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Plan Your Retirement Goals for 2025Starting the year on the right foot also includes taking a moment to review your progress towards a financially stress free retirement. Here are some suggestions for your review.
It's Tax Preparation Time!The old year is not truly finished until your file last year's tax return. Here are some tips to make the process just a little bit easier.
Creating a Financial Savvy FamilyThe beginning of the year is a great time to assess the financial knowledge of those around us. Here are some suggestions on financial wisdom our children and loved ones should know.
6 Ways to Find More Money to BudgetDo you ever wish you could find extra money for your child's college expenses or retirement? Whatever your financial goals, finding the money to help pursue them can be challenging but not impossible.
A Win-Win Planning SolutionLooking for a tax-efficient way to support your favorite charities while providing for your heirs? A charitable lead trust (CLT) may be a solution.
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JANUARY 2025 Q & AQ: I worked as a ride-hailing driver for the first time in 2024. What will I have to pay tax on? A: Ride-hailing drivers are considered to be independent contractors. You can deduct expenses paid for your car, including gas, maintenance, and insurance. You may also include depreciation or lease payments. Keep accurate records.
Money HacksLife is busy, so we often can't find the time to manage financial tasks, whether big or small. Consider these ways to save time. MODERNIZE Use budgeting apps to help track your expenses. BUNDLE SERVICES Also, eliminate less-used subscriptions and when possible, bundle other services to find savings. Get PreparedNow's the time to prepare your company's books for tax time. Your tax preparer may have a checklist to help you get organized. Start by reconciling your accounts as of December 31. If you paid independent contractors, you have until the end of January to get those tax forms out. Remember that you'll need to send copies to the IRS. Pull out receipts for depreciable assets purchased in 2024. Your tax preparer will need these to update your records and calculate depreciation for your tax return. Once you have all your tax documents ready, call your tax professional to schedule your appointment early so you can file your taxes on time. Do not underestimate the importance of accounting for the growth of your business. Work with your accountant throughout the year to monitor cash flow and profits.
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