by Karla Dennis | Oct 10, 2015 | Blog
Filing income taxes can be a stressful experience for anyone. However, the more steps you take to plan ahead for taxes, the better off you’ll be. As the year draws to an end, it would be a wise choice for you to begin a tax planning strategy for filing taxes next spring. If you wait too long to formulate your tax filing strategy, you may end up missing out on valuable assistance from professional tax planners. Here are some important year-end tax planning tips for your household income taxes: 1. Keep old returns handy. When you pull out old tax returns, it gives you the opportunity to find ways to save money on your upcoming return. Go over your past couple of years in tax returns so you can compare income and deductions of the past to your current income and deductions.
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by Karla Dennis | Oct 8, 2015 | Blog
Nothing refreshes the body and mind like a vacation. Whether you travel alone, with family or extended family and close friends, it’s good to get away from the daily routine! According to the American Society of Travel Agents, the 5 most budget-friendly travel destinations are: * Las Vegas, Nevada * Orlando, Florida * Branson, Missouri * New Orleans, Louisiana * Los Angeles, California. Here’s why these locales are so budget-friendly: 1. Las Vegas, Nevada. In Las Vegas, you can get away, explore tourist attractions and stay in one of the many awesome hotel resorts, all for very decent prices. * Because of the vast number of hotel rooms, nearly 150,000, says the Las Vegas Convention and Visitors Authority, many package deals to Vegas are available. A common travel package to Las Vegas includes flights, hotel, food credits, and a discount on show tickets. read...
by Karla Dennis | Oct 7, 2015 | Blog
The average tax refund is around $3,000; that’s a nice chunk of change! However, it’s a dilemma every year for many folks. Should you invest it? Should you enjoy it? While there are several good ideas on how to put that money to use, let’s look at several things that it’s best to avoid: 1. Spend it all on an insignificant purchase. You worked hard for that money. Consider using it for something that’s meaningful to you or increase its value with a wise purchase. * If you invest that tax refund, it can have a significant effect on your retirement. This is a great time to put the entire amount into an IRA. That $3,000 put into an IRA every year is worth over $180,000 after 20 years at a 10% return. read...
by Karla Dennis | Oct 6, 2015 | Blog
As you celebrate the new job, it’s important to ask several personal finance questions. Your new job presents new opportunities for financial growth. Finding the answers to these questions will help you make smarter, more informed decisions: 1. Ask about the medical benefits. You probably negotiated your salary, but are you aware of the details about your medical benefits? Health plans can vary greatly, so it’s important to find out what your health benefits are and how much they will cost you. * What types of plans are offered by the company? Can you add your family to your plan? How much of your paycheck will go to pay for your medical benefits? read...
by Karla Dennis | Oct 5, 2015 | Blog
Your 40s can be a challenging financial time. However, you can take steps to avoid the common money mistakes that create challenges with your personal finances. Follow these strategies: 1. Plan with liquidity in mind. How much of your portfolio is accessible in liquid assets? Liquid assets refer to cash or investments that can be easily turned into cash. * During an emergency, you may need fast access to cash. In your 40s, emergencies can include a family member’s unexpected trip to a doctor that isn’t covered by insurance. They can also include an unexpected breakdown at home or at work. How will you pay for these items? * You want to avoid being in a financial situation that forces you to sell your belongings or get loans because you need cash. Evaluate your portfolio and ensure you have enough cash to handle a variety of emergencies. read...
