http://www.mncpa.org/information/Manage-Your-Money/ Money Management is an ongoing series of helpful articles, tips, and information provided by the Minnesota Society of CPAs. en-us Copyright 2002-2010. Minnesota Society of CPAs. All Rights Reserved. Thu, 11 Mar 2010 11:25 CST 20 http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=464http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=464Converting a traditional IRA to a Roth IRA can offer greater flexibility in retirement. And, beginning this year, more taxpayers are eligible to make this conversion. However, there are both potential benefits and drawbacks to this step.Mon, 8 Mar 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=465http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=465Converting a traditional IRA to a Roth IRA can offer greater flexibility in retirement. And, beginning this year, more taxpayers are eligible to make this conversion. However, there are both potential benefits and drawbacks to this step.Mon, 8 Mar 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=463http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=463Are you aware of all the tax laws that affect you? Many people are often surprised to find themselves subject to the AMT, which is short for the alternative minimum tax. Although this tax was originally intended for a narrow group of taxpayers, it is now estimated to have an impact on millions of people. The Minnesota Society of CPAs (MNCPA) explains what you need to know about it.Mon, 1 Mar 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=462http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=462Those who have been laid off face many challenges, such as paying their bills and finding new employment. If you are out of work, maintaining your health insurance may be a little easier, however, because of a new law signed late last year.Wed, 24 Feb 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=461http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=461Getting your tax return done can be stressful, but the Minnesota Society of CPAs (MNCPA)offers this advice on what you can do to better ensure that your return is completed on time and accurately. They also offer tips on ways to plan ahead so you can take some of the stress out of tax time next year.Mon, 15 Feb 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=460http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=460Tackling your tax return can be a challenging task. That's why it's a good idea to arrive at your tax return preparation appointment ready with questions that will help clarify the issues that concern you most.Mon, 8 Feb 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=459http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=459If you own your own home, there are some significant tax advantages that can make the prospect more affordable. As a result of the uncertain economy, the federal government has also recently extended a popular tax credit through June of this year and broadened the number of people who qualify.Mon, 1 Feb 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=458http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=458Have you ever been hit by a hefty charge for accidentally withdrawing more money than is in your checking account? These fees can be quite high, it is important to understand how they work and how to avoid them.Mon, 25 Jan 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=457http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=457People use debt to finance any number of purchases, and borrowing money for a worthwhile purchase is not always a bad idea. However, some buys are worth financing over time and others are not. The Minnesota Society of CPAs explains how to make the right choice.Mon, 18 Jan 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=456http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=456Many people enjoy the convenience of doing all their banking over the Internet, but some consumers worry about the safety of their online transactions. The Minnesota Society of CPAs recommends that you ask these questions to ensure that your online bank dealings are secure.Mon, 11 Jan 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=455http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=455At the beginning of each new year, many people make a list of resolutions to keep in the coming months, such as losing weight or learning a new skill. As you make your list, don't forget to consider wise financial goals for the year ahead.Mon, 4 Jan 2010 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=454http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=454Most people carry some debt, whether it's a credit card balance or the money they owe on a car loan or home mortgage. Debt is not necessarily a bad thing, but it can become a problem if you allow it to get out of control. The Minnesota Society of CPAs (MNCPA) offers these tips on mistakes to avoid in managing your balance.Mon, 28 Dec 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=452http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=452As the new year draws near, many people are probably resolving to lose weight or get into better physical shape. If so, you're not alone, because more than 45 million Americans belong to health clubs, according to the IHRSA. Before you sign up, however, the Minnesota Society of CPAs recommends you ask these questions to ensure you spend your money wisely.Mon, 21 Dec 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=451http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=451Many people take vacations or visit family at this time of year. That's the good news. The bad news is that there are a number of scams that unsuspecting travelers can fall victim to if they are not careful. The Minnesota Society of CPAs (MNCPA) offers these tips on how to avoid them.Mon, 14 Dec 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=450http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=450The holidays are an exciting time, but they can also be an expensive one. The MNCPA advises that there are some smart steps you can take to ensure that you are a savvy shopper even during what can be a costly season of the year.Mon, 7 Dec 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=449http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=449Even in a tough economy, there are some bright spots. For example, many expensive purchases have gotten a lot less costly because of industry problems, a steep decline in consumer spending or both. The MNCPA describes three big-ticket items that may cost less than they did a year ago.Mon, 30 Nov 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=448http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=448Are you looking for ways to trim expenses? There are a lot of different reasons to be worried about money and spending these days. Cutting back on unnecessary outlays is always a good idea, but make sure you don't chop out important budget items in the process.cut.Mon, 23 Nov 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=447http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=447Even in a bad economy, people still reach deep into their pockets to help out those who are less fortunate. However, it's important to know that the money you are giving to a charity is truly being put to good use. Many con artists try to cheat people out of their dollars by pretending to be involved in a legitimate charitable organization. The MNCPA offers these questions to ask to ensure you are avoiding charity scams.Mon, 16 Nov 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=446http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=446The purchase of a first home is an exciting time in anyone's life. It's also a large financial undertaking, a fact that leaves many people wondering whether they're prepared for this big step. Here's some answers to common questions to help you decide if the time is right for you.Mon, 9 Nov 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=445http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=445Once upon a time, "retirement" meant quitting work forever at age 65. Today, that description no longer applies to many of the millions of Americans who are at or near traditional retirement age. By 2016, workers age 65 and over are expected to account for 6.1 percent of the total labor force, up sharply from 3.6 percent in 2006, according to the U.S. Bureau of Labor Statistics.Mon, 2 Nov 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=443http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=443If a promise sounds too good to be true, it almost certainly is. And that's the case with many offers for magazine subscriptions that you may receive over the phone or from someone selling door to door. Here's some advice on how to be sure you're getting the most sensible deal for you dollar.Mon, 19 Oct 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=442http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=442College education costs rise each year. Many families rely on financial aid to help them cover some or all of the costs of higher education. There are several steps families can take to be sure they get the most aid possible.Mon, 12 Oct 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=441http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=441529 college savings plans allow you to set aside money for tuition costs in an account where it can build up profits that are usually exempt from federal, state and local taxes. But after recent stock market declines, some of plans lost money. These guidelines will help how to make the best choices when investing in a 529 savings plan.Mon, 5 Oct 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=440http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=440Small business owners face many tough problems in a troubled economy. One of the most difficult challenges can be managing a staff through uncertain times. Whether it's a matter of keeping anxious employees focused on their work or making hard decisions about layoffs, company owners often find themselves wondering what the best steps may be.Mon, 28 Sep 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=439http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=439It is estimated that up to 90 percent of all businesses in the United States are family owned. Here is some advice on how to address some of the unique problems these businesses may face.Mon, 21 Sep 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=438http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=438The price of providing health care to small company employees is soaring. If your company is struggling to pay health insurance premium costs, there are options that can help you ease the burden.Mon, 14 Sep 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=437http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=437A recession may seem like a bad time to launch your own company, but many people are considering this option. Even a troubled economy can create new opportunities, so this may be the right time for your start-up. If you have entrepreneurial ambitions, here are some tips on how to get started in uncertain times.Mon, 7 Sep 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=434http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=434Many people are struggling to pay their home loan bills as a result of the bad economy. However, there may be options available that can help make it easier to keep up with those monthly bills.Mon, 24 Aug 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=433http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=433Now that banks have tightened their lending standards, it is more difficult to borrow money. So what do you do if you need a loan? Many people are turning to friends and family to borrow funds. Consider these smart steps to prevent a loan from damaging a good relationship.Thu, 20 Aug 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=431http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=431If you're concerned about the safety of your employment, there are some smart steps you can take to recession-proof your situation.Mon, 10 Aug 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=432http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=432Unemployment has been on the rise in recent months. If you are among the thousands of people seeking work, it's important not to give up hope. As you conduct your search, there are ways to improve your prospects and ensure that you present yourself as the best person for the job.Mon, 3 Aug 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=430http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=430One of the unfortunate consequences of a bad economy is a stream of liquidation sales, in which retailers large and small slash prices to unload merchandise before going out of business. Consumers can find some great bargains at these sales, but there are pitfalls to avoid to make sure you are getting a good deal.Mon, 27 Jul 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=426http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=426During the current economic recession, many have lost their jobs, seen their credit lines cut or experienced other serious financial misfortunes. When the bills pile up and times become desperate, many people begin to question whether declaring bankruptcy is a viable option for them.Mon, 29 Jun 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=424http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=424As college students graduate this month, many will be taking the monumental step of renting their first apartment. Here is some advice on getting the right start.Mon, 15 Jun 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=418http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=418Problems in the stock market have affected virtually every sector of the economy including retirement. Don't despair, however, because there are steps you can take now to protect your remaining savings.Mon, 4 May 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=417http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=417A new baby is a joyous addition to any family. But children also bring added financial responsibilities for new parents. The MNCPA offers advice on making the right financial choices.Mon, 27 Apr 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=414http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=414It's not uncommon to fall behind on debt payments, particularly in a troubled economy. If you have missed payments on your mortgage, credit card or other outstanding debt, you may hear from a debt collector some time in the near future, if you haven't already. The MNCPA provides some advice on how to deal with collection agencies.Mon, 13 Apr 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=415http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=415Many people have lost their jobs in the last few months as the economy has turned sour. The threat of being defrauded by a con artist probably rises during a recession, as money becomes tight and thieves work overtime to get their hands on yours. CPAs caution against these scams---and offer advice on how to avoid becoming a victim.Mon, 6 Apr 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=412http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=412Wills are not just for the very rich. They are important legal documents that help guarantee that your wishes will be followed and that your family or other beneficiaries can receive their inheritance without unnecessary delays. Everyone should have a will, particularly if you have children or if you have assets that you plan to leave to a particular person or organization.Mon, 23 Mar 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=411http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=411It's always a good idea to spend your money wisely, but during tough economic times this smart step is even more important. The Minnesota Society of CPAs (MNCPA) offers these tips on how to get the most out of every dollar that you spend.Mon, 16 Mar 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=409http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=409All taxpayers dread the prospect of facing an Internal Revenue Service audit. There are some steps you can take to minimize the likelihood that you'll be audited or to ensure a more positive experience if you are, according to the MNCPA.Mon, 2 Mar 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=408http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=408The nation has been facing uncertain economic times for a while now. That means families have had to tighten their budgets and cut back on some of their spending. As this occurs, kids may have a tough time understanding why their parents can no longer afford the toys, electronic gadgets, activities or trips. The MNCPA offers this advice on how to address the economy with your children.Mon, 23 Feb 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=407http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=407The recent turmoil in the financial markets has touched virtually every sector of the economy. One great source of anxiety for many people is the state of their retirement savings. The market will always be subject to ups and downs, but there are steps you can take to better protect yourself for the future.Mon, 16 Feb 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=402http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=402In a troubled economy, many companies are cutting back on jobs. But if you are laid off, there's no need to panic. Here are some strategies for keeping your finances in order even if you lose your job.Mon, 19 Jan 2009 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=397http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=397What's on your wish list for the future? Do you dream about taking a special vacation, buying a home or retiring to a dream location? With the proper planning, it's possible to reach many or all of your goals. The MNCPA offers tips on how to do it.Sun, 28 Dec 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=389http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=389Skyrocketing gas prices have gotten a lot of media attention this year, but the costs of many basic goods have also crept higher, taking a toll on their monthly budgets. The MNCPA offers these suggestions on the best ways to boost the cash in your pocket.Mon, 24 Nov 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=390http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=390It's a good idea for everyone to take steps to ensure that their wishes are carried out in case of their illness or death. According to the Minnesota Society of CPAs (MNCPA), there are a number of legal documents that can communicate your wishes and make life easier for your loved ones.Mon, 17 Nov 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=376http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=376What steps have you taken to keep your financial information and personal records confidential? You may be surprised to learn how many honest---and dishonest---people could have access to the details of your financial life. If you want to maintain better control over your privacy, tips on how to safeguard your information.Mon, 4 Aug 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=375http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=375Are you and your spouse completely familiar with each other's financial situation? In case of an unexpected emergency, it's a good idea to have up-to-date knowledge of the details and location of each other's financial records and documents. Here are some questions each spouse should be able to answer about his or her partner's finances.Mon, 28 Jul 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=373http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=373In these uncertain financial times, even those with excellent credit histories may have trouble getting a mortgage or other type of loan. That's why it's important to know your credit score and the effect it may have on your checkbook.Mon, 14 Jul 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=368http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=368Are you or someone in your family facing heavy student loan debt? Recent graduates left college with an average of $19,646 in student loan obligations, according to a study by the Project on Student Debt. That was up 8 percent from a year earlier, while average starting salaries rose only 4 percent from the previous year, the study found. That means the debt that graduates are carrying is growing faster than their initial chances to earn the money to repay it.Mon, 9 Jun 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=362http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=362Many parents hope their children can secure a scholarship so that they can further their education without exhausting the family's savings. With scholarship dollars often hard to come by, and parents anxious to get them, it's no surprise that "scholarship fraud" is on the rise. In fact, people taken in by scholarship scams lose a total of $100 million annually, according to the college planning site FinAid.org.Fri, 2 May 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=359http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=359Building up too much debt---and failing to manage your outstanding balances wisely---can be costly mistakes. Many American families have allowed their debt to get out of control, but there are smart steps you can take to remedy the problem.Mon, 14 Apr 2008 00:00 CSThttp://www.mncpa.org/information/Manage-Your-Money/view.asp?id=358http://www.mncpa.org/information/Manage-Your-Money/view.asp?id=358The average American household spends $1,900 a year on energy bills, according to the government's ENERGY STAR program. There are many practical ways to cut down on costs and when you reduce your energy use. These tips will help you save money and do the earth a favor.Mon, 7 Apr 2008 00:00 CST