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Articles from Leon Elwell | Selfgrowth.com
- Watch Out for Apartment Rental Rip-Offs - by Submitted on May 27, 2020 from Leon ElwellPlanning to move? As you scan apartment listings on Craigslist, you spy a great deal. The rental unit comes with amenities galore and lease payments well below market rates. You’re in a time crunch, so you make an appointment to tour the apartment. Unbeknownst to you, the “landlord” (AKA the ...
Views: 21 - Basic Financial Documents You Must Have - by Submitted on May 14, 2020 from Leon ElwellThere are some basic financial arrangements that all individuals should consider making, no matter what their age or circumstances. But if you have a family, these basic documents become essential. A Will. As you know, a will lets you, rather than the state, control how your assets will be ...
Views: 32 - Capital Gains and Dividends: Knowing The Rules Can Cut Your Tax Bill - by Submitted on May 07, 2020 from Leon ElwellCapital Gains and Dividends are subject to a number of different tax rates. Because of this, know the rules can be a great way to cut your tax bill. Dividends For most taxpayers, qualifying dividends are currently taxed at a maximum rate of 15%. If you’re in the 10% or 15% ordinary income ...
Views: 48 - Retirees and Taxes - by Submitted on Apr 30, 2020 from Leon ElwellWhen it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher ...
Views: 80 - Use Financial Information to Increase Business Profits - by Submitted on Apr 21, 2020 from Leon ElwellMost successful business managers use financial statements and other special reports to generate higher profits. If you haven’t been using all the financial tools available to you, here are some ideas to get you started. There is no need to feel intimidated by financial statements. If your ...
Views: 56 - Conduct a Financial Review at Tax Time - by Submitted on Apr 14, 2020 from Leon ElwellTax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial ...
Views: 46 - Five Big Tax Mistakes - by Submitted on Mar 04, 2020 from Leon ElwellEvery year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax. Don’t be too hard on ...
Views: 64 - Take an IRA Deduction Now. Pay Later. - by Submitted on Feb 25, 2020 from Leon ElwellHere is a tax planning tip for those who file their tax returns early and wish to contribute to a tax deductibleIRA, but do not have the funds to do so. Say you want to pay into an IRA to get a tax break but you don’t have the money? Take heart, there are ways to get around this. The IRS allows ...
Views: 71 - A Warning to Kids Who Want to File Their Own Tax Return - by Submitted on Feb 15, 2020 from Leon ElwellIf you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You prepare and try to file your tax return on April 14th after finally receiving ...
Views: 67 - Five Great Banking Tips - by Submitted on Feb 10, 2020 from Leon ElwellBanks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is ...
Views: 74 - Before Consolidating Debt, Ask These 4 Questions - by Submitted on Jan 27, 2020 from Leon ElwellYou’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 ...
Views: 202 - Avoid These 3 Homeowner’s Insurance Mistakes - by Submitted on Jan 27, 2020 from Leon ElwellLooking for a way to tackle insomnia? Read your homeowner’s insurance policy. Kidding aside, it’s worth the effort. As many families have learned the hard way, failing to evaluate policy details can lead to unanticipated expenses when disaster strikes. Sweat the fine print, especially if ...
Views: 93 - Tax Surprises for Newly Retired | Accounting for small businesses - by Submitted on Jan 14, 2020 from Leon ElwellYou’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime: 1. ...
Views: 63 - Should you Incorporate your Business? | Accounting for small businesses - by Submitted on Jan 07, 2020 from Leon ElwellIf you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a ...
Views: 80 - How to Have a Comfortable Retirement | Payroll services New Jersey - by Submitted on Dec 24, 2019 from Leon ElwellIf you’re age 35 or more and haven’t made a serious effort to plan for retirement, your dreams of a comfortable and active retirement could turn into the nightmare of being old and poor. Scare tactics, you say? Consider this: most experts say you need at least 66% of pre-retirement income to ...
Views: 110 - Are you Eligible for the Earned Income Tax Credit (EITC)? - by Submitted on Dec 17, 2019 from Leon ElwellSince 1975, the Earned Income Tax Credit (EITC) has provided a tax break to millions of Americans each year. The credit was originally established to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. The EITC is often the subject of ...
Views: 332 - Understanding Tax Terms: Structuring | Payroll services New Jersey - by Submitted on Dec 04, 2019 from Leon ElwellIf someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background To identify ...
Views: 87 - Understanding Tax Terms: Structuring | QuickBooks Consultant - by Submitted on Dec 02, 2019 from Leon ElwellIf someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background To identify ...
Views: 78 - Lost Pet? Don’t Become a Fraud Target - by Submitted on Nov 27, 2019 from Leon ElwellWhen a pet disappears, owners can become distraught, calling animal shelters, advertising in local papers, posting photos on every telephone pole and fence post all in the hope of hearing news of their lost animal. At such times, pet owners are also more vulnerable to fraud. Consider the ...
Views: 117 - Conquer Student Loan Debt | Payroll services New Jersey - by Submitted on Nov 14, 2019 from Leon ElwellObtaining 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. ...
Views: 107 - 2020 Health Savings Account Limits | Payroll services New Jersey - by Submitted on Nov 10, 2019 from Leon ElwellThe savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay qualified health care costs ...
Views: 156 - How to Protect Your Social Security Number from Theft - by Submitted on Nov 06, 2019 from Leon ElwellWith the dramatic increase in identity theft, what can be done to protect your Social Security Number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security Card with you. Your parents were encouraged to do this, but times have changed. You will need to ...
Views: 160 - Investing Basics: Mutual Funds | Payroll services New Jersey - by Submitted on Nov 02, 2019 from Leon ElwellWhen you buy shares of a mutual fund, your money is pooled with other shareholders’ money and invested in a portfolio of securities (stocks, bonds, etc.) An investment in a mutual fund offers you diversification and management by professionals. Mutual funds have no guarantee of good returns ...
Views: 122 - How to Defend Your Deductions - by Submitted on Oct 22, 2019 from Leon ElwellWhen faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch To prove your deduction most ...
Views: 115 - The Nine Basic Rules of Investing | Accounting Software Support nj - by Submitted on Oct 16, 2019 from Leon ElwellThere is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. In deciding what investments are suitable for you, you must first understand the nine basic rules of investing. 1. Risk versus return. The greater the risk that you will lose ...
Views: 122 - Lifestyle Audits. A thing of the past? - by Submitted on Aug 13, 2019 from Leon ElwellThe word “audit” is enough to raise anyone’s blood pressure. If the IRS agent then tells you they want to see bank accounts and personal records you may need a heart monitor. Should this happen to you, you could be in a process known as a lifestyle audit. Background The lifestyle audit was ...
Views: 149 - Tax Tips to Aid in Retiring Early - by Submitted on Aug 09, 2019 from Leon ElwellWouldn’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 ...
Views: 130 - Is a Section 529 plan the right college savings plan for you? - by Submitted on Jul 29, 2019 from Leon ElwellThere 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 ...
Views: 188 - Financial Basics: Buy the Right Insurance - by Submitted on Jul 20, 2019 from Leon ElwellTo 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 ...
Views: 139 - Six Questions Every Family Business Should Answer - by Submitted on Jul 17, 2019 from Leon ElwellTax 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 ...
Views: 124 - Ideas to Improve Profit - by Submitted on Jul 02, 2019 from Leon ElwellConsider 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 ...
Views: 187 - Record keeping Requirements for Business - by Submitted on Jun 27, 2019 from Leon ElwellWhat 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. ...
Views: 144 - Most Common Areas for Tax Beaks - by Submitted on Jun 20, 2019 from Leon ElwellTax 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 ...
Views: 149 - Having a New Baby? These Tax Tips Are Essential - by Submitted on May 24, 2019 from Leon ElwellThere 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 ...
Views: 157 - Nine Basic Rules of Building a Nest Egg - by Submitted on May 20, 2019 from Leon ElwellBuilding 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 to ...
Views: 193 - Do You Qualify for a Home Office Deduction? - by Submitted on May 09, 2019 from Leon ElwellYour 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 ...
Views: 154 - CUT TAXES WITH LIFETIME GIVING - by Submitted on May 03, 2019 from Leon ElwellIf 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 ...
Views: 166 - The Alternative Minimum Tax: Will it affect you? - by Submitted on Apr 23, 2019 from Leon ElwellIn your tax planning, don’t overlook how your tax-saving strategies might be impacted by the alternative minimum tax. What is the alternative minimum tax? Enacted back in 1969, the alternative minimum tax (AMT) is a separate income tax calculation that was designed to make sure that ...
Views: 283 - Parents, Children and Taxes - by Submitted on Apr 12, 2019 from Leon ElwellBeing a parent brings tremendous rewards, but also the challenge and responsibility of supporting and educating your child. Fortunately, the tax code has many ways to help ease a parent's financial burden. Here's an overview of the many ways that taxes can affect your decisions as a ...
Views: 166 - Amended Returns: What You Should Know - by Submitted on Apr 05, 2019 from Leon ElwellOut of sight, out of mind. When it comes to old tax returns,that’s an approach many people like to follow. But before you completely forget about your old tax forms, you may wish to consider filing an amended return. Why file an amended return? If you made a mistake on a prior-year tax ...
Views: 217 - Where to get money for a growing business - by Submitted on Mar 29, 2019 from Leon ElwellThe following sequence of events is common to many new and expanding businesses. The Short-Term Squeeze You start your business with a limited amount of capital and an abundance of good ideas and ambition. The sales activity has been adequate to produce a net profit. Your inventory is ...
Views: 253 - Balance Out Tax Time - 4 Summer Tax Tips from the IRS - by Submitted on Mar 18, 2019 from Leon ElwellBecause it is late spring, it doesn't imply that you ought to hold any considerations about one year from now's assessment form. The decisions made during the time can and will influence how a lot of cash you return from the IRS or the amount you should pay. An expansive discount sounds ...
Views: 203 - Tax strategies for homeowners - by Submitted on Mar 15, 2019 from Leon ElwellBe aware that important tax consequences are often associated with some fairly common events involving your home. Here are some handy things to know. Home purchase. When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or "points," is a ...
Views: 227 - High medical bills? Consider these 3 tips to save… - by Submitted on Mar 01, 2019 from Leon ElwellWith increasingly high costs of medications, doctor visits and hospital stays, remaining healthy has become an expensive proposition. In addition, it seems as though health insurers are passing along more and more costs in the form of higher deductibles, increased premiums and larger ...
Views: 175 - 2 MUST-DOS WHEN HIRING YOUR FIRST EMPLOYEE | ACCOUNTING SERVICES NEW JERSEY - by Submitted on Feb 25, 2019 from Leon ElwellMaybe you started a new business —solo or with a business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make your first hire. Think of the hiring process in two stages: 1. Define your ...
Views: 201 - Claiming an education credit? Don’t forget the timing rules - by Submitted on Feb 16, 2019 from Leon ElwellThe American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return. Know what year to pay school expenses You can claim the AOTC or LLC in the taxable year ...
Views: 199 - Your 2019 Social Security benefits recap | Accounting Services New Jersey - by Submitted on Feb 08, 2019 from Leon ElwellThe 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 ...
Views: 223 - Layoffs imminent? Include these 4 steps in your plan - by Submitted on Feb 01, 2019 from Leon ElwellWhether your firm is large, small or somewhere in between, you may be faced with rising costs and declining revenues. This, in turn, may force you to make tough personnel decisions, including layoffs. Before you take this step, however, it makes sense to consider alternatives. Ask yourself ...
Views: 182 - 5 ways to get smart when giving - by Submitted on Jan 27, 2019 from Leon ElwellYou probably participated in many charity events and fundraisers during the holiday season. If you plan to give again during 2019, here are a handful of charitable donation strategies to consider if you want to boost your deductions: Audit-proof your claims. The IRS imposes strict ...
Views: 227 - 3 big ways the tax code helps natural disaster victim - by Submitted on Jan 22, 2019 from Leon ElwellWhen natural disasters occur, many people are often left with damaged or destroyed homes and businesses. Some lose everything they own. If you are affected by a disaster that is declared by the president to qualify for federal assistance, there are several provisions in the tax law that may ...
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