We have a bit of a theme on this week's Your Safe Money Show. Housing trends are always interesting because they give us a glimpse of where the economy is…generally. We’ll look at how many people are renting compared to buying their place of residence and what does that mean overall.Also, city verses suburb, what does it cost and I’ll throw in my thoughts for those of us who live in more rural settings too.And when you’re trying to get a mortgage there are mistakes to avoid. Even if you’re not buying or selling a home, this type of show can offer some good insight of the overall economy. Listen Saturday mornings at 7:30 at KBEK 95.5 FM. They stream live at kbek.com. Listen to recent shows at our podcast page at yoursafemoneyshow.com.
Most of us realize that our taxes are due by April 15th every year. However, in 2017, the official Tax Day is actually three days later, April 18th, and here’s why. April 15 is a Saturday. The tax deadline is always postponed when it falls on a weekend or legal holiday. April 16 is also on the weekend: This day is usually celebrated as Emancipation Day in Washington, D.C., marking President Lincoln’s April 16, 1862, signing of a law freeing slaves there. April 17, a Monday, is when Emancipation Day in Washington is being legally celebrated in 2017. Under the tax code, legal holidays in the nation’s capital affect the tax-filing deadline across the nation. So…April 18, a Tuesday, is the tax deadline this year.
You can file an extension but be aware that an extension of time to file your return does not grant you any extension of time to pay your taxes.
If your wallet or purse would be lost or stolen, there are certain things you’d be better off not having inside that wallet or purse. Here’s some suggestions, don’t leave receipts in your wallet. If you pay with a credit or debit card, the information on the receipt is enough for hackers to get into your account.Don’t carry ALL your credit cards, just have maybe a debit or one credit card that way you only have to deal with contacting a few companies if your wallet is lost or stolen.
Don’t carry your Social Security card in your wallet. If someone gets that they have your identity too.
And finally stop carrying your check book in your wallet. With today’s electronic banking, once they have your routing and account number, they can get your money.
We live in a world where you have to protect yourself from identity thieves and limiting what you carry in your wallet makes a lot of sense.
I am excited about this week's show because I have some good news to share when it comes to identity theft. The IRS has made great strides in stopping scammers stealing our information through our tax forms and other tactics.Also, on average, women in retirement end up struggling financially more so than men. Why is that and what can we do to help? And some financial professionals believe retiring on 70% of your income might not be enough. We’ll examine factors for you to consider for your retirement.Tune in Saturday's at 7:30 a.m. at KBEK 95.5FM. They stream live at kbek.com. Listen to recent podcasts at yoursafemoneyshow.com.
Did you know you can be taxed on your Social Security?
This usually only happens if you have other substantial income, such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return, in addition to your benefits.
The portion of your Social Security income that’s subject to federal income tax, depends on your combined income. Combined income is your taxable and non-taxable income, plus half of your Social Security benefits. If that income is between $25,000 and $34,000 on a single return or between $32,000 and $44,000 on a joint return, up to 50% of your benefits can be taxed. If your combined income is more than $34,000 on a single return or $44,000 on a joint return, it’s likely that up to 85% of your benefits will be taxed.
Once you start collecting Social Security, you may be able to reduce your overall tax bill by carefully planning which accounts you spend from each year to minimize the portion of your Social Security benefits that will be taxable. If you have questions call 855-22money or go to the website yoursafemoneyshow.com.
We have a lot to share on this week's Your Safe Money Show.If you’re looking at buying your first home, there are tax advantages I want to tell you about.Today we have to be careful what we carry in our wallets, find out what NOT to carry.Divorce can be tough at any age, but after age 50, there are extra things to consider.And on the other side of the coin, getting married after age 50, there are financial challenges to think about.
Tune in Saturday morning at 7:30 at 95.5 KBEK. They stream live at kbek.com. Listen to recent shows at the podcast page at yoursafemoneyshow.com
When couples are asked, what the biggest problem in their relationship is, many say “money”. Some couples avoid talking about money at all costs and I am here to tell you that’s a recipe for disaster.Before a couple marries, finding out how each other looks at and deals with money, can be eye opening. Find out each other’s credit score. A credit score is a window to that person’s credit history and how they handle money. What are your future goals together, and if they require money, how will you reach those goals? Will you share the responsibility of paying bills with a joint account or will each of you pay certain bills? You need a game plan as a couple to know how best to handle your income together. If one of you is better at this than the other, they can handle the financial side of your life. However, the other needs to understand how it all works in case something would ever happen to the other.
Working together, and talking often about budgeting, can make for a happier and healthier relationship.
Passing items onto the next generation is becoming harder to do, because the next generation doesn’t really want many of those treasured items. What can we do about this and what items “does” the next generation want?Also, I’ve had questions recently about “umbrella policies” and how they work, what’s the advantages of these policies? I’ll go into detail about umbrella policies so you can decide if they’re something you might want for your family.
Listen at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com. Hear recent shows podcast at yoursafemoneyshow.com.
