Quick Answer Buy Now, Pay Later, or BNPL, is a form of consumer credit that allows a purchase to be split into installments. A common structure is “pay in four”: an initial payment at checkout followed by three additional payments, often at two-week intervals over roughly six weeks. The smaller individual payments can be convenient—but they can also make the total purchase easier to...
Quick Answer A Health Savings Account can provide several federal tax advantages: eligible contributions may receive favorable tax treatment, earnings generally are not included in federal income while held in the account, and distributions used for qualified medical expenses can be tax-free. Those benefits, however, depend on following the HSA rules. Here are several mistakes that can reduce...
The average new vehicle now sells for about $50,000, and the average new-car loan runs 6.35% over nearly six years — a payment of $765 a month (Kelley Blue Book, Experian). Prices, rates, and loan terms all moved the wrong way at once, and for a lot of households cars have simply become unaffordable. One small offset: a new federal deduction lets some buyers write off up to $10,000 a year of car...
Quick Answer Many taxable distributions from IRAs and employer retirement plans taken before age 59½ can be subject to a 10% additional federal tax unless an exception applies. The rules differ by account type, and some distributions that escape the additional 10% tax are still taxable as ordinary income. The word “exception” is therefore important: avoiding the additional tax does not...
Quick Answer For most people becoming eligible for Medicare at age 65, the Initial Enrollment Period is a seven-month window beginning three months before the month they turn 65 and ending three months after that month. People covered through current employment may have additional options, but employer size, the source of coverage, COBRA, and HSA contributions can materially affect the decision....
Quick Answer Investment losses are never the goal, but a loss in a taxable investment account may create a tax-planning opportunity. Tax-loss harvesting involves selling an investment below its tax basis so the realized loss can be used against capital gains and, within limits, other income. The key is to make the tax decision without losing sight of the investment plan. How Tax-Loss Harvesting...
Quick Answer For U.S. federal tax purposes, the IRS generally treats cryptocurrency and other digital assets as property. That means selling, exchanging, or spending cryptocurrency can create a taxable gain or loss, while receiving crypto as compensation or certain rewards can create ordinary income. For investors, the challenge is often less about knowing that crypto is taxable and more about...
Most people in their fifties, sixties, and seventies are insuring a life they no longer live. The liability limits on their policies haven't moved since the kids were in high school, even though their investments and home equity have been growing for decades. The mismatch is easy to miss because insurance arrives as three separate bills — home, auto, umbrella. Three renewal notices, three...
By: Arash Navi, Senior Wealth Manager, CFP, CFA, CPA A High Earner's Path to Tax-Free Growth The Roth IRA has become the retirement account of a generation. A decade ago, most families followed the traditional-IRA playbook their parents used — take the tax break now, pay the tax later. That script has flipped. According to the Investment Company Institute, older savers still lean traditional...
Americans are remarkably generous. Every year, individuals across the country give to their churches and synagogues, support disaster relief halfway around the world, fund local food banks, and back causes close to their heart — often without giving much thought to the tax mechanics behind it. Most people simply assume that if they write a check to charity, they get a deduction for it. Starting...
Lately, almost every conversation I have with clients, friends and family members seems to arrive at the same place: "What do you think about this AI stock?" or "Should I try to get in on the SpaceX IPO?" It's easy to understand why. We're in the middle of one of the most exciting market stretches in years. Artificial intelligence and semiconductor stocks have driven the major indexes to record...
For many families, education savings and retirement savings are closely connected. Parents may wonder what happens if a child does not use all the money in a 529 plan. Young professionals with student loans may feel they need to prioritize debt repayment before they can start saving for retirement. SECURE 2.0 created two planning opportunities that address these common concerns: limited...
If you've ever stared at your employer retirement plan (i.e., 401k, 403b, 457, etc.) enrollment form and wondered, “Is 6% enough? Should I do 10%? What about Roth?” — you're not alone. This is one of the most common questions I get from clients and prospects, and the answer is more personal than the generic “save 15%” advice you'll read elsewhere. Let's break it down with current data, a clear...
Today is National Be a Millionaire Day! Don’t believe me? It’s on the calendar: https://nationaldaycalendar.com/celebrations/national-be-a-millionaire-day-may-20 If you aren’t a millionaire yet, let’s play a game of Who Wants to Be a Millionaire? If you’re already a millionaire, feel free to play along too. It’s one question, and you get three lifelines. Ready? Ok, let’s play! Celebrating...
If you've recently inherited a traditional IRA from a parent, the rules of the game have changed — and for working professionals in their peak earning years, the tax stakes are higher than most people realize. The IRS finalized its long-awaited inherited IRA regulations in 2024, and as of 2025, annual required minimum distributions (RMDs) are back on the table for most non-spouse beneficiaries....
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