Believe it or not, 2023 is over, and it’s almost time to file your taxes for this very strange year. Are you ready? As you gather your paperwork to do your taxes, there’s some great news for Arizona residents: the state offers four big tax credits that you still have time to take advantage of. Each Arizona tax credit is tied to charitable giving, so you get to feel good about your contributions and save money on your taxes at the same time. Here’s what you need to know to use these credits to lower your 2023 state tax bill. Tax Credits Vs. Tax Deductions For federal income taxes, you’re allowe ..read more

It’s that time of year again! Whether you like to get your taxes done quickly because you expect a refund or you cringe at the thought of all the paperwork, it’s important to know what you’re getting into. There are several changes hidden in your taxes this year, from a standard deduction boost to new contribution limits for retirement accounts and more. Here’s what you need to know to make sure you’re ready to file for 2022—and a few tips for maximizing your tax savings for the coming year.   What’s New? If you’ve been feeling the pinch of inflation, there’s at least a little bit of ..read more

No one likes to think about dying, and talking about it can be even more uncomfortable. But the truth is that one of the most loving things you can do for your family is to create an emergency file where they can find all of your most important paperwork. In case of an unforeseen event, knowing where to find all of your financial documents will relieve at least some of their stress and make it easier to stay organized — and move forward with some decisions, should the worst come to pass. To give the gift of peace of mind to your loved ones, you need to create a legacy file. Think of this as a ..read more

The economy can feel like an impossibly complex thing. After all, there are so many moving parts: real estate, inflation, the stock market, government decision making — and all of it is intertwined.  Right now, the economy is in flux. This is the natural result of the global pandemic, which set off a series of unprecedented events that changed the way money and goods flow. You’ve probably already noticed the effect of inflation driving up prices at the grocery store. Governments have taken note of inflation as well, and now the Federal Reserve is about to take steps to try to slow down in ..read more

If you’ve been diligently saving money for your retirement, congratulations! Building your nest egg is a big deal, and the more effort you put into your planning now, the more likely you’ll be to enjoy your retirement years without worry. But saving money is only half the battle. A good retirement plan also means figuring out the best way to use all the money you’ve saved once you retire. Taking distributions, or withdrawals, from your retirement account comes with its own set of rules, and you’ll want to get familiar with them to make sure you’re making the best possible choices about your mo ..read more

No doubt about it: College is expensive. Right now, the average cost per year is $35,331*. Multiply that by a couple of children and four to six years to complete a degree, and you may feel heart palpitations coming on. So what’s a family to do to try to pay for it all? One important savings vehicle is a 529 Plan, which is designed specifically for college and other educational expenses. This is a tax-advantaged plan that can help you grow your savings faster, but there are some important rules to know about before you dive in. Here’s what you need to know. 529 Basics  529 plans were laun ..read more

Your grandfather may have worked for the same company from the day he graduated high school until his retirement at age 65, but today, most of us will work for several different employers over the course of a career. By the time a current Baby Boomer retires, they’re likely to have held 12 different jobs. With all of those jobs comes a patchwork of retirement benefits. No two employer packages are the same, and each time you switch jobs, you’ll have to decide what to do with that 401(k) account moving forward. Fortunately, you don’t have to keep track of a dozen different accounts — rollo ..read more

Maybe your grandparents gave you a savings bond each year for your birthday when you were a kid. Maybe you received a pile of paper bonds as part of an inheritance. Or maybe you bought a savings bond or two as a safe way to invest, but forgot about them when life got busy. If you’ve got old savings bonds lying around, they’re definitely worth something. Here’s how to know what you’ve got — and what to do with them. A Savings Bond Primer First, a quick lesson on US savings bonds. Savings bonds are one way that the federal government borrows money to keep the country running. In this case the go ..read more

  The housing market is red-hot right now, thanks to continued low interest rates and plenty of demand. That’s understandable, as the world is opening back up and people have a much clearer idea of how they want to live their post-pandemic lives.  It’s a seller’s market right now, and if a move makes sense for you — particularly if you’re downsizing — you could walk away with a tidy profit. But what would making a killing on a home sale do to your tax situation? Your house is an investment, so selling it for a profit could leave you with a tax bill on the gains. Unlike selling stocks ..read more

Individual Retirement Accounts (IRAs) are a cornerstone of retirement planning for people who don’t have employer-sponsored plans, but did you know that many people with a 401(k), 403(b), or Thrift Savings Plan (TSP) are also eligible to contribute?  If you’ve been thinking about boosting your savings, an IRA could be the perfect way to turbo-charge your retirement plan. Best of all, there’s still time to take advantage of those tax benefits for 2020 if you haven’t filed yet. Here’s everything you need to know about these tax-advantaged accounts.  Traditional IRA 101 A traditional IR ..read more