Money Management Articles
Surviving an IRS audit: What to expect and do when Uncle Sam comes calling
Statistics from the Treasury Inspector General for Tax Administration
show last year that 1.48 million taxpayers were invited to spend a
little extra quality time with the IRS because they underwent an
Retaining personal financial records: What do you need to keep and for how long?
Does looking at overflowing filing cabinets of bank statements and boxes
of old check stubs make you want to start a bonfire in your backyard?
Before you grab the lighter fluid and matches, make sure you know what
you can torch and what you need to keep.
Five tips for living peacefully with 'boomerang kids'
Due to the recent recession and continuing economic weakness, more and
more adult children are still living with their parents or have moved
back in with them.
Choosing a financial services provider
April is Financial Literacy Month, so it’s the perfect time to evaluate
your personal financial plan and identify what areas of your strategy
are doing well and what areas may need some change. Creating a personal
financial plan is an important part of developing and maintaining your
long-term financial security.
Financial literacy education at work
The economy may be showing signs of improvement, but research shows
employees are still not confident about their own financial situations.
Safeguarding your tax records
There are many reasons to be sure that your tax and other financial
records are safe and available when you need them. At this time of year,
as you prepare and file your tax return, it’s important to have easy
access to receipts, the tax forms you receive from employers and other
Seven smart tips for last-minute filers
In the wake of the Fiscal Cliff negotiations, the Internal Revenue
Service delayed the start of tax filing season until Jan. 30 this year.
Some taxpayers faced even further delays in filing, including those who
claimed residential energy credits or whose returns involved property
depreciation or general business credits.
What to do when friends or family ask for money
While it’s natural to want to help when someone needs financial assistance, it’s important to be careful. Money can drive a wedge into friendships and family relationships. And there are tax-related considerations. The Minnesota Society of Certified Public Accountants (MNCPA) offers these steps to take before you commit to lending money, not only to ensure everyone understands the details of the loan, but also to reduce the likelihood of breaking a tax law.
The American Taxpayer Relief Act: What it means to your wallet
President Obama signed what is now the American Taxpayer Relief Act of 2012 (ATRA) into law on Jan. 2, 2013, preserving most of the George W. Bush-era tax cuts and extending many other lapsed provisions. According to the Minnesota Society of Certified Public Accountants (MNCPA), the ATRA contains provisions that impact nearly every taxpayer, not just the high earners. Don’t miss out on some of these now-permanent deductions that could help lower your tax liability.
Getting organized for tax season
Here are some simple steps you can take now to get your tax documents organized so you’re not in panic mode this April. Your income, deductions and expenses, and investment documents all have a home in this easy-to-use and easy-to-maintain filing system.
Need help sticking to your financial New Year's resolutions?
A recent survey by Harris Interactive found that the top financial goals for 2013 are paying down or eliminating credit card debt, increasing emergency savings or planning for retirement, yet over the past five years 43 percent have failed to achieve these goals. If this sounds familiar, the Minnesota Society of Certified Public Accountants (MNCPA) offers these practical tips for getting your financial house in order.
Avoid scams when a disaster strikes
After a disaster, many people come forward to help the victims. Unfortunately, however, disasters can also dredge up con artists who seek to exploit the situation using illegal scams. To help you avoid being conned should a disaster strike, the Minnesota Society of Certified Public Accountants (MNCPA) makes these recommendations.
All about audits
Few words in the English language set off alarm bells like the word “audit.” The good news is there are ways to reduce the likelihood the Internal Revenue Service (IRS) will tag you for an audit. But if a letter from the IRS does appear in your mailbox, don’t panic says the Minnesota Society of Certified Public Accountants (MNCPA).
Do you need a CPA?
Most of the time, filing your taxes isn’t a complicated process, but there are times when you may want to call in the cavalry to ensure that you meet all of your federal, state and local tax obligations without giving away too much, according to the Minnesota Society of Certified Public Accountants (MNCPA). A certified public accountant (CPA) can help.
Dealing with tax filing and payment problems
Tax season is just around the corner. Few people look forward to it, but those concerned they may owe taxes approach this time of year with particular apprehension. The Minnesota Society of Certified Public Accountants (MNCPA) assures the public that there are options for those who need more time to file their returns or who are having trouble paying what they owe.
Preparing your financial life in case of disaster
Are you prepared to keep your financial life on an even keel in the event of an emergency? The occurrence of Hurricane Sandy and other recent disasters underscores the importance of planning ahead.
Smart tips on charitable giving
This is the season of goodwill to all, a time when people take time to think of others. In addition to giving gifts and planning holiday get-togethers, that means many people are also dipping into their pockets to make donations to worthy charities. While that’s a good impulse, it’s important to do your charitable giving wisely. The Minnesota Society of Certified Public Accountants (MNCPA) provides the following advice on ways to make your money the most productive.
Budgeting for the holidays: Smart spending for the season
The countdown to the holiday season has officially begun with decorations on store shelves and gift catalogs filling mailboxes. A recent study by the Consumer Electronics Association shows that individual consumers plan to spend $1,634 overall this holiday, up 11 percent from last year. Unfortunately, much of that spending will be done on credit cards. That may make consumers feel gloomy when they get their bills in January.
Life after bankruptcy - Getting your credit and finances back on track
More than 600,000 new bankruptcy cases were filed in the first half of 2012. If you were one of them, it may feel like your financial future is doomed. Not so, says the Minnesota Society of CPAs (MNCPA). While you will face challenges post-bankruptcy, you can chart a new financial course with a commitment to educating yourself, becoming more disciplined with your money and credit, and learning some valuable lessons.
Do-it-yourself or hire a contractor? Get your home improvement project done right
It’s always tempting to attempt home repair or improvement projects yourself in an effort to save money. But you need to know what kinds of projects you can handle safely and when it’s time to call in the pros, says the Minnesota Society of Certified Public Accountants (MNCPA). Otherwise, you may end up spending even more money hiring someone to undo inadvertent damage.
Five financial tips for single people
Almost half of all adult Americans—or nearly 100 million people—either have never been married or are divorced or widowed. Many of these people incorrectly decide that financial planning is something that only married people do, but it’s always advisable to make sound financial decisions that will pay off now and in the future. The Minnesota Society of CPAs (MNCPA) offers these tips.
How to talk to your aging parents about money
It’s important for adult children to know about and understand their parents’ finances. From knowing if your parents have enough money to last through their retirement, to understanding their wishes should they become incapacitated, to protecting them from unscrupulous people who prey on the elderly, your involvement may be vitally important. This information will help you get started.
Five mistakes people make in choosing a tax preparer
These are a few of the many reasons it’s so important to choose tax preparers who really know their stuff. The Minnesota Society of CPAs points out common mistakes people make in making this choice and offers helpful solutions
Find more information on: