March 30, 2017

Stop Being Financially Obese… Get Some Financial Discipline

When it comes to diet and exercise, we all know exactly what we need to do to maintain that svelte shape we so desire. The problem is more often than not, we end up sitting on the couch dreaming of the body instead of maintaining it. The obesity epidemic in America is at a staggering rate, with 1 in 3 adults weighing in as obese. However, statistics show that 32% of those who take control of their weight and hire a personal trainer and keep working with them beyond their goal weight, stay motivated to lose the weight and keep it off. The truth is our finances aren’t any different. We’re financially obese in America too. Our debt to income ratio is 69%. Less than 35% are involved in saving for retirement. So what’s the answer to this problem? Working with a financial professional is what most of us need […]
March 29, 2017
Early Withdrawal from a retirement account

What You Can Do to Minimize Your Taxes

Hey guys! It’s Justin Goodbread from Financially Simple.You know early season, January through April, one of the most popular questions that I receive and most certified financial planners receive is, “Justin, how can I minimize the amount of money I’m going to pay Uncle Sam?” So I’m going to give you my top three things you can do to help minimize your taxes in tax season, Number one, work with a CPA. Don’t try to shortcut. Don’t try to skimp on the area of your life. These individuals are trained on how to maximize your deductions, work within your amortizations, depreciate as much as needed, these guys and gals…they’re really good. Don’t settle for this cheap do it yourself tax programs. Don’t even go to those who are out on the sides of the street, like I saw yesterday, dressed up in a statue costume, whirling signs around. Forget all […]
March 28, 2017

Ten Tax-Time IRS Tips to Consider

The tax filing deadline is Tuesday, April 18 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers to avoid waiting until the last minute to file their taxes. For those who have yet to file, the IRS has 10 quick ideas to help: 1. Gather Records. Good recordkeeping is important. It helps to ensure that nothing gets overlooked. Records such as receipts and cancelled checks also provide expense documentation. 2. Use IRS Online Tools. The IRS has many useful online tools. The Interactive Tax Assistant tool provides answers to many tax questions. It gives the same answers that an IRS representative would give over the phone. 3. File Electronically. Most taxpayers file electronically these days. It offers ease and convenience. The tax software guides people through […]
March 23, 2017
timing the markets

Is Market Timing a Good Idea?

If you’ve ever thought about timing the markets then you need to watch this video. Hey, guys! This is Justin Goodbread with Financially Simple. I gotta tell you a story. One particular client was looking for someone to help them reach their goals before retirement. With a seven-figure portfolio, he has done quite well for himself. Then they interviewed us and some other brokers in town. They decided to go with the broker. Now, let’s fast forward about eight months. I receive a phone call early January of this year, and the now client said, “Hey Justin. And I need to sit down and talk with you because I made a mistake”. Well, that’s not something you hear from a prospect. I said, “In what way did you make a mistake?” He said, “Well I went with another person, a broker in town, and this last year I made no return […]
March 22, 2017

Just Lost Your Spouse: Now What?

One of the hardest situations anyone faces in life is the loss of a loved one, and when that loved one is a spouse, it can leave you baffled beyond just your emotions. Unfortunately, the financial chaos that ensues can be just as overwhelming as the emotional void when you’ve just lost your spouse. That’s why preparing for the inevitable helps you heal faster, at least when it comes to the financial burdens you face. 1. Stop and allow yourself time to grieve Death is not just emotionally draining, but physically and financially as well. Allow yourself time to grieve. Your emotions will be all over the place. You’ve just lost your life’s mate and quick decisions are the enemy. Processing each emotion is critical to making shrewd financial decisions, especially in such a heartbreaking time as this. Far too often, people make snap judgments on how to handle financial issues […]
March 21, 2017
Charitable Donations

Know these Facts Before Deducting a Charitable Donation

If taxpayers gave money or goods to a charity in 2016, they may be able to claim a deduction on their federal tax return. Know these facts before deducting a charitable donation. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible. Here are some important facts about charitable donations: Qualified Charities. Taxpayers must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. To check the status of a charity, use the IRS Select Check tool. Itemize Deductions. To deduct charitable contributions, taxpayers must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with a federal tax return. Benefit in Return. If taxpayers get something in return for their donation, they may have to reduce their deduction. Taxpayers can only deduct the amount that exceeds the fair market value […]