The IRS generally allows taxpayers to deduct charitable contributions up to 50 percent of adjusted gross income. For certain private foundations, veterans organizations, fraternal societies, and cemetery organizations, the IRS limits deductions to 30 percent of adjusted gross income. Because these rules can get complicated, keep thorough records and discuss your tax situation with […]
Financial Planning
IRS Makes Retirement Plan Changes for 2026
The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. Below is a summary of this release. The provisions can be complex, so current and prospective plan participants should work with a financial professional. Highlights of changes for 2026 The annual contribution limit for employees who participate in […]
Create a Retirement-Friendly Budget
It’s never too soon to save for retirement is sound financial advice that not everyone follows. The majority of Americans, about 67%, have assets that are specifically earmarked for generating retirement income. However, that leaves another 33% who are not well prepared. Retirement is not inexpensive. Experts tell us that we will need between […]
Retirees and Financial Risks
Retirement should be a time of relaxation and enjoyment, but for many retirees, financial concerns loom large. From outliving savings to navigating market volatility, inflation, and rising healthcare costs, today’s retirees face a complex landscape that requires thoughtful planning. Fortunately, with diligent planning and the right strategies in place, retirees can better prepare for […]
Home Equity Loan Versus Personal Loan
What is a home equity loan? With a home equity loan, you borrow against the equity you’ve built in your home. Equity is the difference between what you owe on your mortgage and what your home is worth. If your home is worth $400,000 and you owe $250,000 on your mortgage, you have $150,000 […]
Taxes and Divorce
Is your relationship coming to a close? If so, you are likely feeling a lot of sadness, confusion, dissatisfaction, and unhappiness. In addition to all the emotions that arise in the face of separation and divorce, you’re also expected to think about the way your tax filing status will change. But what happens when the […]
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