Red Flags for Tax Auditors
No one wants to see an Internal Revenue Service (IRS) auditor show up at their door. The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its attention. Here are six flags that may make your tax return prime for an IRS audit.1 The Chance […]
Tax Deductions You Won’t Believe
While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some that were, well, too creative.¹ Creative Deductions that Passed Muster Usually a child’s school-related costs are not deductible. […]
How to Make the Tax Code Work for You
By May 20, 2022, over 145 million taxpayers had dutifully filed their federal income tax returns. And they all made decisions about deductions and credits – whether or not they realized it.1 When you take the time to learn more about how it works, you may be able to put the tax code to work […]
What Is a 1035 Exchange?
According to the most recent information available, Americans have individual life insurance with a total face value of $12.8 trillion.1 Due to a variety of factors, these individuals may find themselves in circumstances where the specific life insurance policy or annuity contract they own does not suit their needs. They may want to exchange products […]
Retiring Wild: National Parks and You
For many older adults, finding time to experience nature can be one of the greatest pleasures in retirement. And what better place to take in America’s splendor than one of our over 400 National Park Service sites? For over a century, generations of retirees have explored these stunning landscapes, marveled at the diverse wildlife, and […]
Should I Accept a Free Credit Lock?
In today’s increasingly connected world, protecting your information is arguably more important than ever. Your credit report consists of a slew of personal details, such as your financial activity, credit accounts, loans, and payment history. Because of the importance of your credit report, credit bureaus such as Equifax, Experian, and TransUnion offer credit locks to […]
Keeping Good Records is Good Business
Maintaining good records is important to help meet your tax and legal obligations. The right record keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system. What Records Do You Need to Keep? The first step is identifying the records you […]
Creative Ways to Motivate Your Employees
The common thread that runs through all small businesses, from professional services to manufacturing, is that a motivated workforce is central to the business’s success. Here are some quick, inexpensive, and potentially effective ways to motivate your employees and improve your employee retention. Weekly “Good News” Emails Too often the business day can be about addressing […]
What To Do When Your Income Reaches 7 Figures
Did you recently add a second comma to your bank balance? Has a recent financial event raised your net worth to the next level? It’s an exciting time, whether it’s the result of your long-term goals (e.g., from the sale of a business), a windfall transfer of wealth, or a key promotion. You’re probably already […]
Money-Draining Food Myths
The road to better health may sometimes involve an extra expense here and there, but you should be careful about wasting money on diet ideas with promises that are more based on myth than fact. Identified below are four diet strategies that may be ineffective and financially expensive. Vitamins and Supplements Americans spend $53 billion […]