The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for ... Views: 254
The primary purposes of business websites are to attract customers and motivate them to take action. The action might be initiating contact, ordering something, bookmarking the site for future reference, or referring others to the business. If a site simply entertains without motivating, it’s ... Views: 176
This year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job.
But how do you build an emergency fund if you don’t have any extra money? The easiest way to accomplish this is by ... Views: 251
When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions.
The one-two punch
To prove your deduction most ... Views: 395
Your customer is satisfied — but a month has gone by, and your invoice is still outstanding. You’d like to work with the customer in the future. So how do you get your money without losing the customer? Here are two strategies that may help:
Make it a habit to clearly and promptly communicate ... Views: 340
Wedding season is upon us!
Did you know couples often enter into marriage without ever having had a discussion about financial issues? As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to ... Views: 430
If you’re age 35 or more and haven’t made a serious effort to plan for retirement, your dreams of a comfortable and active retirement could turn into the nightmare of being old and poor.
Scare tactics, you say? Consider this: most experts say you need at least 66% of pre-retirement income to ... Views: 353
Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. ... Views: 724
With the dramatic increase in identity theft, what can be done to protect your Social Security Number (SSN) from these would-be thieves? Here are some ideas.
Do not carry your Social Security Card with you. Your parents were encouraged to do this, but times have changed. You will need to ... Views: 344
For some small businesses, office lease and inventory storage costs are seen as settled. In any case, are such costs really inflexible? In many cases, no.
Since lease and capacity costs regularly establish a critical bit of a business' aggregate cost spending plan, inventive proprietors who ... Views: 474
Consider the following ideas for saving time and money and making your business more profitable.
1. Develop tight controls over billing and collections. To speed up cash flow, reduce the time between shipping your product and sending an invoice. Consider semimonthly instead of monthly ... Views: 382
When you buy shares of a mutual fund, your money is pooled with other shareholders’ money and invested in a portfolio of securities (stocks, bonds, etc.) An investment in a mutual fund offers you diversification and management by professionals.
Mutual funds have no guarantee of good returns ... Views: 335
There are many ways to save for college, but one thing is certain: it is never too early to start. One way to save for college is with a “Section 529” plan. These plans offer a way to pay for college expenses with some nice tax advantages.
What are they?
Section 529 plans allow you to set ... Views: 423
Employment scams are not new, but they’ve become increasingly sophisticated as scammers design websites that effectively mimic the sites of legitimate companies. How can you keep from being ripped off by bogus job agencies?
Do your research. Gather information about the job placement ... Views: 218
Employment scams are not new, but they’ve become increasingly sophisticated as scammers design websites that effectively mimic the sites of legitimate companies. How can you keep from being ripped off by bogus job agencies?
Do your research. Gather information about the job placement ... Views: 242
Whether your firm is large, small or somewhere in between, you may be faced with rising costs and declining revenues. This, in turn, may force you to make tough personnel decisions, including layoffs.
Before you take this step, however, it makes sense to consider alternatives. Ask yourself ... Views: 349
The word “audit” is enough to raise anyone’s blood pressure. If the IRS agent then tells you they want to see bank accounts and personal records you may need a heart monitor. Should this happen to you, you could be in a process known as a lifestyle audit.
Background
The lifestyle audit was ... Views: 388
When a pet disappears, owners can become distraught, calling animal shelters, advertising in local papers, posting photos on every telephone pole and fence post all in the hope of hearing news of their lost animal. At such times, pet owners are also more vulnerable to fraud. Consider the ... Views: 316
In the event that you do humanitarian effort for a magnanimous association and have not monitored your out-of-stash costs, you may leave behind a phenomenal chance to bring down your expense bill.
Step by step instructions to get a tax cut
To qualify, your unreimbursed costs must relate ... Views: 386
Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Here are some common areas that can mean big money savings with proper planning.
1. Familiarize yourself with the income levels at which various tax ... Views: 405
Beginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven.
The problem
The rush to get this program up is understandably confusing and ... Views: 313
Congress continues to debate how to help navigate through the ongoing pandemic. In the meantime many benefits, including Federal Unemployment benefits, have expired. To help address this assistance gap, new Executive orders were signed by President Trump. Here is what you need to ... Views: 245
Building a nest egg to give you a secure financial future doesn’t require a degree in economics, just a degree of common sense. The rules are easy and time-tested, and the smart players always abide by them.
1. It’s never too late or too early to start. Think back five or ten years and say to ... Views: 475
Trimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Here are some areas where your business may still have cost saving opportunity.
Interest rates. If you have credit cards, banks will often listen to a request to lower your ... Views: 278
Being a parent brings tremendous rewards, but also the challenge and responsibility of supporting and educating your child. Fortunately, the tax code has many ways to help ease a parent's financial burden. Here's an overview of the many ways that taxes can affect your decisions as a ... Views: 422
Parents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families.
Tax credits
The American Opportunity Tax Credit is available for certain tuition and fees, and it allows you to reduce ... Views: 216
Unless a small business owner handles all aspects of computing and paying payroll, there is room for fraud. Even if your company has only a few employees — it does not guarantee your funds will be safe.
How payroll fraud happens
Perhaps one of the easiest payroll fraud techniques is the ... Views: 394
At the point when enormous box stores come to town, in what capacity can an independent venture effectively contend? That is an intense inquiry. While one answer doesn't fit all cases, certain systems have demonstrated powerful for some organizations. Think about these thoughts:
Contend ... Views: 357
Financial institutions are raising red flags about suspected fraud surrounding the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, according to the SBA’s Office of Inspector General.
Nearly 440 financial institutions ranging from small, local credit ... Views: 296
With more than 40 million Americans seeking unemployment benefits over the past 2 months, states are doing their best to keep up with the avalanche of applications. States are also bracing for an increase in Medicaid enrollment as many Americans get pushed off their employer’s health care ... Views: 319
What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category.
Tax records. ... Views: 342
When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age.
Higher standard deductions. You’re eligible for a higher ... Views: 415
It’s not a big surprise if you found yourself reaching for your credit card more often around the holidays. The National Retail Federation projected that consumers would spend an average of $1,007 on gifts, decorations,and candy this season.
However, if you’ve noticed your plastic habits ... Views: 418
While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion. The IRS auditor does these audits every day. They know what to look for and can ask leading questions that you may easily answer incorrectly. So what are some good tips when you are ... Views: 277
If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate.
The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to ... Views: 364
If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider.
The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a ... Views: 317
Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address.
1. Do you have a plan? Without a plan, your business has no direction and possibly no ... Views: 344
After all the exhortation you've gotten about putting something aside for retirement, removing cash from your conventional IRAs and other qualified retirement designs may feel odd. However once you achieve 70½, the required least conveyance (RMD) rules say you need to do only that.
Under ... Views: 336
It’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for the job. There simply isn’t enough time in the day, especially if you have a business to ... Views: 397
Participating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes:
Not taking full advantage. Too many employees opt out of the plan or don't contribute as much as ... Views: 388
It’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool:
If you are a sole proprietor with children, consider putting them on ... Views: 418
Since monetary pressure is a typical piece of life for a great many people, figuring out how to adapt to cash stresses is vital — imperative, actually — for keeping up constructive connections, work profitability, and individual wellbeing.
In case you're managing inordinate tension about your ... Views: 423
As you look forward to starting your new job, it's important to keep in mind how your employment change will affect your taxes. Here are three tax-smart tips that'll put you in the best position come tax season:
1. Roll over your retirement plan.
You may be tempted to cash out the balance ... Views: 455
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options:
Leave ... Views: 219
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks:
Build up your retirement funds. When you’re self-employed, you’re ... Views: 416
Here is a tax planning tip for those who file their tax returns early and wish to contribute to a tax deductibleIRA, but do not have the funds to do so. Say you want to pay into an IRA to get a tax break but you don’t have the money? Take heart, there are ways to get around this. The IRS allows ... Views: 329
For many Americans, debt has become a way of life. A recent LendingTree analysis of the latest Federal Reserve data showed that total U.S. consumer debt is on track to exceed $4 trillion this year. The analysis showed Americans collectively owe more than 26 percent of their monthly income on ... Views: 227
Be aware that important tax consequences are often associated with some fairly common events involving your home. Here are some handy things to know.
Home purchase. When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or "points," is a ... Views: 504
You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime:
1. ... Views: 348
Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Some things to consider:
1. Capital gains carry a special favored tax status. The ... Views: 247