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My grandmother was exceptional in many ways. She was full of life and quick to speak her mind, despite who might be within earshot. For as long as I can remember, she was a seamstress at a local women’s store making adjustments to colorful fashions until they fit “just right”. It was always a special treat to visit her at Bright’s and explore the lofted balcony where she and Ms. Coreen worked to fine tune hemlines, inseams and sleeve lengths. Mimi’s work to outfit the ladies of Paducah did not stop at Bright’s. Many family dinners and visits included talk of fabrics, McCall’s patterns and sales at Hancock’s, the one and only fabric store in Paducah. This love of cloth and sewing spilled over to most all family members in the form of shirts, blouses and dresses. As a teenager, I am sure some of the outcomes – think leisure suit – and fabric choices were greeted with a forced smile and reluctant gratitude. As her grandchildren grew and the need for attire – that she knew we Read on! →
A little know congressional act which became law late in 2015 affects some of the most popular Social Security strategies and may directly impact you. You need to understand whether or not the new rules apply to your situation and whether you need to take action with Social Security by the April 29th deadline. The rule changes to Social Security are the result of the Bipartisan Budget Act of 2015, which was enacted on Dec. 17th, 2015. This Congressional Act was not focused on Social Security but nevertheless, impacted many individuals and couples because of a few key provisions within the new legislation. The act changes the rules in two key areas of Social Security benefits strategies. File and Suspend. (In this strategy the person making the election is not requesting benefits for themselves, but is only activating benefit eligibility for family members who may benefit from that person’s earnings record) The file and suspend option in Social Security (SS) allowed an individual covered by SS to file for and then immediately suspend their own benefit, thereby making other family members Read on! →
On December 17, “Star Wars: The Force Awakens” opens in theatres nationwide. The Walt Disney Company bought Lucasfilm Ltd., the creator of the Star Wars franchise in 2012, with high expectations it would produce significant, positive financial returns. The soon to be released film, the first “Star Wars” movie in 10 years, will feature characters not seen in 32 years and is expected to rival the opening weekend record of $209 million for June’s “Jurassic World”. In addition to the theme parks we know so well, Disney owns a large stable of media and studio entertainment companies that help to diversify the sometimes hit and miss nature of the block buster movie business. These include among others, ABC Television Network, The Disney Channel, ESPN, Disney Publishing Worldwide, Disney (retail) Store, Walt Disney Studios Motion Pictures, Pixar Animation Studios, and Marvel Studios. Earlier this year, concerns over subscriber losses at ESPN resulted in a drop of just over 10% in Disney’s stock price. This precipitated a review of the firm’s holdings in Disney and a decision to purchase additional Read on! →
A recent warning from the Internal Revenue Service, IR-2015-99 warns consumers about scammers’ attempts to impersonate the IRS and demand both money and information. Be especially vigilant during the holidays to recognize scammers using fear tactics with the goal of separating you from your money. WASHINGTON — Following the emergence of new variations of widespread tax scams, the Internal Revenue Service today issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These schemes – which can occur over the phone, in e-mails or through letters with authentic looking letterhead – try to trick taxpayers into providing personal financial information or scare people into making a false tax payment that ends up with the criminal. It is important to remember the official IRS website is IRS.gov. Taxpayers are urged not to be confused or misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov. Taxpayers should never provide personal information, financial or otherwise, to Read on! →
If you are the parent of a high school junior who is preparing to attend college in the fall of 2017, the filing process for financial aid just got easier! President Obama’s recently signed executive order changes the rules for completing and submitting the Free Application for Federal Student Aid (FAFSA) beginning October 2016 for the 2017-2018 academic school year. For this and subsequent academic school years, the FAFSA application process will start in October 1st of the year prior to the child starting college and it will rely on prior-prior year income. October Start Date Traditionally, the FAFSA opened on January 1st and utilized income figures from the previous year to determine how much aid a child or family might be eligible to receive at the start of the school year in September of the same year. This may seem reasonable but colleges often want to provide student aid estimates by mid-March. Since tax related documents are sometimes not available until mid-February, with K-1s from partnerships, LLC, S-Corporations or Trusts often not arriving until March, the window for completing Read on! →