The true key to building wealth lies in building assets. And the first step toward building assets is to get serious about tax planning. Regardless of how much money you make, you can start converting your income into assets using smart tax strategies.
The end of the year is always a busy time for business owners. I tell my clients that tax planning is one of the most important activities to schedule in the last quarter of the year. That has never been more true than at the end of the second full year of pandemic and shifting business conditions. Solid year-end tax planning helps you know where you stand in 2021 and how to prepare for 2022.
Are you worried about the federal back taxes you might owe? Does the prospect of paying them seem insurmountable? Rather than spending any more time worrying, read below to see if you might be a candidate for reducing debt through an IRS hardship program.
We recently posted a New York Times article "Does Personal Finance Still Work in Our Changing Economy?" on our Facebook page. It opened with references to Income Volatility, an economic situation that many Americans find themselves in today. If irregular employment, inconsistent work hours, and unpredictable income are the new normal in your life, does it mean that you should give up on savings and retirement planning?
With so many unpredictable factors affecting our lives and the economy in 2020, how can we anticipate positive change as this year continues to unfold? The key might be to control what you can and prepare for the tides that could turn either way in the months ahead.
Some don’t think filing early is a big advantage, especially if they plan to get a refund and won’t be penalized for late returns. Others file extensions to defer paying taxes. Here are some of the reasons you should think seriously about filing your tax return as early as possible from year to year.
It doesn’t have to be overwhelming for small business owners and the self-employed with side gigs to manage their wealth-building. It takes putting three simple concepts to work with corresponding plans of action to ensure you have what you need for retirement and other personal financial goals.
With careful management, any amount of money you make can work hard and increase in usefulness and the ability to create wealth, stability, and comfort for you and your family for generations. Conversely, even with an incredibly generous income, if not strategically managed, you can end up with cycles of debt, and chronic financial anxiety.
Many well-intentioned people think they are following sound financial advice when in reality, they’ve bought into some dangerous money management myths. This can lead to real financial trouble. If this sounds eerily familiar, then keep calm and read on. Here are some of the most common myths.
Tax time during a pandemic can be complicated for everyone. Landlords adversely affected by the loss of rent payments must understand the tax laws for 2020. There have been some changes and adjustments related to COVID-19 in 2020. We offer some guidance on how those changes interact with existing rental income tax laws.