Deciding whether to put more money into an aging car or to replace it with a new or used vehicle is rarely a simple decision. Plus skyrocketing vehicle prices and economic uncertainty are making the decision process even tougher. Signs it is time to replace your car To help you decide if it is time…

The vast amount of information shared online during tax season makes it a haven for identity thieves, and they’re doing everything they can to take advantage of the opportunity! Here are several ways that identity thieves are targeting you, common signs of ID theft and steps to take if you become a victim. How Identity…

Here are moves you can make to reduce your taxable income. But the year is quickly coming to a close, so plan accordingly. Tax loss harvesting. If you own stock outside a tax-deferred retirement plan, you can sell your under-performing stocks by December 31st and use these losses to reduce any taxable capital gains. If your…

With supply chain snarls still plaguing parts of the U.S. economy, many consumers are turning to gift cards as the holiday present of choice this year. In fact, according to the website Research and Markets, the United States gift card industry is expected to reach $188 billion in 2022. Why is gift card fraud such…

If you have children or grandchildren, you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom. Here are some age-relevant suggestions to help develop a financially…

Here’s a roundup of several recent tax court cases and what they mean for you. Thou Shalt Not Commingle Funds (Vorreyer, TC Memo 2022-97, 9/21/22) Don’t let sloppy record keeping prevent you from deducting legitimate business expenses. The Tax Court agreed with the IRS that business expenses must first be deducted on that business’s tax…

Just like clothing and fashion trends, new phrases and terms have a way of inserting themselves in every day language. For some, these phrases are overused and annoying. For others, these terms do an acceptable job of explaining a situation. Here are a few terms that are making an entrance. See if you recognize them,…

One of the most common reasons businesses fail is due to lack of proper cash flow. The same is often true in many households. Here’s how this concept of cash flow applies to you along with some ideas to improve it. Cash flow defined   Cash flow equals cash coming in (wages, interest, Social Security…

  Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started.   Review your income. Begin by determining how your income this year will compare to last year. Since tax rates are the same, this is…