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Articles from Leon Elwell | Selfgrowth.com
- 2 MUST-DOS WHEN HIRING YOUR FIRST EMPLOYEE | ACCOUNTING SERVICES NEW JERSEY - by Submitted on Feb 25, 2019 from Leon ElwellMaybe you started a new business —solo or with a business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make your first hire. Think of the hiring process in two stages: 1. Define your ...
Views: 439 - 2020 Health Savings Account Limits | Payroll services New Jersey - by Submitted on Nov 10, 2019 from Leon ElwellThe savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay qualified health care costs ...
Views: 423 - 3 big ways the tax code helps natural disaster victim - by Submitted on Jan 22, 2019 from Leon ElwellWhen natural disasters occur, many people are often left with damaged or destroyed homes and businesses. Some lose everything they own. If you are affected by a disaster that is declared by the president to qualify for federal assistance, there are several provisions in the tax law that may ...
Views: 491 - 3 Debt-Destroying Habits Everyone Should Follow - by Submitted on Aug 22, 2018 from Leon ElwellStaying out of debt is simple, but it's not easy. It requires resilience — forgoing impulsive purchases in exchange for long-term financial freedom. Personal debt can be categorized as necessary or unnecessary. Necessary debt can generally be linked to assets such as your home mortgage, a ...
Views: 557 - 3 Natural Disaster Prep Tax Tips | Tax preparation Services NJ - by Submitted on Nov 14, 2018 from Leon ElwellThe storms and wildfires amid the most recent year are a decent update that a standout amongst other approaches to deal with the fallout of a catastrophic event is to prepare. On the off chance that you live in a cataclysmic event high-hazard region, you can find a way to ease impose and money ...
Views: 549 - 3 Simple Steps in Outsmart Email Scams - by Submitted on Jan 02, 2019 from Leon ElwellThere’s no doubt you’ve seen an email touting a too-good-to-be-true offer in your inbox every now and then. Random pleas from mysterious people who need your help recovering inheritances they promise to share with you probably makes you shake your head and hit delete.But what do you do when an ...
Views: 478 - 3 Tips to Steer Clear of Work-From-Home Scams - by Submitted on Dec 12, 2020 from Leon ElwellWith millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing ...
Views: 273 - 3 Tips to Steer Clear of Work-From-Home Scams |Tax and Accounting Firm Solutions - by Submitted on Dec 15, 2020 from Leon ElwellWith millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing ...
Views: 245 - 5 questions to ask before starting a home-based business - by Submitted on Jul 07, 2018 from Leon ElwellA lot of people consider self-employment because they've lost their seemingly stable jobs in the corporate world. Others just dream of making it on their own. As online marketing becomes easier and more accessible, and employees discover the advantages of telecommuting, home-based work ...
Views: 494 - 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 - 5 ways to get smart when giving - by Submitted on Jan 27, 2019 from Leon ElwellYou probably participated in many charity events and fundraisers during the holiday season. If you plan to give again during 2019, here are a handful of charitable donation strategies to consider if you want to boost your deductions: Audit-proof your claims. The IRS imposes strict ...
Views: 532 - 6 ways to avoid credit card catastrophes - by Submitted on Jun 06, 2018 from Leon ElwellCredit cards should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts. If ...
Views: 741 - A Tip to Avoid Late Payment Penalties - by Submitted on Jun 18, 2020 from Leon ElwellMany clients like to keep their Federal Tax Withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as these quarterly payments are made ...
Views: 444 - 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 - 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 - 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 - Amended Returns: What You Should Know - by Submitted on Apr 05, 2019 from Leon ElwellOut of sight, out of mind. When it comes to old tax returns,that’s an approach many people like to follow. But before you completely forget about your old tax forms, you may wish to consider filing an amended return. Why file an amended return? If you made a mistake on a prior-year tax ...
Views: 558 - Answers to Questions Asked During NJ Paid Sick Leave - by Submitted on Nov 29, 2018 from Leon ElwellWe have been gotten some questions about the new NJ Sick Leave program, particularly this most-asked question: when should the business furnish employees with the notice of employee rights? The answer is: Every business will give every employee a written copy of the notification: 1. Not ...
Views: 579 - Are you Eligible for the Earned Income Tax Credit (EITC)? - by Submitted on Dec 17, 2019 from Leon ElwellSince 1975, the Earned Income Tax Credit (EITC) has provided a tax break to millions of Americans each year. The credit was originally established to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. The EITC is often the subject of ...
Views: 614 - Audit-proof your shareholder loan - by Submitted on Jun 25, 2018 from Leon ElwellIf you're a business owner and your company lends you money, you'll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend taxable to you as income. Knowing what the IRS might ...
Views: 492 - 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 - Balance Out Tax Time - 4 Summer Tax Tips from the IRS - by Submitted on Mar 18, 2019 from Leon ElwellBecause it is late spring, it doesn't imply that you ought to hold any considerations about one year from now's assessment form. The decisions made during the time can and will influence how a lot of cash you return from the IRS or the amount you should pay. An expansive discount sounds ...
Views: 461 - 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 - 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 - Before Consolidating Debt, Ask These 4 Questions - by Submitted on Jan 27, 2020 from Leon ElwellYou’re starting to feel overwhelmed with debt and you’re not sure how to make even the minimum payments on all those accounts. That’s when you realize that credit card companies are eager to come to your aid. They offer balance transfers to help you consolidate high interest accounts. They ...
Views: 571 - Best Practices Kick Your Record Keeping Skills Into High Gear - by Submitted on Oct 09, 2018 from Leon ElwellExpense law change can be great — however it can likewise be untidy. Ensure you're monitoring all that you requirement for the 2018 assessment season (and past) utilizing these ace endorsed tips: 1. Make a different financial balance for all independently employed business movement. This will ...
Views: 500 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - Considering divorce? Think about your tax filing status - by Submitted on Jun 01, 2018 from Leon ElwellThe advantage of filing a joint tax return is well known — couples generally save money when compared with filing separately. However, there is at least one potential disadvantage. Both spouses are liable for the entire income tax bill, including interest and penalties, even if one earned most ...
Views: 432 - 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 - 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 - 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 - Don’t Neglect Your Succession Planning | Business Accounting System - by Submitted on Jan 13, 2021 from Leon ElwellSuccession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) and keep the business running smoothly? Unfortunately, many businesses don’t survive the transition to the ...
Views: 292 - Everyone Needs a Financial Plan | Business Accounting Systems - by Submitted on Feb 01, 2021 from Leon ElwellAs some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for retirement is crucial. Even small amounts can go towards U.S. savings bonds or mutual funds with an ...
Views: 282 - 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 - Financial Basics: Calculate Your Net Worth - by Submitted on Oct 28, 2020 from Leon ElwellWhatever your financial goals in life – whether they include buying a new house, taking a trip to Europe, funding your children’s college educations, having enough money fora comfortable retirement, or all of the above -you are more likely to reach your goals if you do some planning. The fact ...
Views: 300 - 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 - 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 - 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 - 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, ...
Views: 325 - Have you considered these year-end speculation moves? - by Submitted on Dec 19, 2018 from Leon ElwellAs the year’s end approaches, investigate your venture portfolio. There might be some duty sparing procedures worth considering. Look at the accompanying zones: Wash deals. Considering moving a security before Dec. 31 to exploit a capital loss?To ensure the misfortune is deductible, forgo ...
Views: 433 - 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 - 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 - High medical bills? Consider these 3 tips to save… - by Submitted on Mar 01, 2019 from Leon ElwellWith increasingly high costs of medications, doctor visits and hospital stays, remaining healthy has become an expensive proposition. In addition, it seems as though health insurers are passing along more and more costs in the form of higher deductibles, increased premiums and larger ...
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