Those Pesky Records!
Those Pesky Records! Published: 10/31/2024 Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from the later of the tax return filing due date […]
Understanding Tax Terms: Contemporaneous Records
Understanding Tax Terms: Contemporaneous Records Published: 10/28/2024 If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and […]
Proper Inventory Management Can Lead to Higher Cash Flow
Proper Inventory Management Can Lead to Higher Cash Flow Published: 10/25/2024 Mastering inventory levels is a key to many successful and growing businesses. Here are several reasons why proper inventory management can lead to lower costs and higher cash flow: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged, stolen, or […]
Taming Monthly Bill Creep
Taming Monthly Bill Creep Published: 10/22/2024 You notice one of your monthly expenses just went up from $25 to $28. Six months later and you’re now paying $35. Fast forward another 18 months and now the charge is $50 a month. If you have an expense on autopay, you may go several months without noticing […]
Think Before Tapping 401(k)s and IRAs as Emergency Fund
Think Before Tapping 401(k)s and IRAs as Emergency Fund Published: 10/16/2024 All Americans are now allowed to withdraw up to $1,000 every year from retirement accounts to pay for a broad range of emergency expenses. There are several reasons, however, why you should avoid tapping your retirement accounts at all costs. Reasons to leave retirement […]
Tips to Protect Your Social Security Number
Tips to Protect Your Social Security Number Published: 10/14/2024 Very few things in life can create a higher degree of stress than having your Social Security number (SSN) stolen. This is because, unlike other forms of identification, your SSN is virtually permanent. Here are some things that you can do to minimize the risk of […]
5 Ideas to Help Save Money
5 Ideas to Help Save Money Published: 10/11/2024 Creating a sound financial foundation for you and your family is anything but easy. It is tough to save when everyone is tempting you with adding one monthly service after another. Add to that the high increases in things like property taxes and insurance and you realize […]
A Dozen Tax Planning Triggers
A Dozen Tax Planning Triggers Published: 10/8/2024 Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. […]
Third Quarter Estimated Taxes are Due
Third Quarter Estimated Taxes are Due Published: 10/3/2024 If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Monday, Sept. 16, 2024 You are required to withhold at least […]
Understanding Tax Terms: Head of Household
Understanding Tax Terms: Head of Household Published: 9/30/2024 The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits: First, a higher standard deduction. Second, lower effective tax rates for virtually every […]