Tag: Top Accounting Firms in NJ

Conquer Student Loan Debt

Conquer Student Loan Debt

Obtaining a legitimate college degree is an expensive proposition. Many will be paying off student loans —month after month, year after year —for decades. With smart financial management, graduates can liquidate their college debt in a reasonable time, freeing up cash for other priorities. Here are four tips for paying off loans quickly and efficiently: Build a budget. Get a…

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2020 Health Savings Account Limits

2020 Health Savings Account Limits

The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay qualified health care costs for you, your spouse and your dependents. The account is…

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The Nine Basic Rules of Investing

The Nine Basic Rules of Investing

There is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. In deciding what investments are suitable for you, you must first understand the nine basic rules of investing. 1. Risk versus return. The greater the risk that you will lose not only the return on your investment but your original investment as well,…

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Investing Basics: Know When to Sell a Stock

Investing Basics: Know When to Sell a Stock

Selling a stock is an important decision – almost as important as the decision to buy. Unfortunately, while the world is full of buy recommendations, there is very little advice on when to sell. Many investors make the mistake of holding onto losing stocks too long. Sometimes they compound this error by selling their winners too soon. The results? A…

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How to Protect Your Business from Employee Theft

How to Protect Your Business from Employee Theft

Employee theft happens frequently enough for it to be a concern of every business. It makes no difference whether your business is a one-employee medical office or a forty-employee retail outlet. Absentee business owners should be even more alert to the problem of employee theft. Busy managers find it easy to turn the record keeping over to a qualified employee.…

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Save Those Receipts and Documentation!

Save Those Receipts and Documentation!

When it comes to taking qualified deductions on your Federal Tax return three things must happen. First, you must recognize that an expense might be deductible on your tax return. Second, you must keep a record of the expense in an organized fashion. Third, you must have the proper (and timely) documentation to support your deduction. While this may seem…

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Financial Basics: Buy the Right Insurance

Financial Basics: Buy the Right Insurance

To keep your insurance costs down, don’t buy insurance to pay for every small medical bill, auto repair, or financial loss. Build a savings account to handle life’s small financial inconveniences. Think of insurance as protection against catastrophes. You can lower your insurance premiums significantly by taking larger deductibles. Also, look for comprehensive insurance, not coverage for one specific event.…

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Ideas to Improve Profit

Ideas to Improve Profit

Consider the following ideas for saving time and money and making your business more profitable. 1. Develop tight controls over billing and collections. To speed up cash flow, reduce the time between shipping your product and sending an invoice. Consider semimonthly instead of monthly billing, and send second notices more quickly. 2. Collect past-due receivables. Almost every business has past-due…

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Recordkeeping Requirements for Business

Recordkeeping Requirements for Business

What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to substantiate your annual income tax…

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Most Common Areas for Tax Beaks

Most Common Areas for Tax Beaks

Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Here are some common areas that can mean big money savings with proper planning. 1. Familiarize yourself with the income levels at which various tax breaks phase out. While it doesn’t make sense to make less income…

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Do You Qualify for a Home Office Deduction?

Do You Qualify for a Home Office Deduction?

Your home. Your office. Are they one and the same? If so, you may be able to take a home-office deduction that can save income and self-employment taxes. The deduction gives you the opportunity to claim expenses related to the business use of your home, such as utilities, repairs, and insurance. Meet the requirements, and you’re eligible whether you rent…

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Your 2019 Social Security benefits recap

Your 2019 Social Security benefits recap

The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019: 2019 Social Security benefit highlights Up to $132,900 in wages will be subject to Social Security taxes (up…

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Survive Financial Stress with These 3 Mindset Changers

Survive Financial Stress with These 3 Mindset Changers

Because financial stress is a normal part of life for most people, learning to cope with money worries is important — vital, in fact — for maintaining positive relationships, job productivity, and personal health. If you’re dealing with excessive anxiety about your finances, consider implementing the following three policies: Move forward and control what you can. If you’ve been laid off…

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