Money Management Articles

Taxes

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.

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.

Tax considerations (and advantages) for small businesses - 9/2/2015
Are you thinking of launching your own business? Approximately 800,000 new businesses open each year, according to Bureau of Labor Statistics data. When these young companies get started, it's critical for their owners to understand the many rules and regulations that apply to them.

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.

Tax credits that can help lower college costs - 8/24/2015
Are you looking for ways to minimize the costs of higher education? The average cost of tuition and fees for a four-year college education can range from about $40,000 for in-state students at a public college to nearly $135,000 at a private one, according to College Board data. Fortunately, there are some tax laws that can help lower your outlays.

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.

Small business owners beware: Not reporting income paid to vendors can be costly - 8/4/2015
If you are a small-business owner, know that you, too, must send 1099s to nonemployees paid in the course of doing business. The Minnesota Society of CPAs (MNCPA) warns that many small-business owners do not understand the requirements for issuing 1099s, and they can receive hefty fines and costly IRS audits if not complied with properly.

Business or hobby? Why the difference matters - 7/20/2015
Were you aware that there are tax implications when you earn money from a hobby? If not, or if you're unsure of all the rules, the Minnesota Society of CPAs (MNCPA) offers these insights on why the distinctions between hobbies and businesses matter and what you need to know if your hobby becomes a business.

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.

The ins and outs of filing a tax extension - 4/1/2015
Sometimes April 15 rolls around faster than expected. Despite best intentions, extenuating circumstances could mean that filing your taxes on time just isn't an option. If this scenario sounds familiar, filing an extension may be the best course of action.

Appealing an IRS decision - 4/1/2015
What happens if you disagree with an Internal Revenue Service determination about your taxes? There are options available to you if you'd like to plead your case.


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