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Most residents of Colorado will escape the burden of estate and inheritance tax, but you need to be aware of income and capital gains tax considerations on inherited money.
To prepare for a recession, focus on what you can control. Some dangers of a recession include a job loss or a decrease in pay. Increase your emergency fund to at least six months of expenses to cover an unexpected drop in income. Review your budget and decrease spending on discretionary items.
Using miles to purchase your airline ticket is a terrific way to save money on this expense.
It is less expensive to travel in late spring and early fall. During shoulder season, you will also enjoy moderate temperatures and fewer crowds.
If you receive a 1099-S you must report the sale of your home, even if your gain is excludable. You need to report the amount realized, sales price less the cost to sell your home, and the cost basis.
A key factor impacting your ability to achieve financial security is living below your means. To live below your means, you need to understand your financial situation and live within a budget that includes an allocation for saving and investing.