How to Cut Costs if You’re Spending Too Much
Whether you’re trying to make a budget work or find ways to save more for a financial goal—cutting your spending is a key step.
If You Drive but Don’t Own a Car, Consider Non-Owner Insurance
Non-owner insurance is a type of liability insurance that provides coverage when you’re driving a car that isn’t yours—perfect for those who Uber everywhere!
2022 Market Outlook
Happy 2022 from Henssler Financial! With above-average 2021 financial market performance in our rear view, we look to the future as several topics are in focus for the new year, including the Federal Reserve’s heightened attention to inflation, rising interest rates and how company earnings may be affected, and if government actions will influence the market.
Why Tax Basis Is So Important
The basis of an asset is very important because it’s used to calculate deductions for depreciation, casualties, and depletion, as well as gains or losses on the disposition of that asset. We explain in this week’s Tax Tip.
Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Many taxpayers received advanced payments of the Child Tax Credit in 2021. This must be reconciled on your 2021 tax return.
Building Blocks for Financing College with Less Debt
Financing a college education with the least amount of debt requires planning, savings discipline, an understanding of financial aid, smart college research, and good decision making at college time.
How Can a Nonworking Spouse Qualify to Fund an IRA?
A frequently overlooked tax benefit is the spousal IRA, which allows a nonworking or low-earning spouse to contribute to his or her own IRA, as long as his or her spouse has adequate compensation.
In the News: An indirect 401(k) rollover: time is ticking to avoid tax consequences
As seen in the Marietta Daily Journal: Bil Lako, CFP®, highlights some common mistakes investors make when it comes to required minimum distributions.
Are You a HENRY? Consider These Wealth-Building Strategies
Are you a high earner but you’re not yet rich? If this sounds like you, it may be time to focus on growing wealth—even if it means making some temporary sacrifices.