Ask an Advisor: Talking to Your Kids About Money

Daniel Lash, CFP® AIF® Finance

I get a lot of questions from my clients about how/when they should talk to their kids about money. Every child and family is different, but I think the focus should be the same for all parents. You want to make sure your children have the foundation they need to make smart financial decisions as they transition into adulthood and …

Ask an Advisor: Being a Woman Caught in the Sandwich Generation

Rose Price, CFP® AIF® Finance

Many women find themselves part of the generation, “sandwiched” between caring for their aging parents and young or even grown children, often providing support while holding down full-time jobs. This role can challenging, especially when it comes to finances. With the rising cost of living in the DC-metro area, trying to meet day-to-day expenses while saving for retirement (and possibly …

Ask an Advisor: What is Financial Wellness?

VLP Financial Advisors Finance

Financial wellness is a holistic approach to personal finance that is focused on you gaining the knowledge and skills necessary to manage your money and make smart financial decisions in your everyday life. True financial wellness encompasses everything from saving enough for retirement and your children’s education to knowing you have a plan in place to protect your family financially …

4 awesome summertime tax saving tips

Turner, Leins & Gold Finance

Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you’re still reeling from an unexpectedly large tax bill in April. Here are four timely tips courtesy of Turner, Leins & Gold LLC: Rent your home. If you rent out your main home or a vacation home part of the time, you …

How to Maximize Your Social Security

How to Maximize Your Social Security

Tysons Today Finance

by: Turner, Leins & Gold, LLC You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit start date you can receive a check that is 8% higher for each year you delay receiving your benefit. The basics Full retirement age. Those born between 1943 and 1954 reach their full Social Security …

Your Weekly Tax Tip: The Tax-Free Retirement Savings Option

Turner, Liens, & Gold Finance

Is a Roth IRA right for you? If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The Roth IRA advantage Retirement withdrawals (including earnings) are …

Your Weekly Tax Tip: Save Those Receipts

Turner, Liens, & Gold Finance

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash donations to charity. To deduct and support your donation to a qualified charity you must have valid documentation. …

Ask an Advisor: Women & Financial Planning

Rose Price, CFP® AIF® Finance

As a female Financial Advisor working in an industry traditionally dominated by men I find myself in the unique position to empower women to pursue their financial goals. Many of the women I have worked with have made great progress, but industry studies point to a startling fact: when it comes to planning for our retirement, women fall short when …

Your Weekly Tax Tip: Tax Scam Alert! Defend Yourself Now

Turner, Leins & Gold Finance

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year: More sophisticated email scams. A recent IRS alert warns taxpayers to be on the lookout for new, sophisticated email phishing …

Ask an Advisor: About Roth IRAs

Bruce Vaughn - VLP Finance

What is a Roth IRA and how is it different from a Traditional Individual Retirement Account? Both Traditional and Roth IRAs are dedicated retirement accounts, with a few key differences: Tax Incentives: While both Roth and Traditional IRAs include tax incentives, the timing of when you receive those benefits differs. With Traditional IRAs, the benefit comes at the front end. Contributions …