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How To Ensure Accurate Capital Gains Reporting When Selling Securities
As we wrap up tax season, I’m reminded of a mistake I’ve seen multiple people fall victim to: incorrect reporting of cost basis. Cost basis is the adjusted value of the security when you originally acquired it. Basically, it’s the money you’ve likely already paid taxes on.
Occasionally, when assets transfer from one institution to another, something might get lost in translation. When this happens, financial institutions often default to a cost basis of $0. Some investors may view this as a minor thing, but when the financial institution reports your sales of securities to the IRS, the entire amount would then be viewed as a capital gain. This is an explanation of how gains are calculated, and how to make sure everything is filed correctly when your institution doesn’t have the most up-to-date information.
Financial Differences Between Marriage And Domestic Partnerships
I was recently speaking with a woman who is in committed relationship, but there is a significant asset and income disparity between her and her partner.
She wants to take the next step in their relationship but worries about all the legal and financial ramifications that come with marriage, so we discussed the possibility of a domestic partnership.
Here are the financial and practical considerations in choosing between marrying your partner and choosing a domestic partnership.
How To Prepare Your Finances For A Drop In Income
About half of people in the United States are satisfied with their jobs, according to a 2023 Pew Research study. This suggests the other half wants something better. Demanding schedules, tedious work and toxic environments could all be factors causing people to want to leave their positions. Dropping your job to pursue a passion or further your education can lead to a temporary or permanent drop in income. Here is how to plan for that adjustment and some opportunities that arise from the career change.
4 Financial Tips For Navigating The Gig Economy
Whether you have a small side hustle or freelancing makes up your entire income, navigating the financial side of the gig economy can be difficult. Here are some tips to make it a little easier.
Charitable Giving Strategies For Young Professionals
Many young professionals I come across are charitably inclined and have funds to dedicate to charitable causes above and beyond their financial goals. This is a discussion of charitable giving strategies available for young professionals, some of the tax advantages associated and when each strategy may be appropriate.
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I seek to make personal financial planning less scary.
This book provides a simple guide for working through life's biggest financial questions facing couples in their 20s, 30s, and early 40s today. It starts with goals-based planning around topics including retirement planning, education planning, and major purchase planning. It then walks through some basics of investment management, options for how to invest, behavioral finance, and pitfalls to avoid. Lastly, it discusses risk management and insurance.
If you are not sure where to start, this book may provide some clarity.