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Personal Finance Tax Update, 13th Edition

E. Thomas Garman, Raymond E. Forgue

Copyright 2021
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Personal Finance Tax Update 13th Edition by E. Thomas Garman/Raymond E. Forgue

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Overview
Meet the Authors
What's New
Features
Table of Contents
Pricing

Overview

Introduce students to personal financial management today with the practical, reader-friendly approach in Garman/Forgue's market-leading PERSONAL FINANCE TAX UPDATE, 13E. This structured, step-by-step presentation emphasizes how to save and invest, manage student loans, file taxes, decrease credit card debt and plan for a promising financial future. Numerous updates reflect significant changes to the U.S. income tax system with the "Tax Cuts and Jobs Act" of 2018.

Memorable scenarios lifted from actual situations depict a variety of financial challenges to demonstrate the relevance of concepts and the importance of advice from trusted personal finance experts. In addition, numerous math-based examples clearly illustrate how to achieve long-term financial goals through investing. With the latest financial information, proven learning features and MindTap digital resources, this edition focuses students' attention on the concepts that are most important for personal financial success now and throughout their lifetimes.

Meet the Authors

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E. Thomas Garman

A renowned author, advisor and academic, Dr. E. Thomas Garman is a Fellow and Distinguished Professor Emeritus of Virginia Tech University, where he directed the National Institute for Personal Finance Employee Education. He subsequently founded the Personal Finance Employee Education Foundation. Author of 40 books and 200 academic research articles, Dr. Garman directed several funded research studies that link the financial fortunes of employers with the financial health of their employees. His research consistently showed that decreasing employee financial stress and improving personal financial well-being led to positive outcomes for workers and employers. Dr. Garman has worked for a U.S. senator, in economic development in West Africa and for a national non-profit credit counseling organization. He is a Distinguished Fellow of both the Association for Financial Counseling and Planning Education and the American Council on Consumer Interests. Dr. Garman has served on advisory boards for the Board of Governors of the Federal Reserve System, International Board of Standards and Practices for Certified Financial Planners, American National Standards Institute, National Foundation for Credit Counseling, U.S. Food and Drug Administration, and National Advertising Review Board. His record of consulting includes work for Profit Sharing/401(k) Council of America, Manulife Financial, AT&T, U.S. Navy, U.S. Army and U.S. Department of Defense. Dr. Garman’s work has been featured in hundreds of publications, including USA Today, New York Times, The Washington Post, The Los Angeles Times and U.S. News & World Report, and he has appeared on National Public Radio and NBC Nightly News.

Raymond E. Forgue

Raymond Forgue retired after 28 years as an associate professor in the Department of Family Studies at the University of Kentucky. He served as chair of the department and acting dean of the College of Human Environmental Sciences. Dr. Forgue taught various courses in consumer studies, personal finance and insurance. He has also served as president of the American Council of Consumer Interests and the Association for Financial Counseling and Planning Education. Since retirement, Dr. Forgue has continued to write and consult on personal finance education training for the Accredited Financial Counselor certification program, AARP and other organizations. Dr. Forgue serves on the Boards of the Personal Finance Employee Education Foundation and the National Association of Personal Financial Advisors.

What's New

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THIS ENHANCED EDITION PROVIDES THE LATEST CHANGES IN U.S. TAXES FROM THE NEW 2018 "TAX CUTS AND JOBS ACT." This edition incorporates the dozens of important changes to the U.S. income tax system that affect individual taxpayers, prompted by the 2018 "Tax Cuts and Jobs Act." Updated chapters on income taxes (Ch. 4) and retirement and estate planning (Ch. 17) as well as MindTap resources all incorporate all of the key tax law changes.

Features

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NUMEROUS BOXED FEATURES HIGHLIGHT LEARNING TOOLS AND FINANCIAL RESOURCES. These boxed resources integrated throughout each chapter highlight points of particular interest and value to the reader. Students appreciate useful tools, such as "To-Do Soon Lists" that emphasize five financially related tasks to complete in the next few months or years.
"YOUR GRANDPARENTS SAY" FEATURES OFFER ENGAGING AND HELPFUL FINANCIAL INSIGHTS AND WISDOM. These helpful tips, from individuals who have lived long and succeeded in their personal finances, provide immediate and long-term advice for readers.
"THERE IS AN APP FOR THAT!" LISTS SOME OF TODAY'S MOST USEFUL FINANCIAL APPS. This resource directs readers to helpful financial apps for both Apple and Android devices. In addition, updated "Money Websites" feature boxes suggest high quality online financial resources.
NUMBERS-ORIENTED AND "COMMON SENSE" BOXED FEATURES DEMONSTRATE HOW TO APPLY WHAT STUDENTS ARE LEARNING. "Numbers on" boxes highlight important financial numbers and statistics related to the chapter's subject, while "Common Sense" boxes encourage readers to contemplate how the financial information they are learning applies to their own personal financial success.
"THE TAX CONSEQUENCES" BOXES FOCUS ON THE IMPACT OF TAXES TODAY ON FINANCIAL DECISIONS. These features help the reader consider and evaluate the significance of income taxes when making financial decisions.
"BIAS TOWARD" BOXES EXAMINE HOW BEHAVIORAL ECONOMICS BIASES INFLUENCE DECISIONS. Readers face the reality of preconceived beliefs as they examine how behavioral economics biases can drive individuals to make bad financial decisions. Readers also learn how to overcome biases.
NEW "NEVER EVER!" BOXES CAUTION STUDENTS ABOUT NEGATIVE ACTIONS AND DECISIONS IN FINANCE. These intriguing boxes showcase actions and decisions that individuals should absolutely, positively never do in personal finance. Collectively, these boxes are full of prescriptions and insights to help students achieve financial success.
UPDATED AND NEW LEARNING FEATURES STRENGTH THE BOOK'S READER-FRIENDLY APPROACH. This edition includes additional headings for a clear presentation. In addition, 180 new boxed inserts, 10 new tables and figures, 70 new terms and improved definitions assist in providing the latest information and learning tools for your students.
STRENGTHEN EMPHASIS ON BUDGETING, SAVING FOR EMERGENCIES AND INVESTING FOR RETIREMENT PREPARES STUDENTS FOR THE FUTURE. This edition offers more information on the keys to budgeting, emergency fund saving and investing for retirement. All information appears within this edition's approachable writing style that actually encourages students to read.
PRACTICAL APPROACH IN THIS EDITION ACTUALLY INFLUENCES READER BEHAVIOR. Students can easily understand and see the value of the personal finance advice and step-by-step processes in this edition, which encourages them to actually put the principles into practice in their own lives. Classroom research has demonstrated how well learners are able to master personal finance topics.
MY PERSONAL FINANCIAL PLANNER ONLINE FINANCIAL TOOL PROVIDES THE RESOURCES STUDENTS NEED TO APPLY WHAT THEY'VE LEARNED. This valuable digital financial planner, offered as part of MindTap digital resources, provides 70 worksheets that allow students to put into practice all the major financial planning tools highlighted in this edition.
POWERFUL INSTRUCTOR RESOURCES ENABLE YOU TO "FLIP THE CLASSROOM." "Do It In Class" icons in every chapter guide your students through "Do It in Class Exercises." These exercises include problems, cases and exercises for students to complete in class to ensure understanding and strengthen their problem-solving skills
"WHAT DO YOU RECOMMEND?" AND "WHAT DO YOU RECOMMEND NOW?" CHAPTER OPENING AND CLOSING NARRATIVES DRAW STUDENTS INTO CHAPTER CONTENT WITH ENGAGING DISCUSSION. Each chapter-opening scenario is followed by a question and four potential answers. The results are often unexpected and provide an excellent opportunity to engage students. The corresponding closing feature asks students to return to the opening vignette after reading the entire chapter and apply what they have learned.
"ADVICE FROM A SEASONED PRO" BOXES FEATURE ADVICE AND INSIGHTS FROM FINANCIAL EXPERTS. These boxed inserts, written by many of today's leading financial experts, offer practical tips for students to manage their personal finances.
"FINANCIAL PLANNING CASES" PRESENT FINANCIAL DECISIONS FROM VARYING VIEWPOINTS. These short cases at the close of each chapter present various finance concepts from the vantage point of a married couple, single person, retiree, parent, or other demographics.

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Part I: FINANCIAL PLANNING.
1. Understanding Personal Finance.
2. Career Planning.
3. Financial Statements, Tools, and Budgets.
Part II: MONEY MANAGEMENT.
4. Managing Income Taxes.
5. Managing Checking and Savings Accounts.
6. Building and Maintaining Good Credit.
7. Credit Cards and Consumer Loans.
8. Vehicles and Other Major Purchases.
9. Obtaining Affordable Housing.
Part III: INCOME AND ASSET PROTECTION.
10. Managing Property and Liability Risk.
11. Planning for Health Care Expenses.
12. Life Insurance Planning.
Part IV: INVESTMENTS.
13. Investment Fundamentals.
14. Investing in Stocks and Bonds.
15. Mutual and Exchange-Traded Funds.
16. Real Estate and High-Risk Investments.
17. Retirement and Estate Planning.