Many taxpayers procrastinate their taxes each year, causing unnecessary stress and last-minute scrambling to meet deadlines. On the other hand, others often choose to file particularly early. There are many benefits of getting a head start on your taxes, but there are also some downfalls to consider before jumping in too soon. Here’s a brief overview of the pros and cons of filing your ta...
Saving for retirement is a decades-long endeavor, and the earlier you start, the better. By the time you reach your 40s, your contributions and habits will look different than they did 10 or 20 years ago. Individuals in this age range can practice some smart habits and strategies to maximize their savings and plan for their future retirement. Here are some retirement preparation tips to follow ...
A lot can change from your 20s to your 30s. By now, it’s likely that you’ve been out of school a while and have been working full-time for a decade or more. You may have your own assets such as a car and a house to pay for, and you may even have a spouse and children who rely on you. To protect your assets and a legacy you may want to leave for your family when you pass away, it's importan...
With more and more people working from home during the COVID-19 pandemic, workers have invested in office supplies, home office furniture, and in some cases, new technology in order to create a proper remote work setting. These expenses have many taxpayers wondering if they're eligible for the home office deduction on their 2020 tax return. The short answer is yes — but only if you also use t...
When you're in your 20s and are brand new to the workforce, planning for retirement may not be on your mind. Instead of thinking about your future golden years, you’re more likely focusing on your new career and any student loan debt you may have to pay off. However, it's important to start saving for retirement as early as possible so you can take advantage of compound interest and grow your...
If you have a traditional IRA, SEP, or SIMPLE individual retirement account, you are required to start withdrawing a minimum amount each year from that fund when you reach a certain age. This mandatory, taxable withdrawal is called a required minimum distribution (RMD), and its purpose is to ensure that account holders actually use their retirement savings and don’t use their IRAs to accumulate ...
It's no secret that the employment situation in America is dire right now. As of July 2020, the Bureau of Labor Statistics estimates that 16.3 million people are currently unemployed – nearly 10% of the adult population – and since the start of the pandemic, roughly 1 million (or more) of them have filed new claims for state unemployment benefits each week. This means there's a large gr...
As your wealth and assets grow, your finances become more complex. It’s a challenge to keep up account management, financial records, and ever-changing tax regulations, and you shouldn’t have to face it alone. That’s why it’s wise to hire a trusted certified public accountant (CPA) to help you with your finances. A CPA is a financial advisor who can assist you in creating a strategic plan...
In the wake of the COVID-19 pandemic, many individuals who are approaching retirement age are opting to delay their retirement. Depending on your current financial standing, staying in the workforce for an extra year or more could be a good idea that can pay off in the long-run. Reasons to consider delaying retirement 1. It gives you more time to plan out and minimize your future expenses....
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