Money Management Articles
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.
Medical coverage while traveling overseas
While the summer vacation season has passed, thousands of people travel
overseas each day for business, school or pleasure. However, few
consider that their medical insurance coverage might be less than
expected or, even worse, nonexistent.
Your midyear financial tune up
Did you start the beginning of the year by making smart resolutions to
get your finances in order? Now that the year is half over, it's a good
time to check in and see how you're doing.
Five ways to set yourself up for a secure retirement
Approximately 10,000 baby boomers will turn 65 every day until around
2030. If you're part of that group, or if you're planning ahead for a
comfortable retirement, the Minnesota Society of Certified Public
Accountants (MNCPA) offers this advice for securing your financial
Most common tax mistakes, overlooked tax opportunities
Each year, according to the IRS, millions of taxpayers make mathematical
errors on their individual tax returns and miss opportunities to take
Putting miscellaneous deductions to work
Now that you're just about ready to file your tax return, are you sure
you claimed all the deductions that you're due? Most Americans know that
they can deduct items such as charitable donations, mortgage interest
and property taxes.
Minnesota's residency laws throw 'snowbirds' for a loop
Determining residency for tax purposes often proves challenging for
Minnesota's population of "snowbirds" (retired individuals who head
south each winter).
Tax impact: First official filing year for married same-sex couples
As same-sex spouses across Minnesota prepare to file taxes jointly for
the first time, many are struggling to understand the benefits recently
awarded to them.
What you should know about taxes and Social Security benefits
Will your tax bill this year include taxes on your Social Security
benefits? About 55 million people receive monthly Social Security
payments and some of them pay taxes on up to 85 percent of those
benefits, depending on their financial situation.
Five steps to achieving your financial goals
What do you want to do now, or next year, or five or 10 years down the
road? This is the time of year when people step back and consider where
they stand and how close they are to achieving long-held goals. No
matter what your objectives, there's no doubt that a sound financial
plan will put you in a better position to achieve them, according to the
Minnesota Society of CPAs.
Retirement road blocks for baby boomers
From now until 2030, about 10,000 baby boomers will turn 65 every day,
according to the Pew Research Center. This large generation, born
between 1946 and 1964, has had a huge impact on American culture and
society, and that remains the same as they head into retirement.
How can you cut next year's taxes?
Taxes may be the last thing you want to think about at the holidays, but
the end of the year is a great time to take some smart steps that can
help you minimize your future tax outlays. The Minnesota Society of
Certified Public Accountants (MNCPA) provides these ideas for keeping
more money in your pocket.
Five questions to ask your CPA before the end of the year
Your to-do list is probably pretty full at this time of year. While the
thought of adding one more task may feel overwhelming, it's one that can
help put your mind at ease this New Year's Eve: Talk to your CPA.
Going back to work after retirement: How Social Security, taxes and health care may be affected
Retirement isn't what it used to be. Instead of leaving the
workforce at age 65 and hitting the golf course every day, many retirees
are going back to work. According to a recent Longevity Alliance and
Harris Interactive poll, 43 percent of surveyed retirees seriously
considered re-entering the workforce shortly after they had left their
What you may not know about Social Security
More than 55 million Americans receive Social Security benefits, and about one-quarter of retirees depend on Social Security as their sole source of income. It’s important to understand what to expect from your own benefits. The Minnesota Society of Certified Public Accountants (MNCPA) explains some key points about the program.
Four tips for the new retirement
A recent study conducted by the Bankers Life and Casualty Company Center for a Secure Retirement found that 67 percent of middle-income baby boomers are expecting a retirement that is different from the one their parents enjoyed. If you’re trying to navigate plans for the new retirement landscape, the Minnesota Society of Certified Public Accountants (MNCPA) offers four key pieces of advice.
Live well in retirement
Many retirees face concerns about how they will manage to pay for a secure and happy retirement. The good news is that there are many costs that retirees typically don’t face, such as commuting to work, buying a business wardrobe or saving for their children’s college tuition. Many other expenses will stay the same, and the Minnesota Society of Certified Public Accountants (MNCPA) advises that you can make some smart choices in order to live well on a fixed retirement budget.
Find more information on:
Get a referral for a CPA
This free CPA referral service is a convenient, confidential and proven way to find the accounting professional for you, your business or customers.