When you hire a tax adviser, you are paying for more than the preparation and filing of your returns. A tax adviser’s job is to be creative enough to structure your financial situation to take advantage of as many deductions as possible. For more information on how to work with a tax adviser and what your responsibilities are, read this C.P.A. Insight.
Every few years, it is prudent to review your beneficiary designations for your retirement plans, as these assets are generally not included in your estate. Marriage, divorce or the addition of children are all events that could change whom you would want to receive your assets if you should pass away. For more information on how to designate beneficiaries, read this Financial Strategy.
It may be before Halloween, but now is the time many companies begin to think about holiday gift giving for their important clients. It may be the thought that counts, but the IRS has limits on how much a gift can cost and still be considered a business tax deduction. For more information on business gift giving, read this C.P.A. Insight.
A trading halt is a temporary suspension in the trading on the New York Stock Exchange if the Dow Jones Industrial Average were to drop to a predetermined trigger level. The halt is designed so that investors can evaluate what news is moving the market. For more information on the trigger levels for the remainder of 2009, read this Investment Whys.
A Roth IRA account can be used to save for both retirement and education expenses; however, there are some disadvantages to doing so, including lower contribution limits and the possibility of taxed earnings. For more information on Roth IRA rules and how an account affects education savings, read this Financial Strategy.
If you suffered any flood damage from Georgia’s September storms, you may qualify to take a casualty loss on your tax return. As with all tax deductions, there are several criteria that must be met. For more information on casualty loss and disaster relief, read this C.P.A. Insight.
Income mutual funds often invest in companies that pay dividends, bonds or a combination of both. Some income funds may also have a secondary objective of capital growth. For more information on several types of income bond funds and the types of bonds they may hold, read this Investment Whys.
The American Reinvestment and Recovery Act of 2009 provided several tax incentives regarding saving for college and paying tuition for higher education for the 2009 and 2010 tax years. For more information on how the Act affects 529 College Savings Plans and the newly created American Opportunity credit, read this C.P.A. Insight.
According to the Federal Emergency Management Agency, 25% of floods occur in low-to-moderate risk areas. After the mid-September storms, if you live in north Georgia, you may be painfully aware that your homeowners insurance specifically excludes flood damage. For information on how to protect your home against flooding, read this Insurance Know-How.
You stopped for coffee, dropped off some mail and picked up your dry cleaning, but at your next stop to pick up Fluffy from the groomer, you find your wallet is missing. Before this nightmare happens, know there are a few easy steps to help you minimize the loss–all in this Financial Strategy.