Many people like rental income because it seems passive and simple, until it isn’t so passive … or simple! Using this checklist, you may better understand the challenges and nuances that exist with owning a rental property. Whether it’s landlord responsibilities and managing risk, or investment and tax/estate concerns, there’s a lot to consider. This checklist covers some key issues you must consider when owning a rental property, such as:
For many, the prospect of turning their property into a source of rental income is very exciting. However, that excitement can turn to confusion when it comes to taxes. This flowchart can help you have a better understanding of how taxes play a role in renting out your property.
According to recent statistics, data breaches have become common in today’s digital world. In fact, it is estimated that more than 111.7 million Americans have their personal information exposed to data breaches every year. Whether it’s a major retailer, a subscription service, or another online platform, the risk of a data breach is a reality that we all face.
The start of the year is a great time for a financial check-up. In addition to reflecting on the prior year, you may be particularly motivated in January to make financial resolutions for the future. Let’s review your circumstances and goals and look for impactful...
The Internal Revenue Service recently released updated income tax brackets, standard deduction, and retirement contribution limits for the 2024 tax year. While these taxes are not due for some time, it may benefit you to start thinking ahead.
A meaningful part of your financial plan is your charitable giving.
Perhaps it’s the ideal time to put a charitable giving strategy in place to help you make the most of your donations. Consider strategic giving when you:
By Marc C. Shaffer
I was talking with a friend recently who has lost quite a bit of weight. We were talking about the process and how it differed from their past experiences. They had spent many years fighting the ups and downs of fad diets and lose-weight-quick gimmicks. It wasn’t until they embraced a steady process that required small habit changes that made a huge difference over time that they were able to find success that was lasting.
This concept can also be applied to building wealth. It would be great to have a get-rich-quick shot, but it doesn’t exist (unless you know something I don’t!) House prices seem outrageous, grocery bills keep rising and the extras cost more and more. What is there to do? If the current economic landscape makes you feel like you’ll never get ahead, keep reading.
There continues to be an increase in fraudulent and criminal activities that trap unsuspecting individuals into loss. Now more than ever, you may be targeted financially through a variety of schemes. This checklist helps guide you through common threats and scams, and...
There continues to be an increase in fraudulent and criminal activities that trap unsuspecting individuals into loss. Now more than ever, you may be targeted financially through a variety of schemes. This checklist helps guide you through common threats and scams, and works to help you remain informed to actively protect your identity and assets.
By Marc Shaffer Spring is here – the time of awakening and starting fresh – hence the reason we also start to think about spring cleaning. Now typically, this could mean tidying a garage that was stuffed with all the yard items from last summer or scrubbing areas of...