Fake it until you make it! I heard this expression recently and many times in the past, but this time it made me cringe. Some might feel that there’s nothing wrong with showing people how successful and smart you are when you’re not really there yet. Here’s the problem and what to do instead: It’s […]
Retirement
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 […]
The LLC Trap
Operating a business as a limited liability company, or “LLC” is very popular among small business owners. LLC’s have been around for several decades and can be formed in every state. There can be several benefits, but several major drawbacks. The Benefits of an LLC: Less Administrative Burden: If you operate as a single-member LLC, […]
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 […]
Simplify Your Home Office Deduction
The home office deduction is used by both small businesses and employees, which allows a deduction for using part of your home exclusively and regularly for business purposes. This allows a percentage of certain expenses to become tax deductible or at least more tax favorable such as mortgage interest, property taxes, rent, utilities, homeowners insurance, […]
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 Hidden Retirement Asset
Financial advisors frequently mention the three main pillars of retirement, which are social security, pension plans, and personal savings. Yet, you rarely hear them speak about an asset that may prove to be an individual’s largest asset – their business. Many business owners invest their money back into their business over the years, especially during […]
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 […]