While some Social Security strategies have been discontinued, there are still a few under-utilized strategies that could be of great benefit. Divorced Spouse: If you were married for 10 or more years, you are eligible to collect benefits against your…
To All Clients: Two Important IRS Issues You Need to Know About Form 5498 At this time of year, I get lots of clients sending me an official-looking tax form called Form 5498. On it, you will see IRA contributions,…
The Most Evil of All Income Taxations – It’s Time for Change The estate tax, alternative minimum tax, inheritance tax, and Federal Insurance Contributions Act (FICA) are just a few of the ways governmental taxation takes on an evil form…
As of mid-September 2021, Financial Consulate's Hunt Valley office moved to a new location so that we can best adapt to the growth of our firm. Our new Hunt Valley address is: 11019 McCormick Rd, Suite 200, Hunt Valley, MD…
“But in this world, nothing can be said to be certain, except death and taxes.” - Benjamin Franklin to Jean Baptiste Leroy, November 13, 1789 As the federal deficit of the United States rises ever higher, the more likely we…
Financial Consulate’s phones seem to ring off the hook in response to a change in the political atmosphere. The individuals who call depend on who is elected and their political beliefs. Twelve years ago, callers were worried that if President…
We have all heard the story of lemmings following the pack, even to the point of running over a cliff to their death. Whether or not it is true of lemmings, we use this metaphor to draw attention and care…
What an unusual year 2020 has been for tax preparers, business owners, employees, and their families! Businesses have been forced to close, allowed to re-open under varying restrictions, and had to struggle with decisions that greatly impacted their employees. Negotiating…
I have seen many articles about great states to retire to and wondered how they developed their list. So, I decided to write my own article on the best states to retire. The greatest benefit of financial independence is that…
In 2018 MD began to allow a beneficiary designation on an Automobile Title. If you own an auto in just one spouses name, then I strongly suggest you put a beneficiary on the auto title. It is very easy and…