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Articles from Leon Elwell | Selfgrowth.com
- Don’t Neglect Your Succession Planning | Business Accounting System - by Submitted on Jan 13, 2021 from Leon ElwellSuccession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) and keep the business running smoothly? Unfortunately, many businesses don’t survive the transition to the ...
Views: 22 - Tax tips for Investors | Business Accounting Systems - by Submitted on Jan 06, 2021 from Leon ElwellDon’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Some things to consider: 1. Capital gains carry a special favored tax status. The ...
Views: 37 - 5 Reasons Why the Elderly Are Susceptible to Scams - by Submitted on Dec 30, 2020 from Leon ElwellAs we age, we tend to become more vulnerable to fraud. According to the National Consumers League, nearly a third of all telemarketing fraud victims are age 60 or older. That type of fraud represents billions of dollars per year. One study found that senior citizens, who make up 12% of the U.S. ...
Views: 54 - Give Your Children the Financial Education They Need - by Submitted on Dec 23, 2020 from Leon ElwellMost parents, at one time or another, have asked their teenaged child, “Do you think that money grows on trees?” While the question is just a common expression, it hits at an underlying truth. Children on the verge of adulthood often don’t have a clue about financial matters. For instance, ...
Views: 76 - 3 Tips to Steer Clear of Work-From-Home Scams |Tax and Accounting Firm Solutions - by Submitted on Dec 15, 2020 from Leon ElwellWith millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing ...
Views: 67 - Why do I need a tax professional when I can buy tax prep software? - by Submitted on Dec 14, 2020 from Leon ElwellAs tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and ...
Views: 71 - 3 Tips to Steer Clear of Work-From-Home Scams - by Submitted on Dec 12, 2020 from Leon ElwellWith millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing ...
Views: 73 - Oft-overlooked Areas to Cut Business Expenses - by Submitted on Dec 09, 2020 from Leon ElwellTrimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Here are some areas where your business may still have cost saving opportunity. Interest rates. If you have credit cards, banks will often listen to a request to lower your ...
Views: 88 - Job-Hunters: Avoid Agency Scams | Bookkeeping services NJ - by Submitted on Dec 04, 2020 from Leon ElwellEmployment scams are not new, but they’ve become increasingly sophisticated as scammers design websites that effectively mimic the sites of legitimate companies. How can you keep from being ripped off by bogus job agencies? Do your research. Gather information about the job placement ...
Views: 77 - Switching Jobs? Here Are Several Options for your 401k - by Submitted on Dec 02, 2020 from Leon ElwellSuppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options: Leave ...
Views: 70 - How to Build Your Emergency Fund – When You Have No Money - by Submitted on Dec 01, 2020 from Leon ElwellThis year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job. But how do you build an emergency fund if you don’t have any extra money? The easiest way to accomplish this is by ...
Views: 100 - Job-Hunters: Avoid Agency Scams | Business Accounting Systems - by Submitted on Nov 30, 2020 from Leon ElwellEmployment scams are not new, but they’ve become increasingly sophisticated as scammers design websites that effectively mimic the sites of legitimate companies. How can you keep from being ripped off by bogus job agencies? Do your research. Gather information about the job placement ...
Views: 83 - Updates on Paycheck Protection Program Just Released! - by Submitted on Nov 27, 2020 from Leon ElwellThe Senate blocked an extension of the Paycheck Protection Program as negotiations for a larger relief package continues between Democrats and the White House. The legislation was shot down 40 to 58 on October 20 as several lawmakers broke ranks and voted with the opposite party. The measure, ...
Views: 83 - Beware of the Dirty Dozen Tax Scams! - by Submitted on Nov 06, 2020 from Leon ElwellThe IRS released its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake ...
Views: 98 - Financial Basics: Calculate Your Net Worth - by Submitted on Oct 28, 2020 from Leon ElwellWhatever your financial goals in life – whether they include buying a new house, taking a trip to Europe, funding your children’s college educations, having enough money fora comfortable retirement, or all of the above -you are more likely to reach your goals if you do some planning. The fact ...
Views: 98 - Paying for College can be Less Taxing - by Submitted on Oct 13, 2020 from Leon ElwellParents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families. Tax credits The American Opportunity Tax Credit is available for certain tuition and fees, and it allows you to reduce ...
Views: 90 - New Federal Pandemic Benefits Available Via Executive Order - by Submitted on Oct 07, 2020 from Leon ElwellCongress continues to debate how to help navigate through the ongoing pandemic. In the meantime many benefits, including Federal Unemployment benefits, have expired. To help address this assistance gap, new Executive orders were signed by President Trump. Here is what you need to ...
Views: 103 - Protect Your Business From COVID-19 Scams - by Submitted on Oct 03, 2020 from Leon ElwellFinancial institutions are raising red flags about suspected fraud surrounding the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, according to the SBA’s Office of Inspector General. Nearly 440 financial institutions ranging from small, local credit ...
Views: 113 - Bogus Chain Letters – They’re No Joke - by Submitted on Sep 30, 2020 from Leon ElwellFor decades chain letters have been making the rounds. These days they’re more likely to show up in your email than your post office box. Regardless of the process used, chain letters often have a common goal: to separate you from your money. That money, by the way, can include ...
Views: 119 - Help! My Stimulus Payment is Wrong or Missing! - by Submitted on Sep 28, 2020 from Leon ElwellMillions of Americans already received their economic impact payment. But what if you’re still waiting or you got a check, an electronic payment or a debit card with an incorrect amount? Here are some common scenarios why you may not have received your payment and what you can do. Your ...
Views: 120 - How Stay-At-Home Orders Change Money Habits - by Submitted on Sep 22, 2020 from Leon ElwellThe most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for ...
Views: 132 - Get Rid of Your Kids Summertime Blues - by Submitted on Sep 11, 2020 from Leon ElwellLet’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of activities to create ...
Views: 111 - Taking out a loan? Answer 3 questions first - by Submitted on Sep 04, 2020 from Leon ElwellFor many Americans, debt has become a way of life. A recent LendingTree analysis of the latest Federal Reserve data showed that total U.S. consumer debt is on track to exceed $4 trillion this year. The analysis showed Americans collectively owe more than 26 percent of their monthly income on ...
Views: 108 - Protect Your Medicaid Identity from Scammers - by Submitted on Aug 26, 2020 from Leon ElwellWith more than 40 million Americans seeking unemployment benefits over the past 2 months, states are doing their best to keep up with the avalanche of applications. States are also bracing for an increase in Medicaid enrollment as many Americans get pushed off their employer’s health care ...
Views: 126 - Time to Build Your Case for Loan Forgiveness - by Submitted on Aug 19, 2020 from Leon ElwellIt’s now time to build you case to ask for loan forgiveness if your business received a loan from the Small Business Administration (SBA) Payroll Protection Program (PPP). That’s because there is now guidance on filling out the new Loan Forgiveness Application. Background Around three ...
Views: 131 - Alert! Creative COVID-19 Scams - by Submitted on Aug 13, 2020 from Leon ElwellThieves are getting creative with different ways to gain access to your checking account and personal information during the COVID-19 pandemic. Here are some of the reported schemes: Mandatory online COVID-19 Test Individuals posing as workers from the U.S. Department of Health and Human ...
Views: 146 - Documents Needed for Estate Planning - by Submitted on Aug 08, 2020 from Leon ElwellYou work hard providing for your loved ones during your life. You can also provide for them when you are gone with a simple estate plan that legally conveys your desires to all your heirs. Here is a short list of some of the basic documents you should consider including in your estate ...
Views: 141 - Alert! Creative COVID-19 Scams - by Submitted on Jul 30, 2020 from Leon ElwellThieves are getting creative with different ways to gain access to your checking account and personal information during the COVID-19 pandemic. Here are some of the reported schemes: Mandatory online COVID-19 Test Individuals posing as workers from the U.S. Department of Health and Human ...
Views: 119 - Be Smart on the Road and Save Money - by Submitted on Jul 17, 2020 from Leon ElwellMost Americans are doing what they canto cut their budget and save money. One of the biggest expenditures for individuals and families is gas for vehicles. Although gas prices have declined in recent months courtesy of the COVID-19 pandemic, inflation isn’t dead. In fact, history suggests ...
Views: 132 - Check your credit report – it’s free - by Submitted on Jul 08, 2020 from Leon ElwellYou can check your credit rating from all three of the major credit reporting agencies for free to ensure the accuracy of your report. Simply log onto the Internet and go to www.annualcreditreport.com. Alternatively, you can receive your free report if you call 1-877-322-8228. You are allowed to ...
Views: 131 - Must Read for Small Business Coronavirus Loans - by Submitted on Jun 30, 2020 from Leon ElwellBeginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven. The problem The rush to get this program up is understandably confusing and ...
Views: 101 - Seeing Inside the Mind of the IRS - by Submitted on Jun 25, 2020 from Leon ElwellWhile most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion. The IRS auditor does these audits every day. They know what to look for and can ask leading questions that you may easily answer incorrectly. So what are some good tips when you are ...
Views: 128 - A Tip to Avoid Late Payment Penalties - by Submitted on Jun 18, 2020 from Leon ElwellMany clients like to keep their Federal Tax Withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as these quarterly payments are made ...
Views: 152 - The Household Employee Problem - by Submitted on Jun 12, 2020 from Leon ElwellThis often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what ...
Views: 178 - 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: 135 - 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: 147 - 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: 167 - 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: 195 - 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: 150 - 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: 143 - 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: 160 - 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: 166 - 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: 168 - 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: 170 - 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: 328 - 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: 179 - 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: 167 - 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: 182 - 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: 212 - 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 ...
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