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Articles from Leon Elwell | Selfgrowth.com
- Alert! Creative COVID-19 Scams - by Submitted on Jul 30, 2020 from Leon ElwellThieves are getting creative with different ways to gain access to your checking account and personal information during the COVID-19 pandemic. Here are some of the reported schemes: Mandatory online COVID-19 Test Individuals posing as workers from the U.S. Department of Health and Human ...
Views: 420 - Check your credit report – it’s free - by Submitted on Jul 08, 2020 from Leon ElwellYou can check your credit rating from all three of the major credit reporting agencies for free to ensure the accuracy of your report. Simply log onto the Internet and go to www.annualcreditreport.com. Alternatively, you can receive your free report if you call 1-877-322-8228. You are allowed to ...
Views: 420 - Claiming an education credit? Don’t forget the timing rules - by Submitted on Feb 16, 2019 from Leon ElwellThe American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return. Know what year to pay school expenses You can claim the AOTC or LLC in the taxable year ...
Views: 420 - Documents Needed for Estate Planning - by Submitted on Aug 08, 2020 from Leon ElwellYou work hard providing for your loved ones during your life. You can also provide for them when you are gone with a simple estate plan that legally conveys your desires to all your heirs. Here is a short list of some of the basic documents you should consider including in your estate ...
Views: 420 - Be Smart on the Road and Save Money - by Submitted on Jul 17, 2020 from Leon ElwellMost Americans are doing what they canto cut their budget and save money. One of the biggest expenditures for individuals and families is gas for vehicles. Although gas prices have declined in recent months courtesy of the COVID-19 pandemic, inflation isn’t dead. In fact, history suggests ...
Views: 419 - Help! My Stimulus Payment is Wrong or Missing! - by Submitted on Sep 28, 2020 from Leon ElwellMillions of Americans already received their economic impact payment. But what if you’re still waiting or you got a check, an electronic payment or a debit card with an incorrect amount? Here are some common scenarios why you may not have received your payment and what you can do. Your ...
Views: 416 - Take an IRA Deduction Now. Pay Later. - by Submitted on Feb 25, 2020 from Leon ElwellHere 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: 416 - Alert! Creative COVID-19 Scams - by Submitted on Aug 13, 2020 from Leon ElwellThieves are getting creative with different ways to gain access to your checking account and personal information during the COVID-19 pandemic. Here are some of the reported schemes: Mandatory online COVID-19 Test Individuals posing as workers from the U.S. Department of Health and Human ...
Views: 414 - Capital Gains and Dividends: Knowing The Rules Can Cut Your Tax Bill - by Submitted on May 07, 2020 from Leon ElwellCapital Gains and Dividends are subject to a number of different tax rates. Because of this, know the rules can be a great way to cut your tax bill. Dividends For most taxpayers, qualifying dividends are currently taxed at a maximum rate of 15%. If you’re in the 10% or 15% ordinary income ...
Views: 413 - How to Get Your Customers to Pay Up - by Submitted on Aug 08, 2018 from Leon ElwellYour 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: 413 - Should you incorporate or not? What’s best for your business? - by Submitted on May 01, 2018 from Leon ElwellIf 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: 412 - Tax Surprises for Newly Retired | Accounting for small businesses - by Submitted on Jan 14, 2020 from Leon ElwellYou’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: 412 - 5 Reasons Why the Elderly Are Susceptible to Scams - by Submitted on Dec 30, 2020 from Leon ElwellAs we age, we tend to become more vulnerable to fraud. According to the National Consumers League, nearly a third of all telemarketing fraud victims are age 60 or older. That type of fraud represents billions of dollars per year. One study found that senior citizens, who make up 12% of the U.S. ...
Views: 408 - CUT TAXES WITH LIFETIME GIVING - by Submitted on May 03, 2019 from Leon ElwellIf you want certain individuals to receive property from your estate, there may be advantages to making those gifts while you are still alive. Consider these facts about making lifetime gifts: Gifts to spouses. The tax law permits a married individual to make gifts of any amount to a ...
Views: 407 - The Nine Basic Rules of Investing | Accounting Software Support nj - by Submitted on Oct 16, 2019 from Leon ElwellThere is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. In deciding what investments are suitable for you, you must first understand the nine basic rules of investing. 1. Risk versus return. The greater the risk that you will lose ...
Views: 405 - Private companies: How to go up against the big guys - by Submitted on Jan 09, 2019 from Leon ElwellAt 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: 403 - Your child wants to start a business. Now what? - by Submitted on Sep 01, 2018 from Leon ElwellHas your child asked for your help with starting a business? If the answer's yes, chances are you may not know where to start. Since the failure rate for new businesses is high, it would be supportive for you to do whatever you can to increase your child's chances of success. That includes ...
Views: 403 - Protect Your Medicaid Identity from Scammers - by Submitted on Aug 26, 2020 from Leon ElwellWith 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: 402 - Do You Qualify for a Home Office Deduction? - by Submitted on May 09, 2019 from Leon ElwellYour home. Your office. Are they one and the same? If so, you may be able to take a home-office deduction that can save income and self-employment taxes. The deduction gives you the opportunity to claim expenses related to the business use of your home, such as utilities, repairs, and ...
Views: 397 - Smart strategie for required distributions RMDs - by Submitted on Sep 12, 2018 from Leon ElwellAfter 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: 397 - Having a New Baby? These Tax Tips Are Essential - by Submitted on May 24, 2019 from Leon ElwellThere are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them. When a new member is added to your family or someone you know, here are some tips to consider. Get A Social Security Number. Obtain a Social ...
Views: 394 - Lost Pet? Don’t Become a Fraud Target - by Submitted on Nov 27, 2019 from Leon ElwellWhen 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: 393 - Must Read for Small Business Coronavirus Loans - by Submitted on Jun 30, 2020 from Leon ElwellBeginning 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: 393 - Protect Your Business From COVID-19 Scams - by Submitted on Oct 03, 2020 from Leon ElwellFinancial 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: 392 - How to Have a Comfortable Retirement | Payroll services New Jersey - by Submitted on Dec 24, 2019 from Leon ElwellIf 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: 389 - Layoffs imminent? Include these 4 steps in your plan - by Submitted on Feb 01, 2019 from Leon ElwellWhether 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: 389 - Record keeping Requirements for Business - by Submitted on Jun 27, 2019 from Leon ElwellWhat 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: 388 - Bogus Chain Letters – They’re No Joke - by Submitted on Sep 30, 2020 from Leon ElwellFor decades chain letters have been making the rounds. These days they’re more likely to show up in your email than your post office box. Regardless of the process used, chain letters often have a common goal: to separate you from your money. That money, by the way, can include ...
Views: 387 - Five Great Banking Tips - by Submitted on Feb 10, 2020 from Leon ElwellBanks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is ...
Views: 384 - Six Questions Every Family Business Should Answer - by Submitted on Jul 17, 2019 from Leon ElwellTax 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: 384 - Financial Basics: Buy the Right Insurance - by Submitted on Jul 20, 2019 from Leon ElwellTo keep your insurance costs down, don’t buy insurance to pay for every small medical bill, auto repair, or financial loss. Build a savings account to handle life’s small financial inconveniences. Think of insurance as protection against catastrophes. You can lower your insurance premiums ...
Views: 383 - How to Protect Your Social Security Number from Theft - by Submitted on Nov 06, 2019 from Leon ElwellWith 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: 380 - Conquer Student Loan Debt | Payroll services New Jersey - by Submitted on Nov 14, 2019 from Leon ElwellObtaining a legitimate college degree is an expensive proposition. Many will be paying off student loans —month after month, year after year —for decades. With smart financial management, graduates can liquidate their college debt in a reasonable time, freeing up cash for other priorities. ...
Views: 375 - Five Big Tax Mistakes - by Submitted on Mar 04, 2020 from Leon ElwellEvery year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax. Don’t be too hard on ...
Views: 371 - Investing Basics: Mutual Funds | Payroll services New Jersey - by Submitted on Nov 02, 2019 from Leon ElwellWhen 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: 371 - A Warning to Kids Who Want to File Their Own Tax Return - by Submitted on Feb 15, 2020 from Leon ElwellIf you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You prepare and try to file your tax return on April 14th after finally receiving ...
Views: 370 - Avoid These 3 Homeowner’s Insurance Mistakes - by Submitted on Jan 27, 2020 from Leon ElwellLooking for a way to tackle insomnia? Read your homeowner’s insurance policy. Kidding aside, it’s worth the effort. As many families have learned the hard way, failing to evaluate policy details can lead to unanticipated expenses when disaster strikes. Sweat the fine print, especially if ...
Views: 369 - Oft-overlooked Areas to Cut Business Expenses - by Submitted on Dec 09, 2020 from Leon ElwellTrimming 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: 369 - Seeing Inside the Mind of the IRS - by Submitted on Jun 25, 2020 from Leon ElwellWhile 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: 362 - Basic Financial Documents You Must Have - by Submitted on May 14, 2020 from Leon ElwellThere are some basic financial arrangements that all individuals should consider making, no matter what their age or circumstances. But if you have a family, these basic documents become essential. A Will. As you know, a will lets you, rather than the state, control how your assets will be ...
Views: 360 - Conduct a Financial Review at Tax Time - by Submitted on Apr 14, 2020 from Leon ElwellTax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial ...
Views: 359 - Should you Incorporate your Business? | Accounting for small businesses - by Submitted on Jan 07, 2020 from Leon ElwellIf 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: 352 - Get Rid of Your Kids Summertime Blues - by Submitted on Sep 11, 2020 from Leon ElwellLet’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of activities to create ...
Views: 351 - Watch Out for Apartment Rental Rip-Offs - by Submitted on May 27, 2020 from Leon ElwellPlanning to move? As you scan apartment listings on Craigslist, you spy a great deal. The rental unit comes with amenities galore and lease payments well below market rates. You’re in a time crunch, so you make an appointment to tour the apartment. Unbeknownst to you, the “landlord” (AKA the ...
Views: 346 - Use Financial Information to Increase Business Profits - by Submitted on Apr 21, 2020 from Leon ElwellMost successful business managers use financial statements and other special reports to generate higher profits. If you haven’t been using all the financial tools available to you, here are some ideas to get you started. There is no need to feel intimidated by financial statements. If your ...
Views: 344 - Beware of the Dirty Dozen Tax Scams! - by Submitted on Nov 06, 2020 from Leon ElwellThe IRS released its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake ...
Views: 338 - Tax tips for Investors | Business Accounting Systems - by Submitted on Jan 06, 2021 from Leon ElwellDon’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: 337 - Time to Build Your Case for Loan Forgiveness - by Submitted on Aug 19, 2020 from Leon ElwellIt’s now time to build you case to ask for loan forgiveness if your business received a loan from the Small Business Administration (SBA) Payroll Protection Program (PPP). That’s because there is now guidance on filling out the new Loan Forgiveness Application. Background Around three ...
Views: 337 - Changing Marital Status? What You Need to Do - by Submitted on Feb 09, 2021 from Leon ElwellHave you recently married, divorced, or lost a spouse? A change in marital status should prompt a review of financial matters, but at such a time it is easy to overlook the details. Here are a few reminders and suggestions. Insurance coverage. When your marital status changes, review your ...
Views: 330 - Give Your Children the Financial Education They Need - by Submitted on Dec 23, 2020 from Leon ElwellMost parents, at one time or another, have asked their teenaged child, “Do you think that money grows on trees?” While the question is just a common expression, it hits at an underlying truth. Children on the verge of adulthood often don’t have a clue about financial matters. For instance, ...
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