For long-term investment goals such as retirement, time can be one of your biggest advantages. That's because time allows your investment dollars to do some of the hard work for you through a mathematical principle known as compounding. The snowball effect The premise behind compounding is fairly simple. You invest to earn money, and if those returns are then reinvested, that money can also earn returns. For example, say you invest $1,000 and earn an annual return of 7% — which, of course, … [Read more...]
Don’t Wait to Ask Aging Parents These Important Questions
It's human nature to put off complicated or emotionally heavy tasks. Talking with aging parents about their finances, health, and overall well-being might fall in this category. Many adult children would rather avoid this task, as it can create feelings of fear and loss on both sides. But this conversation — what could be the first of many — is too important to put off for long. The best time to start is when your parents are relatively healthy. Otherwise, you may find yourself making critical … [Read more...]
“Why do all my friends get bigger tax refunds than I do?”
We hear this question often, and our answer is always the same: “It depends”. There are many factors that go into determining what refund a taxpayer receives after the tax return is filed. Change one of those factors even slightly, and the results can shift a lot. Here are just some of the factors: Are your friends/co-workers/neighbors having a lot of tax withheld from their paychecks all year? And are you have much less withheld? The biggest factor in determining a refund amount is … [Read more...]
What’s Your Money Script?
Money is power. A fool and his money are soon parted. A penny saved is a penny earned. Money is the root of all evil. Do any of these expressions ring true for you? As it turns out, the money beliefs our families espoused while we were growing up may have a profound effect on how we behave financially today — and may even influence our financial success. Beliefs drive behaviors In 2011, The Journal of Financial Therapy published a study by financial … [Read more...]
2017 Year End Tax Alert
Open/Read 2017 YEAR END TAX ALERT (PDF document) … [Read more...]
Taxpayers Who Receive an IRS Notice
Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in the mailbox, here are ten things you should know. OPEN/DOWNLOAD ARTICLE: Taxpayers Who Receive an IRS Notice … [Read more...]
Worksheet for Self Employed
WORKSHEET: Self-Employment Worksheet OPEN/DOWNLOAD ARTICLE: Self-Employment Tax … [Read more...]
Rental Income & Expenses Worksheet
OPEN WORKSHEET: Rental Income and Expenses Worksheet OPEN/DOWNLOAD ARTICLE: Rental Income and Expenses … [Read more...]
Non cash Charitable Donation Tracker
OPEN FORM: Non cash Charitable Donation Tracker … [Read more...]
Mileage and Expense Log
Most employees and self-employed taxpayers can use this chart. Do not use this chart if the taxpayer’s home is the principal place of business. OPEN/DOWNLOAD: Mileage and Expense Log … [Read more...]
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