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The Psychology of Saving & Spending

Why do some households save more than others? Building household savings may depend not only on cash flow, but also on psychology. With the right outlook, saving becomes a commitment. With a less positive outlook, it becomes a task – … Continue reading

How to Get Rid of Debt

As the Great Recession faded, American household debt gradually decreased. In fact, it declined by $1 trillion between mid-2008 and mid-2014, according to the Federal Reserve. Now household debt is increasing once more. The Fed found it climbing by $78 … Continue reading

Economic Update 03/23/15

FED MAY WAIT LONGER TO TIGHTEN March’s Federal Reserve policy statement provided less forward guidance than many investors expected. As anticipated, the word “patient” disappeared – but the Federal Open Market Committee also lowered its 2015 GDP forecast (to a … Continue reading

Economic Update 03/16/15

WHERE ARE THE SHOPPERS? Retail sales were off again in February – the 0.6% decline reported by the Census Bureau was the third straight monthly retreat. Economists surveyed by anticipated an 0.4% advance. This severe winter may have prompted … Continue reading

Top Tax Frauds to Watch Out For

Have you heard of the “dirty dozen?” Each year, the IRS lists the top 12 recurring federal tax offenses – frauds, cheats, feints and schemes that ethically challenged taxpayers, tax preparers and crooks try to perpetrate. Watch for these scams … Continue reading

How To Save Taxes In Retirement

Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at the usual rate. … Continue reading

Economic Update 03/09/15

GREAT JOBS REPORT MIGHT GIVE FED A SIGNAL Good news on Main Street was not so good for Wall Street. Non-farm employers added 295,000 new workers to payrolls in February, according to the Labor Department; the headline unemployment rate fell … Continue reading

A Brief Rundown of 1099 Forms

There are 17 types of 1099 forms, and you may have received one or more of them in the mail. Here’s a brief rundown of what they report. 1099-A. This form is a consequence of foreclosure or bank repossession of … Continue reading

Learn About The Gift Tax

“How can I avoid the federal gift tax?” If this question is on your mind, you aren’t alone. The good news is that few taxpayers or estates will ever have to pay it. Misconceptions surround this tax. The IRS sets … Continue reading

Weekly Economic Update 03/02/15

CPI SHOWS ANNUAL DEFLATION Dipping 0.7% in January, the Labor Department’s Consumer Price Index posted a 0.1% annual retreat – its first yearly decline since 2009. As the core CPI rose 0.2% in January and gas prices are moving north, … Continue reading