This is the fifth post in my “Taxes for Your Family” series. I really strive to explain complex topics in a straightforward way. But the AMT is a toughie. Our “main” tax code is complicated enough. But there is actually a second set of tax rules: the Alternative Minimum Tax rules. What is the AMT? [...]
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Financial Planning Checklist for New Parents
This article appeared first at local parenting blog A Child Grows in Brooklyn. New parents are busy. When it comes to financial planning, they just want to make sure they are doing the right things for them and not missing anything important. Perfect for this situation: a checklist! There are eight items on my financial [...]
The Difference between Marginal and Average Tax Rates
This is the fourth post in my “Taxes for Your Family” series. You may have heard that the income tax rate on the highest earners is now 39.6%. Wow, does that mean if we make $500,000 we’ll pay $198,000 in federal income tax? Well, no. The rates you hear on the news are the top [...]
Should You Get Help to File Your Taxes?
This is the third post in my “Taxes for Your Family” series. Tax time is officially here. But how should you get it done? Should you do it yourself or hire outside help? I have mixed feelings on this issue. On the one hand, I believe that it is empowering to do your own taxes. [...]
The Reason to Itemize Your Taxes (Or Not)
This is the second post in my “Taxes for Your Family” series. Back when you were a young and fancy-free, your taxes were simple as pie. You probably rented a place to live (or these days, lived with your parents), had no kids, and didn’t make that much money anyway. Maybe you could figure out [...]
What You Need to Know About Taxes for Your Family
Even in a year without the fiscal cliff, taxes are a complicated topic that most of us understand in only a fuzzy way. Forms arrive in the mail and are stashed in an envelope until the meeting with the accountant or a sit-down (or several) with tax prep software to figure it out. It takes [...]
Tax Planning for Beginners
Tax Planning. It sounds complicated right? Well, it can be, but there are four basic things you should probably be doing. 1. Maximize Retirement Contributions Are you maxing out your 401(k)? I don’t just mean contributing enough to get your company match; I mean MAXING it to the percentage allowed by your company or the [...]
Is a High Deductible Health Plan Right for You?
It’s open enrollment season! Benefits enrollment periods typically run from late October to Mid-November for employees at many companies. Your company may have many benefits to choose from, but the one I get the most questions about is High Deductible Health Plans, or HDHPs. What is a High Deductible Health Plan? A high deductible health [...]
Divorce & Your Money: Tax Issues
This is the seventh post in my “Divorce & Your Money” series. Taxes are never fun, but there are new things to consider when it comes to divorce. Filing Status If your divorce is final by the end of the year, you are considered unmarried for the entire year. Your tax filing status would be [...]
Company Stock in a Retirement Plan? Consider NUA
If you are changing jobs or retiring, and shares in your company stock are part of your retirement plan, you have an additional option to consider when you transfer this asset out of the company plan. Net Unrealized Appreciation (NUA) is a strategy which may significantly reduce the tax liability on your retirement plan. What [...]
About Sara Stanich
Sara Stanich is a Certified Financial Planner, CFP® and Certified Divorce Financial Analyst, CDFA™. She provides financial planning advice and investment management services for her clients, who include entrepreneurs, growing families, couples going through divorce, and persons preparing for retirement.
