Is a Section 529 plan the right college savings plan for you?

There are many ways to save for college, but one thing is certain: it is never too early to start. One way to save for college is with a “Section 529” plan. These plans offer a way to pay for college expenses with some nice tax advantages. What are they? Section 529 plans allow you […]

Financial Basics: Buy the Right Insurance

To keep your insurance costs down, don’t buy insurance to pay for every small medical bill, auto repair, or financial loss. Build a savings account to handle life’s small financial inconveniences. Think of insurance as protection against catastrophes. You can lower your insurance premiums significantly by taking larger deductibles. Also, look for comprehensive insurance, not […]

Ideas to Improve Profit

Consider the following ideas for saving time and money and making your business more profitable. 1. Develop tight controls over billing and collections. To speed up cash flow, reduce the time between shipping your product and sending an invoice. Consider semimonthly instead of monthly billing, and send second notices more quickly. 2. Collect past-due receivables. […]

Recordkeeping Requirements for Business

What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to […]

Most Common Areas for Tax Beaks

Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Here are some common areas that can mean big money savings with proper planning. 1. Familiarize yourself with the income levels at which various tax breaks phase out. While it doesn’t make […]

Six Questions Every Family Business Should Answer

Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address. 1. Do you have a plan? Without a plan, your business has no direction and possibly no future. You can be sure your strong […]

Having a New Baby? These Tax Tips Are Essential

There are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them. When a new member is added to your family or someone you know, here are some tips to consider. Get A Social Security Number. Obtain a Social […]

Nine Basic Rules of Building a Nest Egg

Building a nest egg to give you a secure financial future doesn’t require a degree in economics, just a degree of common sense. The rules are easy and time-tested, and the smart players always abide by them. 1. It’s never too late or too early to start. Think back five or ten years and say […]

Do You Qualify for a Home Office Deduction?

Your home. Your office. Are they one and the same? If so, you may be able to take a home-office deduction that can save income and self-employment taxes. The deduction gives you the opportunity to claim expenses related to the business use of your home, such as utilities, repairs, and insurance. Meet the requirements, and […]

Cut Taxes With Lifetime Giving

If you want certain individuals to receive property from your estate, there may be advantages to making those gifts while you are still alive. Consider these facts about making lifetime gifts: Gifts to spouses. The tax law permits a married individual to make gifts of any amount to a spouse without incurring any gift tax. The […]