Many people might consider donating their vehicles to charity at year end to start the new year. Why not get a fresh ride and a tax deduction, eh? Pump the brakes – this strategy doesn’t always work out as intended. Donating an old car to a qualified charity may seem like a hassle-free way to [...]
The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait [...]
With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends: Check your Flexible Spending Account (FSA) balance. If you have a FSA for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or [...]
How to Clean Up QuickBooks for 2020 We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020. Yes, it’s here again: the end of the year. You probably have a lengthy to-do list full of tasks that must be done before December 31. There’s one [...]
Like many financially savvy individuals, you’re probably already thinking about filing your tax return next year. But don’t overlook another critical and equally important aspect of financial planning: asset protection. Here are some fundamental strategies to consider. BUY LIABILITY INSURANCE Liability insurance policies help protect your assets from the financial risks associated with personal liability [...]
Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time. But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs [...]