Each Monday from 5:00-6:30 p.m. on NBC3 we answer your live questions in our "Ask the Experts" phone bank and online chat.
On March 21, our panel of Certified Financial Planners includes:
Grace Ghezzi, Benefit Consulting Group
Dennis Hebert, Strategic Wealth Advisors
Ted Sarenski, Blue Ocean Strategic Capital.
Among the topics we talked about:
>Mileage deductions for taxes:
You can take deductions in three categories---
for charity, 14 cents a mile. It will be the same amount for this year (on your return next year)
for trips to medical care, 16.5 cents a mile. It will go up to 19 cents for this year.
for business related trips, other than to and from worik, 50 cents a mile. It will go up to 51 cents next year.
>Advances on tax refunds:
There are a lot of offers for loans, including advances on your credit card...check the fine print!
Many offer low interest, but also include a 'processing fee' which can be up to several hundred dollars, and the amount is often deducted from the top amount of a possible loan. Paybacks are often over 6 months, rather than a year, and if you don't make all the payments the interest rates can be jacked into the 20%+ range. And if you don't pay back on time the rates can go even higher. Again, check the fine print!
>Loans on IRAs:
A viewer emailed on the rules for loans, without penalties, from IRAs.
There are some categories where there are no fees, all if you're in a hardship situation:
excess medical costs
home foreclosure
death
disability
also education costs for yourself (to better yourself for a new job)
>Retirement factors:
You may think climate is the only thing to consider. Here are some more issues that could affect how much money you have to enjoy in retirement:
~Taxes: check who taxes what. Some states do tax pensions, others tax other 'critical' concerns to seniors.
~Fiscal health of the state: with more financial concerns, some states are implementing new taxes (including taxing social security)
~Crime: Crime can be costly--check the rates!
Two websites can help: www.topretirements.com and www.money-rates.com
And, in the rankings the worst states for retirement:
1. Illinois
2. California
3. New York
4. Rhode Island
5. New Jersey
You can always email us your questions, at money@cnycentral.com
Click on the widget below to see the online discussion for Monday, March 21. You can also email your questions in advance to money@cnycentral.com.
