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Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed...
There's Still TimeTime to shore up your retirement security. For example, if you haven’t made a maximum contribution to an IRA for 2023, you have until the 2023 filing date for your personal tax return — April 15, 2024 — to max out your account...
Home Sweet Home RenovationsIt’s spring, and for many homeowners, thoughts are turning to home renovations. If this describes you, be aware that some qualified home improvements are eligible for tax deductions...
Building an Emergency Fund When Cash is ScarceThe traditional rule-of-thumb for emergency funds is to have enough cash stashed away to cover 3 to 6 months worth of expenses. For many people, though, this sounds better in theory than in practice...
Important Moves to Consider When Interest Rates ChangeA domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also causes a drop in how much your savings can earn...
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MARCH 2024 Q & AQ: I’m big into spring cleaning this year and wondering whether I can toss my old tax returns and records. A: Generally, keep tax returns for at least three years from the return’s due date. The IRS can go back up to six years if your return omitted more than 25% of income. There’s no limit if fraud is proven. Also, businesses should hang on to payroll tax records for a minimum of four years after the due date for filing Form 941 for the fourth quarter of a year. Additionally, records on costs of business assets, depreciation, etc., should be retained for decades. It’s best to follow the advice of your tax professional.
WHERE TO PUT YOUR EMERGENCY FUNDAccording to Bankrate.com, regular savings account rates only increased an average of less than .15% to hover around .5% in 2023. The costs of possible emergencies for which you have those funds are increasing far more. Some alternative options that may pay more for liquid savings are:
Each has its own advantages and disadvantages you should discuss with your financial professional before investing. PROTECT YOUR MONEYWhen considering any of the alternatives, find out if the account or fund is backed by the Federal Deposit Insurance Corporation or covered by the Securities Investor Protection Corporation. Both FDIC and SIPC insurance have limits but are crucial in safeguarding your investment. Diversity in EntrepreneurshipAccording to the U.S. Census Bureau, small businesses are owned by a diverse group of individuals.
Source: https://www.census.gov
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