Money Management Articles
Resolving financial concerns for stepfamilies
Roughly 1,300 new stepfamilies are created every day, according to the
Stepfamily Foundation. And, 41 percent of all Americans have at least
one step relative, based on Pew Research Center findings.
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
Planning for retirement has many taxing issues
Individuals today have much greater responsibility in funding their
retirement plans -- a responsibility that can become overwhelming as the
life expectancy continues to climb.
10 ways to maximize Social Security benefits
For most Americans, Social Security retirement benefits typically
represent 30 to 60 percent of their retirement income and, yet,
according to the National Social Security Association,,LLC, more than 90
percent of Social Security recipients receive less money than to which
they are entitled.
Answers to tax questions for the self-employed
Will 2015 be the year when you take the leap into self-employment? Even
if you're going to start out small with an office in a spare bedroom,
there are some important tax issues you should keep in mind before you
take the plunge.
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
Four last-minute tips to lower your taxes
Now that the New Year has begun, April 15 will be here before you know
it. Have you done all you can to minimize your tax payments and maximize
prudent financial planning? If you're not sure, there's still time to
make some smart choices before you file this year's tax return.
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
What you should know about timeshares
Now that the holidays are upon us, many people dream of taking a
tropical vacation or spending time near a popular attraction. If you're
shopping for a getaway, you may have considered a timeshare, an
arrangement that generally gives you the right to stay at a certain
property for a specified amount of time each year.
Tax planning tips for armed forces personnel
Those who serve our country -- and their families -- should be aware
that there are special tax benefits available to armed forces personnel. The Minnesota
Society of CPAs offers these tips on how to make the most of them.
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.
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