Most Millennials have fairly straightforward finances now, but that's poised to change. As Baby Boomers retire at the rate of 10,000 per day, members of younger generations are stepping forward to succeed them. More than one-third of the U.S. labor force is composed of Millennials,...
When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and could make the difference between success and failure. Certified public accountants (CPAs) are experts in...
What are general record retention guidelines for business taxpayers? While a business’s recordkeeping system will be unique to its situation, below are some general guidelines regarding tax-related records. Canceled checks for tax payments – Permanent Correspondence from IRS/taxing authorities – Permanent Depreciation schedules – Permanent FUTA/FICA/SUTA/income...
For the 2019 tax year, the IRS has introduced the new Form 1040-SR (U.S. Tax Return for Seniors). Congress required the IRS to develop a new form that was simpler and easier for senior taxpayers. The IRS responded with a new Form 1040-SR. What you need...
Tax diversification is the practice of saving for retirement through a variety of retirement vehicles with different tax treatments. Instead of putting all your eggs in one basket, you spread your savings out among types of accounts to minimize your tax bill as much as...
Should I Pay Off My Mortgage Before I Retire? Paying off your home mortgage before you retire is a major financial achievement, but you don't necessarily have to eliminate all housing debt in order to retire well. Low mortgage interest rates mean it can make financial...
My father died and I am the executor. What do I do? When this question gets asked of me, my client is typically in a panic. I do not know of many who relish the job of executor, no matter how prepared you may be. Family...
There’s still time to shave a few bucks off your 2019 tax bill — if you act quickly. The 2018 tax season came with harsh lessons for some taxpayers who didn’t properly adjust their plans for the Tax Cuts and Jobs Act. This overhaul of the tax...
Relocating for retirement and trimming the budget line for taxes are among the many tasks pre-retirees and retirees have on their to-do lists. Many people consider checking off both items by moving to a state with low taxes or tax breaks that specifically benefit older...
Most Americans need to work right up until their 60s — or later — to have enough money for retirement, but how much they’ll save highly depends on the type of job they have, especially if that work is in the gig economy. Older workers are...