What’s New in Taxes in 2021

In addition to the planning changes in tax benefit phaseouts and other cost of living (COLA) adjustments, here are changes to the tax code for 2021. For Individuals Tuition and Fees Deduction eliminated. This oft-expired tax break is now permanently closed. Lifetime Learning Credit phaseouts increase dramatically. To help reduce the impact of the elimination […]

How to Build Profits with A Business Website

The primary purposes of business websites are to attract customers and motivate them to take action. The action might be initiating contact, ordering something, bookmarking the site for future reference, or referring others to the business. If a site simply entertains without motivating, it’s not doing its job. To build a site that will work […]

Changing Marital Status? What You Need to Do

Have 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 insurance policies. Combining separately held health […]

Everyone Needs a Financial Plan

As 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 automatic savings […]

Understand the Time Value of Money

If you were offered the choice of being paid $100 today or $100 a year from now, you would probably choose $100 today. After all, even at today’s low interest rates, your $100 might earn a small return over the next year. This simple example illustrates an important concept: that the value of money changes […]

Don’t Neglect Your Succession Planning

Business Accounting Systems

Succession 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 next generation. As with most business problems, good planning is the […]

Tax tips for Investors

Tax tips for Investors

Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Some things to consider: 1. Capital gains carry a special favored tax status. The tax rates on long-term capital gains are lower than […]

5 Reasons Why the Elderly Are Susceptible to Scams

Woman with Computer

As 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. population, comprise […]

Give Your Children the Financial Education They Need

Father & Son with Money

Most 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, can you honestly say that […]

Why do I need a tax professional when I can buy tax prep software?

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As tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and financial guidance. Although software may […]