Money Wisdom & Musings

The Maine Legislature reconvened late last month and voted to repeal the ‘Property Tax Stabilization for Senior Citizens’ was enacted in August of 2022. This repeal is effective October 11^th, meaning that after this date the state will not accept any payments that include ME state property tax freeze legislation from 2022. Any taxpayer whose application was submitted prior to December 1, 2022, and approved, will still receive the “freeze” on their 2023 property tax bill through October 11th. Since the program has ended, there will be no re-application process. 

As many recent graduates are aware, the forbearance period for student loan payments will be ending this summer after three years. As the pause on loan payments and interest accrual comes to a close and it’s essential to understand the implications and explore ways to prepare.

For many years, savings account yields were close to zero. There were virtually no options to make a return on your money if you wanted liquidity and safety. With interest rates rising, you can now earn a substantial yield.

For many folks, early to mid-April can bring up feelings of stress or worry as the Federal tax deadline approaches. Now that we are past the April 18, 2023 deadline we thought it would be helpful to outline some next steps that individuals can take to ensure they are prepared for applicable next steps.

Why is that spring feels like such a perfect time of year to tackle messes and get organized? Cultures all over the world have practiced the tradition of spring cleaning for centuries.

Our passion here at Cornerstone is helping our clients plan their financial future. One key component to discuss is long-term care. It’s easy enough to keep putting the discussion off for “another time”, but as with so many other things, the sooner you start, the more manageable the task is.

With the holidays fast approaching, last minute gift-buying is top of mind for many! Cornerstone strives to shop locally and sustainably, when possible, and encourage you to do the same. Portland and Portsmouth offer many unique and hand-crafted gifts that would please anyone on your holiday list.

       The end of September evokes multiple reminders for many of us. It is time to get winter clothes out, make sure the leaf blower is working, trade out hiking boots for ski boots, and start preparing for the end of the year. We form many rituals when the seasons change, and I propose adding one more to the list, year-end tax planning. This is not as fun as prepping for the holidays and Winter adventures, but it should help reduce mistakes, minimize panic in the last week of the year, and avoid regrets when you file your tax return the following year.

As a proud Certified B Corporation® since 2019, Cornerstone Financial Planning is honored to be selected as one of B Lab’s 2022 Best for the World companies.