Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Current tax law does not allow you to take a capital gains tax break based on age. Once, the IRS allowed people over the age of 55 a tax exemption for home sales. However, this exclusion was closed in 1997 in favor of the expanded exemption for all homeowners. Beyond this, only retirement accounts allow for tax breaks related to age. Consider working with a financial advisor as you do tax planning. Read more
So you have $3 million to invest. Maybe you saved up meticulously and well. Maybe you sold your company or wrote a best-selling novel. Maybe you simply won the lottery (fun in theory, but not a financial plan we recommend). First thing’s first: congratulations! That’s quite an accomplishment. Now, what should you do with it? Leaving all of that money in a checking account isn’t a particularly good plan. Current interest rates pay so close to zero as to be nearly the same thing. Instead, consider a few of these strong investment options. A financial advisor can help you allocate your assets in a way that fits your goals, timeline and risk profile. Read more
The IRS established the 401(k) as a tax-advantaged plan for employees, rather than the self-employed. This works fine most of the time, but in an era when people change jobs far more often than they used to it also has created some confusion. What do you do with this account, that’s supposed to grow over decades, when you change employers? There are a few common options. A financial advisor can offer you valuable insight and guidance on handling tax-advantaged accounts. Read more
When you sell your home, the IRS allows one major form of capital gains break. It’s called the home sale exclusion, and it allows you to deduct a significant amount of the profit from your home sale… Read more
Marital property, also known as marital assets, spousal assets or community property, matters when it comes to taxes, estate law and divorce. In most cases, separate property applies to the assets… Read more
|An error occurred Please reload the page.|