Archive for the ‘Tax Reduction’ Category
Getting the Most from Your Accountant
Posted February 24, 2010 by Bernz
If you’re like most people, the only interaction you have with your accountant occurs at the end of the year at tax time. Most of the time, this exchange involves discussions about missing receipts, tax write-offs, and filing deadlines. It is rarely fun and, more often, painful.
A good accountant, however, can be worth his or her weight in gold- literally. Here are some important tips on choosing the right accountant and getting the most out of the relationship:
1) Choose a qualified accountant. The word accountant is not standardized or protected. Anyone can call themselves an accountant and it can be difficult to assess an accountant’s credentials. A Certified Public Accountant in the US or a Chartered Accountant in Canada and the UK, however, must undergo certain levels of education and examination to be able to use those titles. Selecting a designated accountant will give you comfort about the level of expertise your advisor has. (more…)
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Tags: accountant, accounting principles, tax accountant
Posted in Estate Planning, Financial Education, Financial Goals, Tax Reduction | No Comments »
Just another Tax Blog Post
Posted April 8, 2009 by Bernz
Well I decided to post another tax topic this week being the last week to file income taxes for most filers. Besides tax is probably the biggest unavoidable expense everyone needs to pay every year.
Here are some really basic tips which may be beneficial to you, although some of these maybe a little too late to avail of the deductions you are entitled to.
1. File Electronically – doing this will minimize errors and help you get a refund in two weeks. The tax- preparer are most likely filing e-files but you can do this yourself. The IRS has already partnered with preparers in order to provide free tax preparation and e-filing on the internet.
2. Child Tax Credit – parents can save a certain amount in taxes by having dependents. However, it is important to note that there are technical definitions about what constitutes as a “child”. In addition, if you are hiring someone to watch over a child under the age of 13, you can quality for child tax credit as well. (more…)
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Tags: income tax, income tax software, irs
Posted in Financial Education, Misc, Tax Reduction | No Comments »
It’s Tax Time Once Again – Tax Mistakes You Need to Avoid
Posted April 6, 2009 by Bernz
Using tax preparation software has a lot of benefits. It allows many people to submit accurate tax returns. However, it is important to remember that even one error in your computer can cost you a lot of money.
To give the right information to the IRS promptly, it is important to avoid the common pitfalls.
Here are some mistakes people commit every year during the tax filing season:
• Direct Deposit Pitfalls –Although it can help you save money on refunds, the chance of committing mistakes is also great. Giving the wrong routing number of account number can let you lose your refund completely. Make sure that you file every donation you have given for the past year. Follow the donation tax rules completely. Take note that the amount is only deductible if the organization has a tax-exempt standing with the IRS. (more…)
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Tags: income tax, irs, tax filing, tax software
Posted in Tax Reduction | No Comments »
Financial Literacy- Does It Still Work?
Posted March 30, 2009 by Bernz
Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.
However, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.
The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.
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Tags: budgeting, financial education, financial situation, Frugality, personal emergency funds, personal finance, Saving Money
Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, IRA, Index Funds, Investing Basics, Investing Strategies, Investing in Real Estate, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving Money, Saving for College, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »
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