Money Management Articles


Aging in place: Four questions to consider - 10/29/2015
The Centers for Disease Control and Prevention define "aging in place" as being able to live in one's home and community safely, independently and comfortably, regardless of age, income or ability level.

What goals can you accomplish with a trust? - 10/15/2015
Should a trust be part of your estate planning? Trusts are typically associated with the very rich, but a surprising number of people use them to solve a variety of problems or achieve a range of different objectives.

How women can build for a secure retirement - 10/15/2015
Women carry a lot of responsibilities on their shoulders, and sometimes considerations like saving for their own retirement may fall through the gaps.

Did you forget to save for retirement? - 9/14/2015
Will you have enough to live on during your golden years? Roughly one-quarter of Americans are not sure they will have sufficient funds for a comfortable retirement, according to an Employee Benefit Research Institute survey, and only 18 percent are very confident they will.

Annuities -- basics, pros and cons - 9/14/2015
Many things in life are uncertain and retirement is no exception. The recent stock market plunge is proof enough. With longer life spans and unpredictable economic factors, investors are looking for ways to stretch their retirement dollars. Annuities are one way to help provide you with a steady stream of income during your retirement years.

Back to work after retirement: How Social Security, taxes and health care may be affected - 9/2/2015
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.

Three things to know about reverse mortgages - 8/4/2015
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 reverse mortgage.

Don't fight over finances! - 6/11/2015
When couples argue, what are they most likely to fight about? You might not be surprised to learn that, according to a Harris Interactive survey on behalf of the American Institute of CPAs, money is the top reason for a marital spat, one that causes disagreements far more frequently than other critical issues.

Get out of debt (and stay out) - 6/11/2015
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.

Fraud prevention for seniors - 5/14/2015
While seniors make up 11 percent of the population, they represent 30 percent of consumer fraud and 50 percent of telephone fraud. The Minnesota Society of CPAs (MNCPA) offers the following fraud prevention tips for seniors.

Don't let unexpected costs ruin your retirement! - 4/30/2015
How much do you need to save for retirement? Determining how much you'll spend on housing, food and other fixed expenses may seem relatively easy, but how about the costs that come out of the blue?

Tips for couples on managing Social Security benefits - 4/30/2015
About 59 million people receive Social Security benefits, according to the Social Security Administration. Were you aware that there are many options for married couples on deciding how and when to take their payments?

Resolving financial concerns for stepfamilies - 4/15/2015
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 - 4/15/2015
Choosing an early withdrawal from your IRA can be a costly move, often resulting in unfavorable consequences such as tax penalties and loss of future growth.

Planning for retirement has many taxing issues - 3/15/2015
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 - 3/15/2015
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 - 3/2/2015
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 - 2/15/2015
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 to take.

Four last-minute tips to lower your taxes - 1/15/2015
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 - 1/15/2015
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 in 2015.

What you should know about timeshares - 12/15/2014
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 - 11/13/2014
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! - 9/15/2014
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 - 9/3/2014
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 - 6/30/2014
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 - 4/16/2014
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 future.

Most common tax mistakes, overlooked tax opportunities - 4/16/2014
Each year, according to the IRS, millions of taxpayers make mathematical errors on their individual tax returns and miss opportunities to take deductions.

Putting miscellaneous deductions to work - 3/31/2014
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 - 3/17/2014
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 - 3/3/2014
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 - 2/3/2014
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 - 1/14/2014
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 - 12/15/2013
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? - 12/1/2013
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.

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