The IRS requires you to pay tax throughout the year as you earn income. If you are an employee, your employer withholds income tax for you based on your instructions on Form W-4. If you are self-employed, you may need to make quarterly estimated tax payments to avoid a penalty at the end of the year. It’s usually a good idea to review your withholding at the beginning of the year or after life changes to avoid any surprises at tax time.
Open enrollment is the time of the year when most employers allow employees to make changes to their workplace benefits. It can be overwhelming when your employer gives you what may seem like thousands of options with limited time to pick the "best" option, whatever that means. Instead of feeling anxious about all of your choices, focus on the big decisions you need to make and work through them one by one.
When you hear that a firm offers “comprehensive financial planning” what exactly does that mean? You likely know that a financial advisor can tell you how much you should be saving for retirement and how best to pay down your debt. You probably know that your advisor will manage your investment accounts and help you decide when to claim Social Security. But do you know how much else a financial advisor can truly help with? Here is a quick overview of some questions you may want to ask your financial advisor.