How many financial accounts should you have both personally and for your business? These days it is so easy to open up accounts, but if there is no strategy for having a lot of accounts, then it can create unnecessary chaos and even increase your accounting and tax preparation costs. Let’s look at the pros […]
IRA
Deadline Approaching: Should You Make a Retirement Plan Contribution?
The due date for your tax return is fast approaching and so is the deadline to make a contribution to your IRA or a SEP-IRA if you own a business. Should you make the contribution, save the cash, or pay off some debt? Reasons to Make the Contribution: Let’s assume that you have the extra […]
Did Your Tax Balance Catch You by Surprise?
What should you do if you file your tax return and then realize that you now have a large liability that can’t pay? First, don’t panic as there are several options for you: Installment Agreement: An installment agreement can be a good option for you, which can sometimes be requested when you file your tax […]
If You Want More Success Then Know the Difference Between Important vs Urgent
Important vs. urgent. Many people confuse the two, but if you want to be more successful, then you need to be able to discern between them. Important items have great significance or value while urgent items require our attention immediately. Here are some examples: Important: These are items that you need to do, but do […]
Is it Better if I File Separately from My Spouse and Other Common Tax Questions Answered
We receive a lot of questions pertaining to tax and financial matters. Here is a sample of commonly asked questions: Q: Is it better if I file separately from my spouse? A: Usually the answer is no, and the only way to know for certain is to perform an analysis when preparing the tax return […]
Muni Bonds or Taxable Bonds?
Investing in municipal bonds can be a benefit due to the fact that the interest income they provide is generally tax-exempt. In order to realize the full tax benefits of municipal bonds, you have to be careful not to make the following mistakes. Low Interest Rates: Interest income from municipal bonds is usually much lower […]
Municipal Bond Investing Mistakes
Investing in municipal bonds can be a benefit due to the fact that the interest income they provide is generally tax-exempt. In order to realize the full tax benefits of municipal bonds, you have to be careful not to make the following mistakes. Low Interest Rates: Interest income from municipal bonds is usually much lower […]
Don’t Be a Co-Signer Unless You Want to Pay Someone Else’s Debts
Your friend, child, brother, or parent can’t get a mortgage or a car loan so they ask you to be a co-signer. Of course you will be a hero and co-sign for your loved one! But beware of the dangers before doing so. In reality, the lender is assuming that the odds are fairly high […]
Before You Buy a Business
Businesses are bought and sold each day and some make better investments than others. Before you buy a business, here are a few things to make sure you make the right move: Why is the seller selling? There can be many reasons why a business is for sale, and some reasons are better than others. […]
The Envelope Method Revisited
A while back I wrote about using the envelope method to help manage expenses and cash flow. Because I believe in simplicity, there may be a simpler way to use this powerful method. First, a background on the envelope method: I started using this method when I was a teenager through the guidance of my […]