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Articles from Leon Elwell | Selfgrowth.com
- 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: 34 - 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: 23 - 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: 68 - 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: 43 - 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: 37 - 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: 77 - 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: 57 - 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: 56 - 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: 70 - 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: 94 - 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: 63 - 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: 79 - 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: 141 - 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: 72 - 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: 113 - 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: 147 - 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: 117 - 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: 139 - 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: 86 - 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: 110 - 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: 99 - 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: 148 - 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: 101 - 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: 125 - 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 ...
Views: 119 - Seasonal spender or credit card addict? - by Submitted on Jan 16, 2019 from Leon ElwellIt’s not a big surprise if you found yourself reaching for your credit card more often around the holidays. The National Retail Federation projected that consumers would spend an average of $1,007 on gifts, decorations,and candy this season. However, if you’ve noticed your plastic habits ...
Views: 101 - Private companies: How to go up against the big guys - by Submitted on Jan 09, 2019 from Leon ElwellAt the point when enormous box stores come to town, in what capacity can an independent venture effectively contend? That is an intense inquiry. While one answer doesn't fit all cases, certain systems have demonstrated powerful for some organizations. Think about these thoughts: Contend ...
Views: 103 - 3 Simple Steps in Outsmart Email Scams - by Submitted on Jan 02, 2019 from Leon ElwellThere’s no doubt you’ve seen an email touting a too-good-to-be-true offer in your inbox every now and then. Random pleas from mysterious people who need your help recovering inheritances they promise to share with you probably makes you shake your head and hit delete.But what do you do when an ...
Views: 125 - Take Advantage of Being Self-Employed | Accounting Services New Jersey - by Submitted on Dec 30, 2018 from Leon ElwellWhen it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks: Build up your retirement funds. When you’re self-employed, you’re ...
Views: 147 - Have you considered these year-end speculation moves? - by Submitted on Dec 19, 2018 from Leon ElwellAs the year’s end approaches, investigate your venture portfolio. There might be some duty sparing procedures worth considering. Look at the accompanying zones: Wash deals. Considering moving a security before Dec. 31 to exploit a capital loss?To ensure the misfortune is deductible, forgo ...
Views: 117 - How to Use a Minimize Rent and Storage Costs - by Submitted on Dec 12, 2018 from Leon ElwellFor some small businesses, office lease and inventory storage costs are seen as settled. In any case, are such costs really inflexible? In many cases, no. Since lease and capacity costs regularly establish a critical bit of a business' aggregate cost spending plan, inventive proprietors who ...
Views: 144 - Answers to Questions Asked During NJ Paid Sick Leave - by Submitted on Nov 29, 2018 from Leon ElwellWe have been gotten some questions about the new NJ Sick Leave program, particularly this most-asked question: when should the business furnish employees with the notice of employee rights? The answer is: Every business will give every employee a written copy of the notification: 1. Not ...
Views: 230 - Survive Financial Stress with These 3 Mindset Changers - by Submitted on Nov 23, 2018 from Leon ElwellSince monetary pressure is a typical piece of life for a great many people, figuring out how to adapt to cash stresses is vital — imperative, actually — for keeping up constructive connections, work profitability, and individual wellbeing. In case you're managing inordinate tension about your ...
Views: 184 - 3 Natural Disaster Prep Tax Tips | Tax preparation Services NJ - by Submitted on Nov 14, 2018 from Leon ElwellThe storms and wildfires amid the most recent year are a decent update that a standout amongst other approaches to deal with the fallout of a catastrophic event is to prepare. On the off chance that you live in a cataclysmic event high-hazard region, you can find a way to ease impose and money ...
Views: 200 - Minimize Your Tax Bill by Volunteering for Charity - by Submitted on Nov 01, 2018 from Leon ElwellIn the event that you do humanitarian effort for a magnanimous association and have not monitored your out-of-stash costs, you may leave behind a phenomenal chance to bring down your expense bill. Step by step instructions to get a tax cut To qualify, your unreimbursed costs must relate ...
Views: 148 - Teaching Your Kids About Money Matters - by Submitted on Oct 26, 2018 from Leon ElwellTeaching your child about cash and funds is least demanding when you begin early. Here's a snappy audit of what you should train your children at each age in the event that you need them to end up monetarily capable grown-ups: Preschool Distinguish coins and charges, and realize what each ...
Views: 192 - Best Practices Kick Your Record Keeping Skills Into High Gear - by Submitted on Oct 09, 2018 from Leon ElwellExpense law change can be great — however it can likewise be untidy. Ensure you're monitoring all that you requirement for the 2018 assessment season (and past) utilizing these ace endorsed tips: 1. Make a different financial balance for all independently employed business movement. This will ...
Views: 173 - Smart strategie for required distributions RMDs - by Submitted on Sep 12, 2018 from Leon ElwellAfter all the exhortation you've gotten about putting something aside for retirement, removing cash from your conventional IRAs and other qualified retirement designs may feel odd. However once you achieve 70½, the required least conveyance (RMD) rules say you need to do only that. Under ...
Views: 155 - Your child wants to start a business. Now what? - by Submitted on Sep 01, 2018 from Leon ElwellHas 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 ...
Views: 150 - Steer clear of these 5 retirement plan mistakes - by Submitted on Aug 29, 2018 from Leon ElwellParticipating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes: Not taking full advantage. Too many employees opt out of the plan or don't contribute as much as ...
Views: 166 - 3 Debt-Destroying Habits Everyone Should Follow - by Submitted on Aug 22, 2018 from Leon ElwellStaying out of debt is simple, but it's not easy. It requires resilience — forgoing impulsive purchases in exchange for long-term financial freedom. Personal debt can be categorized as necessary or unnecessary. Necessary debt can generally be linked to assets such as your home mortgage, a ...
Views: 219 - How to Get Your Customers to Pay Up - by Submitted on Aug 08, 2018 from Leon ElwellYour customer is satisfied — but a month has gone by, and your invoice is still outstanding. You’d like to work with the customer in the future. So how do you get your money without losing the customer? Here are two strategies that may help: Make it a habit to clearly and promptly communicate ...
Views: 158 - Want to retire someday? Here’s how to save more now: - by Submitted on Jul 31, 2018 from Leon ElwellNeed to save more for retirement? Here are some questions to ask yourself to help you get started and stay on track: How much money do you need? The number of years you have before retirement will help determine how much you will need to invest each month to reach your financial goal. ...
Views: 235 - Switching jobs this summer? Don’t forget about your taxes! - by Submitted on Jul 23, 2018 from Leon ElwellAs you look forward to starting your new job, it's important to keep in mind how your employment change will affect your taxes. Here are three tax-smart tips that'll put you in the best position come tax season: 1. Roll over your retirement plan. You may be tempted to cash out the balance ...
Views: 234 - 5 questions to ask before starting a home-based business - by Submitted on Jul 07, 2018 from Leon ElwellA lot of people consider self-employment because they've lost their seemingly stable jobs in the corporate world. Others just dream of making it on their own. As online marketing becomes easier and more accessible, and employees discover the advantages of telecommuting, home-based work ...
Views: 238 - Want a profitable business? Focus on customer service - by Submitted on Jun 30, 2018 from Leon ElwellEven with the best of intentions, many companies talk up customer service but don't actually deliver. In order to really provide great customer service, every employee needs to be tuned in to how he or she can contribute to keep customers coming back again and again. This ultimately affects the ...
Views: 194 - Audit-proof your shareholder loan - by Submitted on Jun 25, 2018 from Leon ElwellIf you're a business owner and your company lends you money, you'll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend taxable to you as income. Knowing what the IRS might ...
Views: 225 - Summer’s a time for vacations and tax planning - by Submitted on Jun 19, 2018 from Leon ElwellIt’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool: If you are a sole proprietor with children, consider putting them on ...
Views: 196 - Payroll Fraud – Is your business susceptible? - by Submitted on Jun 15, 2018 from Leon ElwellUnless a small business owner handles all aspects of computing and paying payroll, there is room for fraud. Even if your company has only a few employees — it does not guarantee your funds will be safe. How payroll fraud happens Perhaps one of the easiest payroll fraud techniques is the ...
Views: 221 - 6 ways to avoid credit card catastrophes - by Submitted on Jun 06, 2018 from Leon ElwellCredit cards should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts. If ...
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