Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling on the phone, pretending to be a rep from the Internal Revenue Service (IRS), and demanding payment over the phone. To protect yourself, keep these tips in mind.
Please use the following list of items to prepare for filing your personal income tax return.
Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life, it doesn’t make it any less important. Whether you call yourself a baby boomer, hail from the Gen Xers, or are a part of the youngest of those entering the world of financial planning, the millennials, There are certain things about financial planning that each generation should focus on to allow them to obtain their current and future goals.
Treasury yields hit two key levels the first week of 2021. As shown in the LPL Chart of the Day, the 10-year Treasury yield moved above 1% for the first time since March 2020, and the 10-year breakeven inflation rate, a measure of Treasury market-implied inflation expectations, climbed above 2% for the first time since November 2018.
In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents, service records, and paid bills in a format that will allow you to easily access information when you need it. What steps can you take now to organize your financial documents for 2021 and beyond?
Financial wellness, like physical wellness, isn’t something you should ignore. Instead, it’s a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers.
Brexit, the United Kingdom’s (UK) withdrawal from the European Union (EU), is making news again as it stumbles toward its apparent conclusion on December 31, 2020. The major sticking point now: fish.
Stocks continue to surprise to the upside, with the Russell 2000 Index (small caps) and the Nasdaq making new all-time highs on Tuesday. The S&P 500 Index, a chip shot from new highs, already has made 30 new highs so far this year. “One thing that surprises many investors is new highs happen in clusters that can last a decade or more,” explained LPL Financial Chief Market Strategist Ryan Detrick. “Given that this cluster of new highs is only seven years old, history would suggest that we don’t bet against several more years of new highs.”
Millennials often get a bad rap when it comes to hitting certain financial milestones like moving out or buying a home, but they’ve proven to be ahead of the game when it comes to savings. In fact, 25 percent of Millennials who save have amassed more than $100,000 in their accounts.1 What else should members of the Millennial generation (and others) know about boosting their savings rate?
Last year, the average American spent nearly $1,000 per person on holiday gifts, up from about $885 per person in 2018.1 Though the COVID-19 pandemic continues to weigh on the retail sector (and many Americans’ bank accounts), some analysts have cited reduced spending on travel, restaurants, and entertainment in predicting a slight uptick in holiday retail sales for 2020.2 But these aren’t the only extra expense associated with the winter solstice. Read on to learn more about how December’s short days and long nights could impact your budget.