We are halfway through 2020 and it has been quite a ride. Despite the many unexpected adjustments we have made this year, our steadfast commitment to our clients has not wavered.

MID-YEAR IS A GOOD TIME TO FINE-TUNE YOUR FINANCES

The first part of 2020 was rocky, but there should be better days ahead. Taking a close look at your finances may give you the foundation you need to begin moving forward. Mid-year is an ideal time to do so, because the planning opportunities are potentially greater than if you waited until the end of the year.

RENEW YOUR RESOLUTIONS
At the beginning of the year, you may have vowed to change your financial situation, perhaps by saving more, spending less, or reducing your debt. Are these resolutions still important to you? If your income, expenses, and life circumstances have changed since then, you may need to rethink your priorities. While it may be difficult to look at your finances during turbulent times, review financial statements and account balances to determine whether you need to make any changes to keep your financial plan on track.

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HOW LONG SHOULD YOU KEEP FINANCIAL RECORDS?

Once tax season is over, you may want to file your most recent records and discard older records to make room for the new ones. According to the IRS, personal tax records should be kept for three years after filing your return or two years after the taxes were paid, whichever is later.* (Different rules apply to business taxes.) It might be helpful to keep your actual tax returns, W-2 forms, and other income statements until you begin receiving Social Security benefits.

The rules for tax records apply to other records you use for deductions on your return, such as credit card statements, utility bills, auto mileage records, and medical bills. Here are some other guidelines if you don’t use these records for tax purposes:

1. Financial Statements
2. Retirement Plan Statements
3. Real Estate and Investment Records
4. Loan Documents

These are covered in more detail in The Fiduciary latest edition.
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