In addition to the planning changes in tax benefit phaseouts and other cost of living (COLA) adjustments, here are changes to the tax code for 2021. For Individuals Tuition and Fees Deduction eliminated. This oft-expired tax break is now permanently closed. Lifetime Learning Credit phaseouts increase dramatically. To help reduce the impact of the elimination […]
How to Build Profits with A Business Website
The primary purposes of business websites are to attract customers and motivate them to take action. The action might be initiating contact, ordering something, bookmarking the site for future reference, or referring others to the business. If a site simply entertains without motivating, it’s not doing its job. To build a site that will work […]
Changing Marital Status? What You Need to Do
Have you recently married, divorced, or lost a spouse? A change in marital status should prompt a review of financial matters, but at such a time it is easy to overlook the details. Here are a few reminders and suggestions. Insurance coverage. When your marital status changes, review your insurance policies. Combining separately held health […]
Everyone Needs a Financial Plan
As some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for retirement is crucial. Even small amounts can go towards U.S. savings bonds or mutual funds with an automatic savings […]
Understand the Time Value of Money
If you were offered the choice of being paid $100 today or $100 a year from now, you would probably choose $100 today. After all, even at today’s low interest rates, your $100 might earn a small return over the next year. This simple example illustrates an important concept: that the value of money changes […]
Don’t Neglect Your Succession Planning
Succession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) and keep the business running smoothly? Unfortunately, many businesses don’t survive the transition to the next generation. As with most business problems, good planning is the […]