Retirement accounts that provide tax breaks have very specific rules that must be followed if you want to enjoy the financial rewards of those tax breaks. One of these rules defines WHEN you’re allowed to pull money from your retirement accounts. If you pull money too soon, you’re at risk of being levied with a…

While your credit score is a three-digit number that’s automatically assigned to you, this is one area of your financial life where you have quite a bit of control. The moves you make or don’t make with your credit can help determine where this score falls at any time, and the impact can be dramatic….

6 Surprising Taxable Items If something of value changes hands, you can bet the IRS considers a way to tax it. Here are six taxable items that might surprise you:   Surprise #1: Hidden treasure. In 1964, a married couple discovered $4,467 in a used piano they purchased seven years prior for $15. After reporting this…

5 keys to better cash management   Focusing on sales and profits can create a surprise for your business when there is not enough cash to pay the bills. Here are five practices to help improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a cash flow…

Protect yourself from modern-day counterfeiters Finding brand name products at a great price can leave you feeling like you won the lottery, but there are hidden dangers that come into play if the goods aren’t what they seem. Here are some commonly counterfeited items and what you need to know to protect yourself. Commonly Counterfeited…

With the new year underway, it may be time to come up with a list of goals and that could make 2024 the most financially rewarding year for your entire family. Your motivation can be nearly anything, from saving for retirement or paying for college. Consider these resolutions that can also provide a financial boost:…

With tax season officially underway, here are tips to make filing your return as stress-free as possible: Gather your tax information for filing. Items you’ll need include W-2s, 1099s, K-1s and other forms you receive from your business, employers, brokers, banks, and others. If you find any errors, contact the issuer immediately to request a corrected…

Government data shows that record inflation from the last few years started to slow down throughout 2023, but much of the damage has already been done. Every bill we pay and purchase we make costs more now, from insurance to clothing, and groceries to household supplies. Here are some tips to spend less to help…

As 2023 winds down, here are some ideas to help you prepare for filing your upcoming tax return: Informational returns. Identify all vendors who require a 1099-MISC and a 1099-NEC. Obtain tax identification numbers (TINs) for each of these vendors if you have not already done so. Shifting income and expenses. Consider accelerating income, or deferring earnings,…