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Planning

Home Equity Loan Interest May Still be Deductible under New Tax Legislation

The recently passed tax bill suspends the itemized deduction for interest on home equity indebtedness, beginning with tax years after December 31, 2017. A taxpayer, however, may still be able to claim a deduction for some or all of the interest on a home equity line of credit (HELOC). The type of loan (e.g. traditional… More >

New Tax Law Allows 529 Plans to be Used for K-12 Education Expenses

The recently signed Tax Cuts and Jobs Act includes provisions that will expand the potential benefits of 529 savings plans. 529 plans are investment accounts originally designed to help families save for college. Under current law, investment earnings and withdrawals from 529 plans are tax-free as long as the funds are used for qualified higher… More >

Highlights from Tax Reform

Congress has voted to pass a major rewrite to the tax code that the President will soon sign into law. The complex nature and late timing of the bill make year-end strategic decisions difficult to evaluate. You may want to connect with your tax-preparer to ask if there are any tactics specific to your situation… More >

Facts & figures to Know for 2018

Many questions remain as Congress debates edits to tax reform legislation. While there are still unknowns, there are some figures we can start to consider in plans for 2018 and beyond. Below is a summary of certain announcements made by the Internal Revenue Service and other agencies related to 2018. Employer Retirement Plan Savings The… More >

Fourth-Quarter To-Dos to Keep on Your Radar

If you have an employer-sponsored retirement plan: Review your paystub or plan statement to confirm you are on schedule to contribute what you intended for the year. There is time left in the year to increase your contribution from salary deferral if you are not adding the maximum, which for most plans is $18,000 for… More >

Worried about the Recent Equifax Security Breach?

One of the credit-reporting agencies, Equifax, experienced a data breach that included Social Security numbers, dates of birth, driving-license numbers and for some people, possibly their credit card numbers as well. Equifax has established a website that allows people to check if their information was likely compromised. They are also offering complimentary identity-theft protection and… More >

Inside Divorce – Podcast with Sammy Azzouz

One of Heritage Financial’s Managing Partners, Sammy Azzouz, was recently interviewed by family law attorney Hindell Grossman about the financial challenges that married couples face and how a financial planner can help them manage their finances effectively. Sammy and Hindell also discussed the importance of keeping both spouses engaged in financial discussions and the steps… More >

What Your Advisor Can Learn From Your Pay Stub

Your paystub, or earnings statement, can provide worthwhile information to your financial advisor. In most cases, high-level facts and figures are discussed in-person or captured via data gathering forms. But, details on benefits or deductions may be missed – or simply misunderstood. With an acronym soup of ESPP, FSA, HSA, LTD, and AD&D, it’s no… More >

Creating A post-college financial plan

If you (or someone you know) have recently graduated, congratulations! Here are five things that you can start doing today to ensure a solid financial future for yourself. Hope for the Best, Plan for the Worst An emergency fund of ready cash can help you feel more secure about your ability to handle the unexpected… More >

Will my beneficiaries have to pay taxes on my life insurance policy?

Under current law, death benefit proceeds from life insurance are generally income tax-free. If you name a spouse, child, or other individual as a beneficiary to a life insurance policy you own, that person will not have to report any of the proceeds as income due to your death. If a beneficiary elects to receive… More >