Certified Financial Planners have money help for you
Our panel of Certified Financial Planners for November 28 includes:
Dennis Hebert, Strategic Wealth Advisors, 234-7526
Grace Ghezzi, Benefit Consulting Group , 474-1707 x460
Ted Sarenski,Blue Ocean Strategic Capital, 471-2672
Among our topics:
>The markets did really well on Monday, with the Dow up almost 300 points, on word of a good Black Friday retail report, and hopes that the European debt crisis is being resolved. Our advisors say that by being invested, you take advantage of the ups like this, and that it's not too late to get in, that generally the market rallies at the end of the year and the beginning of the new.
>Take advantage of charitable deductions: Non cash donations of clothing and household goods (values can be computed by using the Salvation Army's list of values), and if you drive to, or for charitable causes you can deduct 14 cents per mile.
>401K: If you are laid off, you can transfer out of the company plan, with a direct transfer to avoid tax issues. However, if there's a chance you'll be re-hired (as in a seasonal layoff) you might consider staying on to take advatage to employer contributions to the 401k.
>Year-end 'to do' list: you can max your retirement account contributions ($16,500 plus $5,500), and contribute to 529 education plans (more than one, if you wish, and they don't have to be for relatives). Also, check withholding---your last pay stub will help you calculate if you're under or over and you can adjust. Make sure you've taken full advantage of your flex spending, or you'll lose it. And, property taxes--if you need another deduction you can pay next year's in December and get credit for this tax year.
