There is one financial transaction that I strongly discourage clients from doing and here’s why . . . Do not withdraw from your retirement accounts early! Here are the reasons why I hear most people want to withdraw from their retirement accounts: Purchase a house Pay for expenses while unemployed As a temporary loan, with […]
Taxes
5 Risks to be Aware of that Will Hurt Your Finances
There are ups and downs in life, good times and bad, and everything in between. Unfortunately, some events can hurt your finances in a significant way and may even be beyond your control. What are some of these risks to be aware of and what can you control? Health Issues As we become older, there […]
COVID-19 Tax and Financial Updates 04-17-2020
Tax Updates Some taxpayers have started to receive their Economic Impact Payments The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 […]
COVID-19 Tax and Financial Updates 04-10-2020
Here are the latest updates and some reminders: Tax Updates Tax deadlines: both New Jersey and New York have finally extended the tax deadline from April 15th to July 15th. If you have an existing installment agreement with the IRS, payments due between April 1 and July 15, 2020 are suspended. CARES Act economic impact […]
COVID-19 Tax and Financial Updates 03-27-2020
There have been a lot of tax and financial announcements due to the COVID-19 pandemic. Here are some highlights of updates as of this writing: Tax Updates Tax deadlines: The Treasury Secretary announce that the tax deadline for all businesses and individuals is delayed from April 15th to July 15th. Additionally, they will be able […]
Tax and Financial Updates
There have been a lot of tax and financial announcements due to the COVID-19 pandemic. Here are some tax, unemployment and loan updates. Tax Filing and Payment Due Dates Extended The Treasury Secretary announce that the tax deadline for all businesses and individuals is delayed from April 15th to July 15th. Additionally, they will be […]
What Keeps Business Owners Up at Night?
Aside from worrying about everything, there are really just a few timeless concerns of most business owners. If you don’t have at least one of these concerns then that is probably a concern. Here they are with a few solutions: Employees: No matter how well you run your business, it will always be a challenge […]
Beware of These 3 Conflicts Between Husbands and Wives When Both Work, Which Lead to Marital Tensions
According to the Bureau of Labor Statistics, approximately 61.1% of both parents work in families that have children under 18 years of age. It seems to make economic sense to have both parents working nowadays, but it can create underlying tensions, which you should be aware of: Independence vs. interdependence: Spouses are interdependent upon one […]
Do This to Avoid a Big Tax Surprise
If there is one recurring theme from this tax season that caused the biggest tax surprise it is this: Double-check your withholdings: The withholding tables were revised and many taxpayers were under withheld, which caused them to owe taxes versus receiving a refund. The easiest way to correct this is to see how much you […]
Some Horrible Ways to Lower Your Tax Bill That are Not Recommended
I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]