This is week three of our series covering retirement and taxes. So far, it’s all been about Roth and traditional IRAs, but this week will be a bit different. We’ll look at the 401(k), another fundamental retirement vehicle that can help keep Uncle Sam out of your pockets. What is a 401(k), and why should you care? A… Read More
Last week we started a series on retirement planning and personal taxes, looking at the Roth Individual Retirement Account or Roth IRA. This post will examine what a traditional IRA is, its benefits, and potential risks. We’ll also compare the two so you can make the best possible decision for your retirement savings plan. What is… Read More
Saving for retirement can seem like a pretty daunting task. There are many variables to consider and a virtual alphabet soup of retirement plans. So, let’s cut through the clutter. All you need to get started is a little knowledge of those retirement plans and how to use them. That’s why this month’s blog posts… Read More
Financial literacy month is nearly over, but there’s no need to quit learning. Financial literacy is a lifelong journey. Since this is the last post about it (at least this month!), let’s introduce some terms you can dive into throughout the year. We didn’t get to cover these in our other posts, but each one… Read More
Building financial literacy isn’t difficult. If you can learn the five foundations of financial literacy, you’ll be well on your way. So, why don’t most people do it? It’s because all financial decisions are behavioral, and everyone has a personal history with money. That can lead to some very negative ideas about money, and those ideas… Read More
We are celebrating Financial Literacy Month all through April. And while volumes have been written on financial literacy topics like budgeting and saving, taxes have not gotten the same attention. Personal taxes are a big part of being financially literate. Unfortunately, some studies have shown that 1 in 4 U.S. taxpayers don’t understand how taxes are determined, and… Read More
Pop the champagne because April is financial literacy month! Okay, maybe you aren’t quite that excited, but maybe you should be. Financial literacy is powerful. In finance, what you know can help you become very wealthy. Conversely, what you don’t know can hurt you badly. That’s why we’ll be posting about financial literacy all April, so… Read More
The first quarter of 2023 was wonderful compared to what investors faced in 2022. But markets are still far from record highs, and many investors are still looking for ways to make the best of a bad situation. Some may be looking into tax-loss harvesting, selling securities at a loss to offset gains in other income… Read More
IRS audits are, at best, a nuisance for your business. And though audits aren’t always avoidable, some scenarios can trigger one more readily. Today, we’ll look at how to potentially avoid some of these situations and what to do if you can’t. Here’s the first potential trigger. High deduction-to-income ratios It isn’t uncommon to have… Read More
Last week, we started our two-part series on common mistakes that could sink your small business. This week, we’ll finish up the list and give you tips on how to avoid those mistakes so your business can thrive. If you missed last week’s blog post, you can find it here. Take a moment to read it… Read More