While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion. The IRS auditor does these audits every day. They know what to look for and can ask leading questions that you may easily answer incorrectly. So what are some good tips when you are in…
You’re starting to feel overwhelmed with debt and you’re not sure how to make even the minimum payments on all those accounts. That’s when you realize that credit card companies are eager to come to your aid. They offer balance transfers to help you consolidate high interest accounts. They provide “one low monthly payment” to simplify your finances. With their…
Obtaining a legitimate college degree is an expensive proposition. Many will be paying off student loans —month after month, year after year —for decades. With smart financial management, graduates can liquidate their college debt in a reasonable time, freeing up cash for other priorities. Here are four tips for paying off loans quickly and efficiently: Build a budget. Get a…
Selling a stock is an important decision – almost as important as the decision to buy. Unfortunately, while the world is full of buy recommendations, there is very little advice on when to sell. Many investors make the mistake of holding onto losing stocks too long. Sometimes they compound this error by selling their winners too soon. The results? A…
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you reach your early retirement goal. Maximize…
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 to set up a tax-advantaged…
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. Almost every business has past-due…
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 substantiate your annual income tax…
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 sense to make less income…
If you donate a used vehicle to charity, you are allowed to take a tax deduction for your generosity, but only if you itemize deductions on your tax return. Here’s the current rule governing donated vehicles. Tax law: The charity must inform the taxpayer of the price the donated vehicle sold for at auction. This is the amount the taxpayer…
The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019: 2019 Social Security benefit highlights Up to $132,900 in wages will be subject to Social Security taxes (up…
We are delighted to announce that our own L. Scott Elwell has been recognized as a “2018 Executive of the Year” by South Jersey Biz. Scott has been ranked one of twenty-two leaders who excel in shaping the future of business in South Jersey. This achievement is such an honor and our team couldn’t be more proud! Congratulations, Scott! Below…
As the end of the year approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering. Check out the following areas: Wash sales. Thinking of selling a security before Dec. 31 to take advantage of a capital loss?To make sure the loss is deductible, refrain from buying a substantially identical security during the…
Teaching your child about money and finances is easiest when you start early. Here’s a quick review of what you should teach your children at each age if you want them to become financially competent adults: Preschool Identify coins and bills, and learn what each is worth. Understand that you can’t buy everything (choices are necessary). Save money in a…
While many people find estate planning important, those with small children may find it especially critical. An estate plan can be a helpful planning tool to ensure your children are protected in the event that something happens to you. You may use your estate plan to appoint guardians for your minor children, as well as provide for their financial well-being.…
Succession planning is very important for business owners, especially those with a family-owned business. Before you sit down with your tax and legal advisors to draw up a succession plan, you should think through three important issues: Who: The question of who will succeed you in the business can be the toughest of all. Most owners want to pass the…
Tax law change can be good — but it can also be messy. Make sure you’re keeping track of everything you need for the 2018 tax season (and beyond) using these pro-approved tips: 1. Create a separate bank account for all self-employed business activity. This will greatly minimize confusion come tax time by giving you just one place to look…
Has your child asked for your help with starting a business? If the answer’s yes, chances are you may not know where to start. Since the failure rate for new businesses is high, it would be supportive for you to do whatever you can to increase your child’s chances of success. That includes considering the following: Find out what groundwork…