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There’s no doubt that it feels great to help someone in need through charitable giving. There are more than 1.5 million nonprofit organizations in the United States that range from food banks and disaster relief centers to churches and cultural centers. And in 2018, Americans contributed over 4 billion dollars to charitable organizations. 

Paying fees for professional investment management is something we’d all like to avoid. Why pay for some guy in a suit to manage your investments when you can do-it-yourself with a simple online brokerage account? There are many reasons to trust a professional - read on to find out whether it’s worth it to go with the pros.

Active vs. Passive

The holiday season is just around the corner and many charitable organizations are in desperate need of donations to help provide the vital services needed in the community. You are most often inundated with a number of charitable requests towards the end of the year, which could be ideal time to take advantage of charitable giving from a financial standpoint.

By the last third of the calendar year, you're likely to have a pretty good idea of what your annual income will be and whether any major expenses or big life changes await you.

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are designed to help you save money on medical costs by giving you access to a special savings account with tax benefits. Although these plans are very similar, they have a few differences. For instance, employees and self-employed people can both open HSA plans, while only employees can use FSA plans.

If you are one of the 90% of taxpayers who don't itemize deductions, you cannot claim a federal deduction for charitable donations. To get past this issue, some people lump their charitable gifts together. Wondering how to claim a deduction for charitable giving? Curious about how clustering charitable gifts together can help? Here's what you need to know. 

What are appropriate checklists for year-end tax planning?

Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different categories, such as "Filing Status" or "Employee Matters," for ease of reading.

As the end of the year approaches, it's time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. This is particularly true for year-end planning. You can't know where to go next if you don't know where you are now.

You’re 25 and feeling alive. You’re settling into life after university, paying off your debts and slowly figuring how to “adult”. But with the responsibility of bills, rent, and even keeping up social appearances, prioritizing financial planning is something far too often pushed to the side.

Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life, it doesn't make it any less important.