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....
Read MoreHere 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...
Read MoreThere 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...
Read MoreThe 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...
Read MoreThe 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...
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