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Be a millionaire…on a $56,000 salary?

Be a millionaire…on a $56,000 salary?

By on Jun 21, 2017 in Uncategorized | 0 comments

You can be a millionaire without making a hefty salary — believe it. The formula is simple…work hard, live below your means, and start saving early. If you are able to consistently put away 10% of your salary and start early enough, the combination of compounding interest and time could get you there. To learn more read the full article from The Motley Fool. Credit to fool.com Here’s How to Become a Millionaire on $56,000 a Year You don’t need to bring in the big bucks to end up a millionaire. Here’s how to do it on an average salary. Maurie Backman, May 7,...

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Better Retirement Savings: 3 Steps in Under 1 Hour

Better Retirement Savings: 3 Steps in Under 1 Hour

By on Jun 4, 2017 in Uncategorized | 0 comments

Here are three steps, identified by marketwatch.com, that you can take (in under an hour) to improve how your retirement investments are managed: Step 1: Start with your longevity (time: 10 minutes) Step 2. Identify an appropriate equity percentage (time: 20 minutes) Step 3. Identify high-fee investments to get rid of (time: 5 minutes) If you want to learn more about these steps and how to implement them, read the full article from marketwatch.com. Courtesy of MarketWatch.com These 3 easy steps can improve your retirement savings—in less than an hour By Kai Stinchcombe Published: Apr 11, 2017...

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Should You Invest in an IRA?

Should You Invest in an IRA?

By on May 8, 2017 in Uncategorized | 0 comments

There are two types of IRA’s, traditional and Roth. The primary difference between a traditional and a Roth IRA is the timing of when you pay income tax on the money in the account. With a traditional IRA, although you pay income tax on the withdrawals, you may be able to deduct the amount of your contributions in the year you make the withdrawal, which could provide a nice up-front tax break. For a Roth IRA, you pay taxes on the money before you add it to the IRA — which means that withdrawals from the IRA could be tax-free (they must be qualified withdrawals). To learn what a qualified withdrawal is and to learn more about each of these IRA’s read the full article from The Motley Fool. Courtesy of Fool.com Should I Get a Roth IRA or a Traditional IRA? Gaby Lapera (TMFCaffeine) Apr 9, 2017 at...

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IRS Pilot on Auditing Form 1040/Schedule F – Profit or Loss from Farming

IRS Pilot on Auditing Form 1040/Schedule F – Profit or Loss from Farming

By on Apr 10, 2017 in Uncategorized | 0 comments

The IRS’s Small Business/Self-Employed Division (SB/SE) has undertaken a new program for auditing expenses taken on Form 1040, Schedule F, Profit or Loss From Farming. The IRS believes that there may be compliance issues such as deducting expenses on the wrong form, deducting expenses actually belonging to another taxpayer, or deducting hobby losses. Another area of concern is fuel and whether fuel was used for nondeductible personal (as opposed to farm) use. To read the full article and learn about the pilot program click here: IRS initiates pilot program for auditing farmers’ Form 1040, Schedule F expenses. Credit to: tax.thomsonreuters.com IRS initiates pilot program for auditing farmers’ Form 1040, Schedule F expenses Thomson Reuters Tax & Accounting News Checkpoint Daily Newsstand March 6,...

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How Will You Spend Your Tax Refund?

How Will You Spend Your Tax Refund?

By on Mar 27, 2017 in Uncategorized | 0 comments

The anticipation of receiving a tax refund and deciding what to do with it can be pretty exciting. How do your tax refund plans compare with others? GoBankingRates conducted a survey with interesting results — saving the money led the way with splurges and large purchases far behind. To find out more, read Here’s How Most Americans Spend Their Tax Refund founding on Fortune.com. Credit to Fortune.com Here’s How Most Americans Spend Their Tax Refund GoBankingRates, Feb 16,...

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How Much Home Can You Really Afford to Buy?

How Much Home Can You Really Afford to Buy?

By on Mar 13, 2017 in Uncategorized | 0 comments

If you feel that you are ready to buy a home, you should consider the financials before you look. That way, you aren’t going to be disappointed when you apply for financing after mistakenly looking above your budget. Here are six steps to make sure you are in the right ballpark: Know your lender’s ratios. Calculate your front-end ratio maximum payment. Add up your monthly debts. Calculate your back-end ratio maximum payment. Use the lower of the two payments to set your budget. Make sure your payment is actually affordable to you. To learn more about what each of these steps entails, read USA Today’s recent article 6 simple steps to figure out how much house you can afford. 6 simple steps to figure out how much house you can afford Matthew Frankel, The Motley Fool USAToday.com, Feb. 19,...

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