Maine Offers Tax Credit for Student Loan Payments

By: Kevin Henderson

The average age of a Maine resident is currently forty-four years old, which is five years older than the national average.

In an attempt to attract and retain your professionals, Maine recently instituted a tax credit plan called the Opportunity Maine Tax Credit.

Exceptions to Tax on Early Distributions

This post was written by Woodside Wealth's Fall Intern Kevin Henderson.

The long wait to take distributions from your retirement plan(s) may end sooner than you think. If you are 59½ or younger, early distributions from your IRA, 401k or other qualified retirement plans could charge you an additional 10% tax, but there are many exceptions that may allow you to take your money out early with no additional tax.

How Empty-Nesters Can Improve Their Nest Egg

This post was written by Audrey Keohane, a Summer Intern here at Woodside Wealth.

If you’ve neglected your retirement savings while raising your child(ren) you are not alone.

Tax Repercussions in Student-Debt Relief

This post was written by Audrey Keohane, a Summer Intern here at Woodside Wealth.

In 2007, the Education Department enacted an attractive new way to repay student loans once out of college. This new plan is labeled “income-driven repayment plans.”

General Electric Out, Walgreens In

This post was written by Audrey Keohane, a Summer Intern here at Woodside Wealth.

There have been some interesting changes made to the Dow Jones Industrial Average recently. Once the most valued company in the United States, General Electric is being dropped from the thirty companies that make up the index.

Why Not Cryptocurrencies?

This post was written by Audrey Keohane, a Summer Intern here at Woodside Wealth.

Cryptocurrencies: they seem to be everywhere right now, yet people still don’t know what they are or what to do with them. Cryptocurrencies are new, exciting and risky; something that may pique the interest of someone trying to make some quick money.

Is This The End of Long Term Care Insurance?

According to the American Association for Long-Term Care Insurance, more than eight million Americans have purchased insurance to protect them in the event that they need long-term health care in a nursing home, assisted living facility, or in their own home.

How the Tax Plan May Affect Grad Students

During this whirlwind time regarding taxes in the United States, there are many changes which, if enacted in the final version of the tax reform bill, could have a drastic effect on the personal finances of millions of Americans.

2018 Annual Gifting and Estate Exemptions

The IRS has recently announced some changes coming to the tax code in 2018. Among those changes are two updates to the annual gifting exemption and the estate tax exemption.

The annual gift exemption is the amount of money that any individual person can give to another person each year without reducing their lifetime gift exemption. In 2018, the annual exemption will go from $14,000 to $15,000.

It May Not Be Wise to Plan on a Late Retirement

If you ask most people these days what age retirement begins, you will likely get an answer of 65. However, that answer is an oversimplification of a large range of ages at which people actually retire. According to a recently completed Gallup poll, 23% of Americans are planning on retiring before age 62, 38% plan to retire between the ages of 62 and 67 and 31% are currently planning on retiring at age 68 or later.

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