1. The “Expert” 2. The One Upper 3. The Shamer 4. […]
Expecting parents should be issued a spending warning. A survey from the U.S. Department of Agriculture (based on 2013 study) shows a middle-income family will spend more than $300,000 on a child from birth to age 18. Budgeting for a baby should be a part of any parent’s game plan. Financial professional James Gallagher talked […]