If you’re a small business owner, you need a business plan. Not only will a business plan help you think more clearly about your business’ future, it also forces you to organize your goals and strategies, and keeps your business on track.
Do you use your home as an office? If so, it's worth considering whether or not you are eligible to take a tax deduction for your home office. The benefit can be significant. The home office deduction is one key way to reduce your tax bill. Here's some guidance from the IRS on how to determine your eligibility.
If you are investing in rental property, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.
You know that financial health is the key to peace of mind. When your money is working for you, you can provide for your family and retire when you're ready. The system doesn't own you. Instead, you are in control.
In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.
Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option. Many people who prefer a Roth IRA say that paying taxes on retirement contributions today is better than paying taxes on retirement savings tomorrow.
When you're starting out - new career, new location, new relationships - you probably get lots of advice about planning for your future. Sure, you're fully engaged in budgeting your income and thinking about lifestyle priorities. Still, it's a good idea to start working with a personal financial advisor to develop your long-term financial plan. That comprehensive plan will include, at the least, savings and investment, an emergency fund, debt elimination (student loans), retirement, and income protection (life insurance).
Most people look forward to retirement. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, you will need retirement income to support your lifestyle. Many people depend on multiple sources of retirement income. Here's a quick review of the six primary income sources:
If you are confused by the options for retirement plans that are available, you are not alone. Not many employers offer traditional pensions anymore. Today most workers build retirement accounts from a combination of employer sponsored and individual plans. There are two primary retirement plan types — 401(k)s and IRAs — and your challenge is to know how to choose the right plan for you.