Medical Related

(Total expenses must exceed 10% (7.5% if age 65+) of Adjusted Gross Income to be deductible)

1. Alcoholism and drug abuse treatment
2. Contact lenses, eyeglasses and hearing aids
3. Long-term care insurance premiums
4. Medical transportation costs, including the standard mileage rate of 23 ½ cents
5. Lodging expenses incurred for medical reasons

Employment Related

1. Costs of looking for a new job in your present occupation
2. IRA deduction for contributions made after the end of 2014 but before April 15, 2015
3. Employee’s moving expenses
4. Education that is work related
5. Unreimbursed employee expenses, such as license fees, business subscriptions
6. Health care insurance premiums and 50% of self-employment tax for self-employed
7. Medicare premiums paid by the self-employed
8. Simplified Employee Pension (SEP) IRAs for self-employed

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In today’s video we discuss some of the common investment mistakes made by novice investors and how having a financial advisor would have helped to mitigate these mistakes.

Some examples discussed in the video are cases where someone buys an investment without having a strategy to sell the investment. Or, a strategy is in place, but when the moment to sell arrives the investor “moves the goal posts”, or becomes emotionally caught up in the investment and is unable to make the correct decision. Additionally, novice investors don’t always consider the tax consequences of buying and selling investments.

Many investors seek help in managing investments, but the quality and type of help they seek can vary dramatically depending on one small little detail — who’s paying your adviser? In turn, that begs the question… is your adviser on your side of the table?

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It’s important to understand the nature of the relationship between you, your adviser, and the investments he/she recommends.

Advisers come in three blanket varieties.

1. Fiduciary Advisers: These are advisers that work solely on behalf of the client. This means simply that they accept no payment from any investment or investment company. Their only loyalty is to the client.
2. Brokers: Brokers are simply paid to “broker” a transaction between two parties. They are often paid by both parties to do this. Since they essentially represent both parties in a transaction they actually don’t have any loyalty to one or the other.
3. Agents: Agents are just the opposite from fiduciary advisers. They work solely on behalf of the institution, such as a bank or insurance company. Their loyalty by definition is to their employer, whose products they must represent. If this person sounds like a salesman, it’s because they are.