by Kristine McKinley | Dec 14, 2006 | Budgeting and Saving, Personal Finance
As a financial planner, I encourage my clients to have an emergency fund. This is often met with the following questions: 1. Why do I need an emergency fund? and2. How much should it be? To answer the first question, you need an emergency fund for...
by Kristine McKinley | Dec 13, 2006 | Taxes
If you are a teacher, you probably know about the $250 deduction that is allowed on your income tax return. While this is a very small tax break, every little bit helps. So, I was glad to see that Congress extended this deduction for two more years, until...
by Kristine McKinley | Dec 10, 2006 | Taxes
Q. I am making my first home purchase. Can I take money out of my IRA to help with the down payment? A. Generally, withdrawals from a traditional IRA before the age of 59 ½ are subject to income tax and a 10% penalty. There are several exceptions to the 10% penalty,...
by Kristine McKinley | Nov 28, 2006 | Investing
I frequently see ads for CDs in the local newspaper with higher than normal interest rates. Many of my clients ask me if these CDs are safe. You only want to invest in CDs, savings, or money market deposit accounts if they are insured by the FDIC. The FDIC –...
by Kristine McKinley | Oct 5, 2006 | Taxes
Q: How do capital gains taxes work? I want to sell my home, but have only been there for 18 months. How much will I have to pay in capital gains tax? Is two years the shortest time I can stay in my house without having to pay capital gains tax?...
