One last tip for the year: we’re often asked about paperwork, what needs to be kept and what doesn’t. As I’m sure many will be turning their attention to gathering documents for taxes at the turn of the calendar...
Congress Makes “Permanent” the Qualified Charitable Distribution from IRAs
With the passage of the Protecting Americans from Tax Hikes (PATH) Act of 2015, Congress once again retroactively reinstated many of the tax extenders that were renewed and then expired at the end of 2014. Michael Kitces does a good job of highlighting the major points here. One major change from previous year’s legislation regarding extenders is that this Act makes most of these provisions permanent, meaning that next year at this time taxpayers won’t be put in limbo waiting to see if Congress will approve them for another year....
What the Fed Rate Hike Means for your Budget
Yesterday’s not-so-unexpected news of the Federal Reserve raising its benchmark interest rate to 0.25% ended the Zero Interest Rate Policy (ZIRP) it instituted nearly a decade ago. No can kicking this time, so what does that mean for your own finances? Probably not much in the near term. One small interest rate hike is unlikely to have much of an immediate impact on your budget, but that doesn’t mean you should ignore the increase....