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A Last-Minute "New Tax Law" Tactic as published in InsideNova.com

As I write this, I assume that the GOP tax plan will be signed into law and mostly go into effect January 1, 2018. Is there anything you can do now, before the rules change? The general advice is to push income into 2018 when tax rates should be lower and accelerate tax deductions into 2017 where they should affect a greater tax savings. At this late date, you likely have little control over the timing of your income and tax writeoffs with one exception: how much you contribute to charity.

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Covering the Cost of Dying as published in InsideNova.com

For better or worse, “until death do you part” doesn’t apply to a family’s living expenses, which continue even if your major bread winner passes away. Of course nobody wants to leave their family accidentally impoverished, so proper life insurance is an imperative for most working families.

But what qualifies as “proper” for you and yours?

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Using an HSA To Reduce Your Medical Costs as published in InsideNova.com

Have you ever stood in the grocery store wondering whether to buy the 20-ounce box for $4.99 or the 12-ounce version for $2.99? (Hint: They’re both $0.25/ounce.) That’s simple compared to deciding which of the following is the better healthcare deal for your family when both are available:

(1) A traditional healthcare plan with lower deductibles but higher premiums.

(2) A High-Deductible Health Plan (HDHP) + Health Savings Account (HSA) combo, with higher deductibles but lower premiums, plus tax savings.

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Saving for College with 529 Plans

In my last article, I covered how important it is to start saving early for college costs, touched on a few tax-favored ways to do it, and suggested 529 plans as my favorite tool for the task. While any saving is better than none, I feel the range of available 529 plans offers the most college-planning flexibility.

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Saving for College...Essential Ideas as published in InsideNova.com

 

It’s a given that every parent wants their children to start with a college education. But, golly, college is expensive. According to the College Board, all-in costs for the 2016–2017 academic year is approaching $25,000 at a four-year in-state public college, and $50,000 at a four-year private institution.1  

Clearly, there’s no time to waste in saving for your kids’ high-cost higher education. If I get one thing across, that’s it. But I don’t blame you if you’re wondering where to even begin. Don’t despair! Let’s roll up our sleeves and get practical. 

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