KJH Financial Services
Kimberly J. Howard, CFP®, CRPC®, ADPA®, is the founder and owner of KJH Financial Services in Newton MA and Denver CO. She is a Certified Financial Planner™ practitioner and has over twenty years of experience in financial management and education goals through effective comprehensive financial planning.
Kimberly holds a Master of Science degree in Computer Science Information Management from Boston University. She earned a Bachelor of Science degree in Mathematics and Physical Education from Stephen F. Austin University in Texas. She attended Boston University for her Certification in Financial Planning and H&R Block for Tax Preparation Certification.
Kimberly is where she teaches General Financial Planning Principles, Income Tax, Retirement Planning and Estate Planning. She is a past adjunct faculty member at Boston University and The College for Financial Planning.
Kimberly is a member of the Financial Planning Association (FPA) and The National Association of Personal Financial Advisors (NAPFA). She was named to the Metropolitan Who's Who Among Executive and Professional Women. She is an expert Advisor for Morningstar .
Kimberly promotes a life planning approach with a balanced work/life style. She is active in sports including cycling, golf, skiing, and hiking.
BS, Mathematics, Stephen F. Austin
MS, Computer Science, Boston University
Interview with Kimberly J. Howard, CFP
Financial Goals by Kimberly J. Howard, CFP
Keep your tax records for a minimum of 3 years. After that, it depends on your situation as to the length of time. If you wrote off a bad debt, better keep them for 7 years. If you have a small business, 7 years may serve you best. Be sure to keep not only a copy of the return, but all the supporting documents.
Kimberly J Howard, CFP
You can contribute to both an employer sponsored plan (401k) and a traditional IRA in the same tax year, but there are restrictions. Your income is the driving factor to determine if the traditional IRA will be a tax deductible or not. For 2016, single filing with AGI of $61,000 or less are allowed full income tax deduction for contribution made to a traditional IRA. For married filing jointly, the AGI limit is $98,000 or less for full tax deduction. For single filers with AGI over $71,000 there is no tax deduction, while married filing jointly AGI of greater than $118,000 are not allow a deduction. Between the upper and lower AGI limits a partial deduction is allowed. More information can be found on the IRS website -- https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-If-You-ARE-Covered-by-a-Retirement-Plan-at-Work
Closing unused credit card accounts can have a negative affect. Credit scores are based on available credit versus your current credit card debit. Those unused credit cards can be helpful with your debit ratio. Check the cards and see how much available credit you have before you cancel the cards.
Kimberly J Howard, CFP
A dividend is a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits, where as capital gains are the profit from the sale of property or of an investment. From an income tax point of view, they are each taxed differently.
--> Dividends are taxed as 'Ordinary Income', in other words the same as W-2 income.
--> Capital Gains are taxed at different rates based on your income tax bracket. If you're in the 10% or 15% tax bracket for ordinary income, then your long-term capital gains rate is 0%. If you're in the 25%, 28%, 33%, or 35% tax bracket, then your long-term capital gains rate is 15%. If you're in the 39.6% tax bracket, then your long-term capital gains rate is 20%.
Kim Howard, CFP
Self-employed 401(k)s can be FDIC insured if held at a FDIC bank. For each account holder, FDIC insurance covers $250,000 for bank failure. If your 401(k) is held somewhere other than a FDIC insured bank, then you will not have FDIC insurance. Most financial institution are covered by SIPC insurance. This is similar to FDIC. SIPC insurance covers insolvency of the financial institution or fraud by the financial institution.
It is important to note that FDIC and SIPC do not cover loss in market value.