Financial Education & Advocacy
Purposeful Finance attempts to improve financial literacy and advocate for more consumer-focused financial services through articles distributed through Apple News, our website, and other outlets. In addition to financial education and guidance, we actively support a fiduciary legal standard of care for consumers and minimizing questionable practices such as presenting commissioned sales of financial products as ‘advice'.
Articles are written to provide education on personal finance topics and help consumers advocate for themselves with the financial services industry. For example: after the massive Equifax data breach, Purposeful Finance published step by step directions on how to opt out of the Equifax arbitration clause.
Recently Published Articles
It is possible you will have to pay some additional taxes due to your Social Security being taxed. Up to 85% of your Social Security benefits can become taxable depending on how much you earn in total. The formula is based on . . . .
The recent approval of the SEC’s Regulation Best Interest (Reg BI) has killed any hope that financial advisers at Broker/Dealers would finally be required to be fiduciaries for their clients. The SEC went out of its way to create a regulation that would confuse consumers into thinking they have legal protections, when they don’t.
For address changes you would use IRS Form 8822, which will allow you to change your address anytime during the year. It is good practice to always submit Form 8822 as the method for changing your address, and not rely . . . .
Brokerage firms are bound by federal and state law regarding the distribution of assets after death. They also have to worry about potentially being sued if they do something a potential beneficiary might not like.
While generally a trust cannot get the Principal Residence Exclusion, it is possible if the trust is set up correctly and the circumstances are correct. The devil, as always, is in the details and you will want to get professional . . . .
Federal taxes are progressive taxes, meaning you start getting taxed at a low rate, then, as you earn more money, the additional money you earn is taxed at a higher rate. The way the calculation works, everyone pays the same . . . .
The key difference between the Married Filing Separately verses the Filing Single status is if you are legally married on the last day of the tax year (December 31st for most people). No other day during the year matters for . . . .
The Head of Household filing status is a special status which offers preferential tax brackets for some single individuals. The brackets are between the Single filing brackets and the Married Filing Jointly brackets . . . .
Probably the best way to deal with this would be to see if the social group has a religious purpose or in some other way falls under the church’s charitable purpose. If so, the church can establish a new bank account . . . .
Don't assume this year's taxes and tax deductions will be similar to last year's taxes. The tax reform bill, which passed in December 2017, gutted most of the deductions and maimed many of the rest. Just like characters in . . . .