Wed, November 10, 2010
Each year, Congress usually makes a last-minute adjustment to keep the Alternative Minimum Tax (AMT) from hitting a large number of taxpayers. Although action has not yet been taken for 2010, a letter to the Internal Revenue Service Commissioner from key members of the House and Senate indicates that there’s hope for the enactment of a 2010 AMT “patch.” Read the full article
Tue, November 09, 2010
Generally, I’ve written all the posts for this blog myself. I’m making an exception to that practice this month, because I’ve had a rare opportunity to feature a post from an expert in the field of behavioral finance.
Read the full article
Tue, November 02, 2010
Which states are likely to have the worst pension liability problems in the future? A couple of studies, one from the Pew Center on the States and the other from the Center for Retirement Research at Boston College, indicate that while a few are in decent shape, some are much worse than others. Read the full article
Mon, November 01, 2010
At this point, tax rates are scheduled to rise in 2011; no moves to reinstate tax cuts are going to take place prior to the election. Taxpayers with unrealized capital gains or losses need to start planning now for possible asset sales.
Read the full article
Thu, October 28, 2010
The persistence of super-low Treasury bond interest rates has led to a new oddity in the Treasury bond market.
Monday's Treasury auction of Treasury Inflation-Protected Securities resulted in investors paying a price that results in a negative yield for the bonds.
Read the full article
Tue, October 26, 2010
One of the provisions of the health care bill was a change in the rules that apply to flexible savings accounts (FSAs), health savings accounts (HSAs) and other health savings plans. After December 31st of this year, the cost of over-the-counter drug purchases will no longer qualify for reimbursement from these plans. After the end of 2010, only insulin and prescription purchases will be reimbursable.
There's a small exemption provided for plans that use debit cards; these purchases remain qualified through January 15, 2011. The IRS is providing further information on changes in the reimbursement rules for over-the-counter medicines and drugs at its web site.
Read the full article
Thu, October 21, 2010
The Federal Reserve Bank of Boston reported that economic activity in the First District is generally on the upswing versus last year. Read the full article
Mon, October 18, 2010
Looking for cities leading the way in job creation and economic growth? The Milken Institutes's report "Best-Performing Cities 2010" identifies the leading areas in a ranking of 379 metros, divided into large (>200,000) and small (< 200,000) population metropolitan areas. Texas came out far ahead among the states this year, with Lone Star State cities filling 11 of the top 25 slots among large-population areas. Read the full article
Sat, October 16, 2010
In a move calculated to undercut competitors, the Vanguard family of funds has announced a reduction in the minimum investment required to gain access to its "Admiral" class of mutual fund shares. Read the full article
Fri, October 15, 2010
As expected, the Social Security Administration announced today that there will be no increase in Social Security and Supplemental Security Income (SSI) benefits in 2011 for the 59 million retirees and others receiving monthly benefits. No cost-of-living-increase (COLA) can be given because there has been no increase in the Bureau of Labor Statistics' cost-of-living index from the third quarter of 2008 (the last year a COLA was made), to the third quarter of 2010. Under current law, the absence of a COLA also means that there can be no increase in the maximum amount of earnings subject to Social Security tax. Read the full article
Wed, October 06, 2010
As the cost of nursing home care approaches $400/day in some parts of the country, more attention is being given to the concept of insuring against the need to pay for long-term care. Some employers offer long-term care (LTC) insurance as an employee benefit. A recent premium hike by the nation’s second-largest provider of LTC insurance has raised a lot of eyebrows. Read the full article
Mon, September 27, 2010
The Small Business Jobs Act of 2010, signed today by the president, offers a number of tax law changes in addition to the provision of credit resources for small businesses. A tax break that has received little attention is a one-time opportunity for reduction of the self-employment tax.
Read the full article
Tue, September 21, 2010
Today the College Board released the third edition of a report emphasizing the personal and public benefits of gaining an education beyond high school. Read the full article
Tue, September 21, 2010
It's official. The National Bureau of Economic Research, which decides such things, announced today that the Great Recession ended last June. Read the full article
Sat, September 18, 2010
Last week I attended a talk by Boston Federal Reserve Bank research economist Chris Foote. His subject was the Great Recession, but Foote also dropped a fairly big hint about the likely direction of short-term interest rates for the foreseeable future. Read the full article
Mon, September 13, 2010
In recent years the financial health of the states has been a source of concern, especially in light of their growing pension liabilities. A recent paper by a couple of Northwestern University finance professors indicates that these concerns are well-founded. Read the full article
Thu, September 09, 2010
With all the hoopla over the consumer protections in the July financial reform bill, a permanent increase in the FDIC deposit insurance limit went into effect with relatively little notice. Read the full article
Wed, August 25, 2010
Fidelity Investments today released its 4th annual College Savings Indicator study, in which it calculates the percentage of future college costs that parents are prepared to meet. In addition, Fidelity offered guidelines on the amounts that families need to save for college as a % of household income. Read the full article
Fri, August 20, 2010
The Bay State’s Executive Office of Labor and Workforce Development reported today that despite the loss of 6,000 census jobs, the state added a net 13,200 workers to its rolls in July, marking the sixth straight month of employment gains in Massachusetts. Read the full article
Sat, August 14, 2010
Credit cards are convenient and they effortlessly provide a record of every purchase you make. But using a credit card doesn’t feel like spending money. Consequently, it's easier to overspend with one than it is if you only use cash and checks. Unless you constantly monitor your purchases, there’s no easy way to stay aware of how whether your spending out of control. In a few months, though, Citigroup will introduce a credit card that lets you define a monthly cap for different purchase categories: instant budgeting for credit cards. Read the full article
Fri, August 13, 2010
According to a recent analysis of retirement income prospects, Baby Boomers (those born between 1946 and 1964) have a probability of running out of money in retirement that ranges from 43 to 47 percent, depending on their age cohort. Read the full article
Tue, August 10, 2010
New rules taking effect August 15th mean two things if you have a checking account: (1) you must make explicitly authorize your bank to enroll you in their overdraft plan if you wish to make debit card overdrafts, and (2) expect changes in your bank’s fees and checking account rules in the near future. Read the full article
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