Money Management Articles
Have you attained your American Dream?
The Minnesota Society of CPAs (MNCPA) offers some perspective and a few
practical tips you can use to try to turn your situation around.
How women can build for a secure retirement
Women carry a lot of responsibilities on their shoulders, and sometimes
considerations like saving for their own retirement may fall through the
Back to work after retirement: How Social Security, taxes and health care may be affected
The old notions about retirement have, well, retired. Rather than
leaving work at 65 and going fishing or focusing on gardening, many
retirees are celebrating retirement by going back to work.
The tax advantages of home ownership
If 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.
Three things to know about reverse mortgages
One of the retirement planning resources that has gained interest in
recent years is the reverse mortgage. A reverse mortgage allows you to
convert part of the equity in your home into cash without paying
additional monthly bills. If you're 62 or older -- and want money to pay
off your mortgage, or pay for other expenses -- you may consider a
5 steps to boost your home's value
If you're planning on putting your house on the market, you'll want to
get the best price possible. There are steps you can take to enhance how
much you make on the sale, according to the Minnesota Society of CPAs
Get out of debt (and stay out)
On average, American households have about $15,000 of credit card debt,
according to NerdWallet. If you're struggling to pay off your
outstanding balances, or if you're tired of high interest costs, the
Minnesota Society of CPAs (MNCPA) explains the best ways to get out from
under those bills.
Who's teaching your kids about money?
If you think your children aren't learning about money because you're
not teaching it, think again. While savvy marketers are telling our
kindergartners that they need a certain toy to be happy, credit card
companies are peddling instant gratification to our teens.
IRA early withdrawal exceptions
Choosing an early withdrawal from your IRA can be a costly move, often
resulting in unfavorable consequences such as tax penalties and loss of
Tax solutions for baby boomers
The baby boom generation, the children born in the post-World War II
years between 1946 and 1964, includes about 76 million people. Now that
generation is heading into retirement, with roughly 10,000 boomers
expected to retire every day between now and 2030.
Five tax deductions you should not overlook
Did you run up expenses searching for a new job in 2014? Or did you use
your car while helping out at a soup kitchen? Are you a self-employed
person who paid Medicare premiums out of your own pocket? If so, you may
be eligible for one of the many tax deductions that people often fail
Tax planning update for same-sex couples
Since 2013, federal tax laws for married couples have applied to
same-sex couples who are married in jurisdictions where same-sex
marriage is legal, like Minnesota, even if the couple lives in a
jurisdiction that doesn't recognize same-sex marriage. The Minnesota Society of CPAs (MNCPA) addresses some of the tax planning
issues facing the growing list of couples affected by these legal
changes and offers timely advice.
5 financial mistakes to avoid this year
Are you satisfied with the financial decisions you made in 2014? If
you're not so sure, this is a good time to resolve to make some changes
Don't make these common IRA mistakes!
About 40 percent of U.S. households -- nearly 50 million -- own
individual retirement accounts, which provide tax-advantaged options for
saving for your retirement years. The Minnesota Society of CPAs (MNCPA)
offers the following tips on how to avoid some common mistakes people
make when managing IRAs.
Year-end tax planning for 2014
Where has the time gone? We are approaching the final months of 2014,
but, before you start thinking about holiday shopping, consider year-end
tax planning and preparation. With proper tax planning, you can
maximize your potential tax savings and minimize your tax liability.
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