RMDs and Minimizing Taxes Through Charitable Giving
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 your intended recipient is, in fact, properly registered with the IRS via one of these...Equifax Breach
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 with FOX4 shares the steps you can take to understand if you might be affected...Coaching
Is your kid going to be the next Payton Manning or Olympian Gymnast?? You know that having a good coach for them is essential, so how about a good coach for you? For 7 years I coached travel Hockey with my daughters team. I learned a lot in those years about the hidden costs of youthful athletic dreams. I also learned that those dreams are worth fighting for. They bring...
New Year’s Resolutions
Is your New Year’s resolution to be better with your money? For so many of us, our resolutions about budgeting, spending and saving turn into epic fails year after year. Financial professional James Gallagher talked with FOX4 about 5 common reasons budgets fail: 1. Your Goal Isn’t Clear 2. You’re Using the Wrong Numbers Click HERE for a budget worksheet to get you started 3. You’re Not Realistic 4. Emotions...
Holiday Budget Busters
We have a tendency to over-do it at the holidays- too much eggnog, sweet treats and shopping. A new survey found 62% of parents admit to overspending at the holidays. That may not be surprising, but the way they are funding their fun should be. Many are dipping into emergency funds or raiding retirement accounts! James Gallagher talked with FOX4 about holiday budget busters. 1. Winging It Click HERE for...
Year End To Do List
The most important December “to do” list may not be related to shopping or parties. Checking your financial list twice could be the best gift you give yourself and your family. Financial professional James Gallagher talked with FOX4 about what we should all put on our year-end “to do” list. 1. Health 2. Wealth 3. Taxes 4. Debt: Click HERE for a debt worksheet to get organized 5. Dream
Talking Finances After Turkey!
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 discuss with your adult children. Remember, knowledge now will prevent headaches later.
2015 Budget Deal & Social Security Changes
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.
Scary Spending
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 good use! Use this worksheet to organize your debt. *Not associated with or endorsed by the...
We call this process The Journey.