Few things strike fear into a taxpayer’s heart like a letter from the IRS. Fortunately, the odds of you ever being audited by the IRS are lower than ever. Recent budget cuts have reduced the number of IRS auditors, and in 2014 the IRS audited less than one percent of the individual tax returns it received, the lowest level since 2004.
Making a mistake with life insurance can hurt the ones you love most. Fortunately, with some advance preparation and careful thought, these costly errors may be avoided. Here are some of the most common life insurance pitfalls we see:
Tax season is underway and that means an uptick in tax-related scams. One particularly pernicious form of fraud is tax identity theft. Tax-related identity theft happens when someone uses sensitive personal information (like your Social Security number) and files a fraudulent tax return in your name to collect a refund. According to recent statistics, scammers filed over 5 million returns in 2013 using stolen information, costing the IRS $5.8 billion in fraudulent refunds.
After 18 years in the National Football League, the Denver Broncos’ star quarterback, Peyton Manning, is calling it quits after a very successful career. We wish him well and hope that he’s made the preparations needed to enjoy a long, comfortable retirement. If he has, he’ll be in the minority. Research shows that an estimated 60% of retired NFL players go broke within five years of retirement; nearly 16% declare bankruptcy.
Nothing can eliminate completely the stress most taxpayers feel when dealing with the IRS. However, there are plenty of ways you can make tax time easier on yourself. The filing deadline for 2015 returns is April 18, 2016, instead of the usual April 15. Because of Patriots’ Day, residents of Maine and Massachusetts will have until April 19 to file.
By Marc C. Shaffer
Have you recently found yourself with a large amount of cash and need to decide how to manage the funds? If you receive annual bonuses or are a 1099 employee, this may be a decision you face regularly. Or, you may be facing this decision for the first time if you have received an inheritance, a large tax refund, or have liquidated stock options. How do you know which strategy for managing your money is best?
NAPFA-Registered Financial Advisor Overland Park: Searcy Financial Services
The National Association of Personal Financial Advisors (NAPFA) is the country’s leading professional association of Fee-Only financial advisors – highly trained professionals who are committed to working in the best interest of those they serve. After completing the vetting process, Searcy Financial Services is proud to announce that we have been accepted as a member by The National Association of Personal Financial Advisors and are now nationally recognized as a Fee-Only firm.
Social Security provides an important source of guaranteed income for most Americans. Choosing the right claiming strategy is even more important under new Social Security regulations.
For most Americans, Social Security will provide a significant portion of their income in retirement. According to Social Security Administration (SSA) statistics, Social Security benefits account for about 34 percent of retirement income for the average American. One of the biggest mistakes today’s retirees can make is to underestimate the importance of Social Security in their retirement strategies. In an era of vanishing pensions and volatile markets, Social Security offers government-guaranteed income that isn’t vulnerable to market risk, can’t be outlived, and can provide for your loved ones after your death.
According to the Center for Retirement Research, two-thirds of baby boomers can expect an inheritance.
If you’re lucky enough to inherit money, you might wonder: how will an inheritance change my financial picture? For some, an inheritance could mean a drastic change in their finances. For others, inherited money might be a nice cushion against unexpected events.
We are pleased to announce the promotion of John Fales to Principal of the firm. John has evidenced his commitment to our firms and our clients during his time with Searcy Financial Services and Allos Investment Advisors. We are delighted to have him join our Executive Team and we believe his new role as Principal will enhance our firm’s continued commitment to our clients’ success.
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