Before you start to panic, understand that committing tax fraud involves more than making common mistakes on your income tax return. But there are numerous types of tax fraud and evasion that could result in civil or criminal penalties. The Internal Revenue Service (IRS) treats fraud and tax evasion seriously. If they conduct an investigation […]
taxes
How to Make Estimated Tax Payments and Avoid IRS Penalties
So many single moms – especially newly divorced single moms – end up in tax trouble. It’s one of the things no one really tells you about until it’s too late and you’re already on the hook for IRS penalties and interest on taxes you didn’t even realize you owed. So if you: Started a […]
Are There Financial Benefits to Marriage?
First comes love and then comes marriage, right? The idea of marrying for love is relatively new, despite what pop culture might have you believe. When it comes right down to it, getting married forms a legal contract. As such, there are financial pros and cons to marriage worth considering before you walk down the […]
Donor-Advised Funds: Are they the best way to give?
Donor-advised funds. Everyone seems to be talking about them as a better way to give to charity. But what are they, exactly? And why have they become so popular and what are the benefits of setting up donor-advised funds for charitable giving? You may be wondering if there’s any benefit to setting one up if […]
What Is Tax-Loss Harvesting? [How it can save you money]
There are many facets to investing. One thing all investors will not want to overlook is the tax consequences that come with being a successful investor. Because all net profits made from investments sold in taxable brokerage accounts come with tax liability, your investment strategy should consider the consequences. To reduce tax liability, a strategy […]
457(b) Plan: What is it and who qualifies for one?
There’s a good chance you’ve heard a lot of talk about retirement savings plans. In particular, most people are familiar with 401(k) plans. But if you work in the public sector, you likely won’t be able to get your hands on a 401(k). Instead, your employer probably offers a 403(b) option. Those retirement plans are […]
Is a Backdoor Roth IRA Right for Me?
When it comes to retirement savings accounts, there are several options available. But your choices for individual retirement accounts can seem limited if you’re a high-income earner. This is especially true when you look at the Roth IRA. A Roth IRA (Individual Retirement Account) is an excellent way to save for retirement. Though you pay […]
What Common Tax Mistakes Are Made When Filing Returns?
Preparing your own tax return can feel like a very bold endeavor. When it comes to filing simple short-form returns, there is less chance of making significant errors. These types of returns are pretty straight forward and require you to provide very little information. While you should proceed with care and caution, you are likely […]
Is it Worth the Money to Have Someone Do My Taxes?
Whether you’re excited your last tax statements arrived or you’re dreading pulling all of your tax paperwork together, it’s time to do your taxes. Aside from wondering if you’ll owe the IRS or get a refund this year, you might also wonder if it’s worth the money to have someone else prepare your taxes. Either […]
Alternative Investments: What are they and should I hold any?
Saving cash in money markets or CDs, and investing in the stock market via stocks and bonds through 401(k)s or IRAs are where many of us start when looking to grow our money beyond a simple savings account. As we continue to look for ways to build our wealth and secure our financial house, we […]
What Can I Do With an Old 401(k)?
Leaving a job is a significant life transition. Whether you planned to depart or not, there’s a myriad of things to keep track of during that time. One of the most important is what happens to your 401(k) retirement savings plan. You want to ensure the account continues to support your overall financial goals as […]
Turning a Hobby into a Business, any Tax Benefits?
You started out designing t-shirts for a family reunion. Before you knew it, requests for other designs were trickling in. Does this sound familiar? Maybe it isn’t graphic design. Perhaps it’s dog walking, babysitting, reselling, or crafting. If you’re like most people, you have a hobby you love and are really good at. A growing […]
What Business Structure is Right for My Business?
After lots of dreaming and planning, you’ve settled on a business idea. You’ve chosen a name, identified target customers, started networking with other entrepreneurs and have a color scheme planned for your website and marketing materials. But before you get too excited, there are many additional considerations to be made. One of the most important […]
Open Enrollment Time: What do I need to do?
It’s that time of year again. You’re getting emails from human resources talking about the upcoming Open Enrollment period. There are copies of different insurance plans and their costs available for review. You also hear people discussing their current health insurance plans and how they want to review other programs your employer offers. If you […]
REITs: When is the right time to invest? [Pros and Cons to Real Estate Investment Trusts]
Real estate investing is one way to accelerate your journey to financial freedom. Oftentimes, people associate real estate investing with flipping houses or owning rental properties. But, if that type of investing isn’t for you, don’t dismiss real estate entirely. Instead, real estate investment trusts (REITs) might be the solution to diversifying your investment portfolio. […]
How Do I Use My 401(k) to Build Wealth?
Whether you’ve just started a new job or you’ve been with the same company for years, it’s critical for you to understand your retirement plan benefits. Knowing the fundamentals of your 401k savings plan will enable you to make wise choices about saving and investing for your retirement. This is an incredibly important issue for […]
What to Consider Before Starting a Business
Statistics tell us 50% of small businesses fail in the first four years. And, the reasons are multiple, from the lack of the managerial experience to the lack of finances. Starting a business on your own comes with significant risks. There’s a substantial probability you will lose your time, money, and reputation. But, it doesn’t […]
Spousal IRA: What is it and can I benefit from one?
Stay at home parents and spouses who have little-earned income can fall behind when it comes to saving for retirement. But, for those who are married and file a joint tax return, a spousal IRA may be well worth your investment consideration. Although there are a number of requirements (mentioned below) the spousal IRA can […]
What do Changes to the Tax Code Mean for Women?
In December 2017, Congress passed a new bill called the Tax Cuts and Jobs Act that made some big changes to the tax code. Many taxpayers were concerned about specific proposals in early versions of the bill. One particular area of concern was how the new tax bill would unfairly impact women. Tax Code Changes […]
Dependent Care FSAs: Saving money on child care
If you have a child in daycare or if you’ve started researching the cost of it, you’ve probably experienced some stress in finding affordable quality childcare. Childcare costs depend on many factors, and even though there are things you can do to save money, working parents still spend thousands of dollars each year for child […]
