Yes. The College For Financial Planning publishes “Annual Limits Relating to Financial Planning” at the beginning of each year. For the 2017 version of this publication, as well as previous years, see http://www.cffpinfo.com/annual-limits/.
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How Do I Take a Charitable Income Tax Deduction??
While a specific charity may qualify with the IRS as a charitable organization for tax purposes, a taxpayer still needs to be able to itemize his or her tax deductions to deduct a charitable contribution. Charitable contributions are an itemized deduction.
Schedule A is the tax form used to tally itemized deductions. These deductions include out-of-pocket health-related expenses, mortgage interest, property taxes, charitable contributions, and other qualified expenses.
In order to use Schedule A, you would need to use IRS …
What Types of Records Should You Keep for Tax-Deductible Mileage?
Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer readings, and the total number of miles driven. Another good source of documentation is a copy of the forms that you provide to your employer for expense reimbursement.
Remember, you are entitled to deduct the difference between the IRS business mileage reimbursement rate (54 …
Monthly Investment Message: February 2017
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
February 2017
Factors That Affect Investment Risk Tolerance
To help investors objectively assess their investment risk tolerance, Rutgers Cooperative Extension has an online Investment Risk Tolerance Quiz at www.rce.rutgers.edu/money/riskquiz
Developed by Dr. Ruth Lytton at Virginia Tech and Dr. John Grable at the University of Georgia, the quiz has 13 multiple choice questions and provides users with instant feedback about their capacity to handle investment risk.
The questions …
What are Student Loan Borrowers Thinking? Insights from Focus Groups on College Selection and Student Loan Decision Making
Johnson, C. L., O’Neill, B., Worthy, S., Lown, J. M., Bowen, C. F. (2016). What are student loan borrowers thinking? Insights from focus groups on college selection and student loan decision making. Journal of Financial Counseling and Planning, 27(2), 184-198.
Brief Description: This study used data from online focus groups to understand college students’ decision-making process when borrowing money to finance their education. Respondents were asked eight questions regarding their college selection and student loan decision-making. Results suggest that (a) …
Monthly Investment Message: May 2017
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
May 2017
The Benefits of Being a Future-Minded Planner
Want to be a successful investor? Develop your future-mindedness. That is the conclusion of a recent study that found a connection between positive financial behaviors, such as saving and investing, and impulsiveness and materialism.
When people focus on their future they tend to be less impulsive spenders, regardless of their level of financial literacy. In fact, the strongest predictor …
Monthly Investment Message: June 2017
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
June 2017
Income Taxes on Investment Profits
A high priority financial goal for many people is to have a comfortable lifestyle in later life. Investing can help. Most people do not become wealthy from their earnings alone but, rather, by investing a portion of their income and letting it grow for several decades. Through a combination of regular investment deposits and compound interest, it is possible to build …
Monthly Investment Message: August 2017
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
August 2017
Retirement Planning is a 40-Year Journey
The retirement planning process has been described as a “40 (or more) year journey” from the start of someone’s working life in their 20s through retirement in their 60s (or beyond). However, it is actually much longer, if you consider how long someone can live during retirement. Unlike shorter-term financial planning goals like buying a car, a house, or saving …
Data Breaches, Credit Freezes, and Vigilance
Credit Freezes: Description, Pros and Cons, and Contact Information for Credit Reporting Agencies
Members of the Financial Security for All Community of Practice (FSA CoP) and our educational partners have developed research-based and experience-tested materials to help Americans deal with the aftermath of the Equifax hack. Below are links to their online blogs and publications:
Equifax Security Breach: Steps to Protect Yourself (Lisa Leslie, University of Florida IFAS Extension):
http://blogs.ifas.ufl.edu/hillsboroughco/2017/09/15/equifax-security-breach-steps-protect/
To Freeze or Not Freeze My Credit Report (Kathy Sweedler, …
Monthly Investment Message: November 2017
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
November 2017
The Benefits of Financial Health
This article is adapted from a previously written blog post for the eXtension Military Families Learning Network: https://militaryfamilies.extension.org/2017/06/27/what-financial-health-means-to-me-ned/
After a successful course of treatment, many doctors tell their patients that their physical health status is NED, which is doctor-speak for No Evidence of Disease. The same NED acronym can also be applied to a person’s financial health: …