Personal Finance - North Light Financial Services

Reining in Your Debt

Reining in Your Debt Americans are spending freely again. That has a downside. As the Great Recession faded, American household debt gradually decreased. In fact, it declined by $1 trillion between mid-2008 and mid-2014, according to the Federal Reserve.1 Now household debt is increasing once more. The Fed found it climbing by $78 billion (0.7%) during Q3 2014.1 On the macroeconomic level, that can be interpreted as a positive: it hints at greater consumer spending, easier credit, and more [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:19-04:00May 15th, 2015|Financial Fitness, Personal Finance, Saving & Budgeting|Comments Off

The Top 12 Tax Frauds

The Top 12 Tax Frauds A look at the IRS “dirty dozen” list. Have you heard of the “dirty dozen?” Each year, the IRS lists the top 12 recurring federal tax offenses – frauds, cheats, feints and schemes that ethically challenged taxpayers, tax preparers and crooks try to perpetrate. Watch for these scams in all seasons, not just tax season. Identity theft. Casually discarded or displayed personal information is an open invitation to criminals. Even when we are vigilant, multiple [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:19-04:00April 24th, 2015|Business/Economic News, Income Taxes, Personal Finance|Comments Off

How Long Do You Have To Keep Your Statements?

How Long Do You Have To Keep Your Statements? A year? Seven years? It depends. “You should retain copies of your federal tax returns for 7 years.” Is that true, or a myth? How long should you keep those quarterly and annual statements you get about your investment accounts? And how long should you keep bank statements before throwing them away? Your age, wealth & health might shape your answer. If you are not yet retired, then you may [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:20-04:00February 13th, 2015|Health Insurance, Income Taxes, Personal Finance|Comments Off

How Is Health Care Reform Affecting the Federal Deficit?

How Is Health Care Reform Affecting the Federal Deficit? Some analysts think it is helping reduce the deficit; but others wholeheartedly disagree. Has the Affordable Care Act actually cut Medicare spending? The numbers from the Congressional Budget Office make a pretty good argument for that, and suggest that the ACA has had a distinct hand in the recent drop in the federal deficit. Detractors of the ACA say that statistical argument doesn’t tell the whole story. Medicare has been a [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:21-04:00November 6th, 2014|Business/Economic News, Health Insurance, Personal Finance|Comments Off

Fall Financial Reminders

Fall Financial Reminders The year is coming to a close. Have you thought about these financial ideas yet? As every calendar year ends, the window slowly closes on a set of financial opportunities. Here are several you might want to explore before 2015 arrives. Don’t forget that IRA RMD. If you own one or more traditional IRAs, you have to take your annual required minimum distribution (RMD) from one or more of those IRAs by December 31. If you are [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:21-04:00October 23rd, 2014|Income Taxes, IRA, Personal Finance|Comments Off