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15 Facts about Social Security

From Stephen Clifford, Registered Investment Advisor Representative
The Winfield Group - Scottsdale, Arizona


It's easy to take Social Security for granted when retirement is years away, but with 94% of the U.S. workforce covered by Social Security,* it's likely that this program will play a role in your financial future, perhaps even sooner than you think. Here are some facts and statistics from the Social Security Administration that highlight why Social Security is...

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Five Risks That Could Derail Your Work-Sponsored Retirement Plan

From Stephen Clifford, Registered Investment Advisor Representative
The Winfield Group - Scottsdale, Arizona


As a participant in your work-sponsored retirement savings plan, you've made a very important commitment to yourself and your family: to prepare for your future. Congratulations! Making that commitment is an important first step in your pursuit of a successful retirement. Now it's important to stay focused--and be aware of a few key risks that could derail your progress along the way.

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Is There a New Way to Calculate My Home Office Deduction?

From Stephen Clifford, Registered Investment Advisor Representative
The Winfield Group - Scottsdale, Arizona


Yes, but first it's important to understand what hasn't changed. To qualify for an income tax deduction for home office expenses, the IRS still requires that you meet two tests--the place of business test and the exclusive and regular use test.

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How Do I Figure the Tax on the Sale of My Home?

From Stephen Clifford, Registered Investment Advisor Representative
The Winfield Group - Scottsdale, Arizona


In general, when you sell your home any amount you receive over your cost basis (what you paid for the home, plus capital improvements, plus the costs of selling the home) is subject to capital gains taxes. However, if you owned and used the home as your principal residence for a total of two out of the five years before the sale (the two years do not have to be consecutive), you may be able to exclude from federal income tax up to $250,000 (up to $500,000 if you're married and file a joint return) of the capital gain when you sell your home. You can use this exclusion only once every two years, and the...

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Spring Cleaning Your Debt

From Stephen Clifford, Registered Investment Advisor Representative
The Winfield Group - Scottsdale, Arizona


It's springtime--time for you to take stock of your surroundings and get rid of the dirt and clutter that you've accumulated during this past year.

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