By Richard Eisenberg, Next Avenue getty All things considered, 2020 turned out to be a pretty good year for small investors in many mutual funds, exchange-traded funds (ETFs) and 401(k) plans. The Standard & Poor’s 500 index of stocks is up about 15% through mid-December; the Dow Jones average rose has risen by nearly 6%
Sound wisdom to help retirees live a healthy, financially secure, and fulfilling long life. getty Pre-retirees and retirees have always faced several serious retirement planning challenges. On the one hand, it’s great that many people are living much longer lives than their ancestors. On the other hand, it’s not easy to be financially secure, physically
getty It is said that the Americans who stormed the beaches of Normandy and saved the world from the ultimate evil are members of the “Greatest Generation.” I believe the name can also apply to the many people who lived through World War II in Europe and moved to the United States to create a
By Donna Mitchell, Next Avenue Entrepreneur Dawn Kelly Courtesy of Shante Carlan Before Dawn Kelly, 58, launched her quick-serve restaurant The Nourish Spot in Queens, N.Y. in 2017, she had been downsized from a corporate public relations job. She needed to figure out a way to continue working but was unsure about almost every aspect
getty It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios. There are only a few instances when a trust as beneficiary avoids this problem, A recent IRS ruling gives an example,
Carefully coordinate your strategy to deploy savings in retirement with the IRS rules on required … [+] minimum distributions. getty The IRS recently finalized new regulations that determine the minimum amounts that retirees must withdraw from their retirement accounts and include in their taxable income. These new rules will apply to withdrawals made during 2022
Amid this surging pandemic, millions of people justify travel, visiting aging loved ones, and ignoring CDC warnings about spreading the disease. Thanksgiving was followed by a surge in cases, a percentage of which result in hospitalizations. The predictable effect is that hospitals are overwhelmed, there are not enough nurses and doctors to staff the overflowing
Three-dimensional synthetic works can be used in any design getty President-elect Joe Biden will have his hands full once he takes office in January. A lot of people are curious about whether he will invest political capital in trying to alter some of the income tax provisions introduced by the Tax Cuts and Jobs Act. Trying to
Congress just made the tax breaks for giving to charity better for 2021. getty There’s good tax news for charities and donors in the year-end spending package Congress passed yesterday. It includes two tax changes that can boost donors tax deductions for charitable giving, meaning they can give more to charity at a lower net
Worker starts production of craft beer at a factory during covid-19 pandemic. getty After promising to work all night until an agreement was reached, U.S. senators passed a bill close to midnight Monday that grants permanent federal excise tax (FET) relief to brewers, distillers, winemakers and other alcoholic beverage producers. The Craft Beverage Modernization and
The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. getty New IRS Mileage Rates The new IRS mileage rates apply to travel starting on January 1, 2021. 56 cents per
getty The Internal Revenue Service (IRS) has issued its 2021 standard mileage rates. Beginning on January 1, 2021, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile driven for medical or
An IRS 1040 Tax Form with a pair of Handcuffs resting on the Tax Forms. getty A key to good tax practice is being able to explain things to clients and prospects. Consider this remark explaining difficult to understand promotional material: we know if we’re examined by the [IRS] they will ask for all promotion
Look, I’ve never been a particularly happy guy. But if there’s one thing that really gets me down, it’s everyone else being happy. That, I simply can’t have. It’s why, growing up outside of Philly, I rooted for the Eagles to get smoked every Sunday. It’s why whenever I leave my little ski town for
Economic Security Planning, Inc. Today’s column addresses questions about withdrawing an application for a retirement benefit, filing for and then suspending a retirement benefit and whether and when divorced spousal benefits might be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which
Brad Steinberg relaxes in front of a wall of dryers in one of his company’s SpinCycle Laundry Lounge … [+] laundromats. PWS, Inc. Coin laundries have long been one of the few recession-proof businesses. After all, we all need to do laundry. There’s debate as to whether the recession-proof nature applies even during a pandemic.
A rental recovery, a busy second-home market and virtual everything are among the predictions for … [+] 2021. getty There’s no doubt that 2020 was a wild year for real estate. From the Covid-19 pause that stopped showings and sales entirely, to the slow recovery and crashing rental market in condo-saturated Manhattan, to hot markets
The CEO had to make the staff furlough decisions, the downsizing in footprint, the marketing … [+] workarounds as soon as the seriousness of the problem came into focus. getty In 2020, leadership really mattered. Economically and medically, leadership really mattered. At the national level, where we lacked it, at the New York state level,
A new type of visual marketing helps brokers sell high-end homes. Narr8 Media The video’s opening sets viewers up for an irresistible and emotional ride as Michael Jordan glides across a basketball court against a backdrop of cheering fans. On camera, an award-winning reporter delivers his intro: “The 23 on the front of the gate
Old brownstone buildings along a quiet neighborhood street in Greenwich Village, New York City. getty If you thought you missed your chance to land a bargain in New York City’s housing market, you may be in luck. The average asking price for condos, co-ops and townhouses across Manhattan have dropped by nearly 10% this year,