by Karla Dennis | Aug 30, 2018 | Blog
Rich and Staying That Way: 5 Strategies for Keeping Your Wealth Getting rich is only half the challenge. It’s not always easy to stay rich once you’ve ‘made it.’ There are many stories of very wealthy people losing everything. These stories include wealthy celebrities, professional athletes, lottery winners, and a lot of regular people, too. Whether you’ve already made your fortune or you’re still working on it, there are 5 strategies for keeping your wealth that you can do. Protect your wealth from these five dream killers: 1. Plan for the long-term. As medical science continues to advance, lifespans are also progressing. The more time you spend in old age, the more likely you are to have significant medical expenses. Nursing homes are costly, too. Plan your finances as if you were going to live forever. read...
by Karla Dennis | Aug 29, 2018 | Blog
IRS Redesigned Website for 2018 Tax Reform To help taxpayers have a better understanding of the tax reform, the IRS has updated information on its website. The Tax Cuts and Jobs Act (TCJA) will affect individuals, businesses, tax exempt and government entities. There are now three sections for the IRS redesigned website IRS.gov/taxreform page. The three sections are individuals, businesses, and tax-exempt entities. The individuals’ page has a “Paycheck Checkup” link. The IRS is encouraging every taxpayer to check their withholdings to avoid any surprise tax bills at the end of the year. The information on tax credits discusses changes to the child tax credit, additional child tax credit, and information about the new credit for other dependents. read...
by Karla Dennis | Aug 20, 2018 | Blog
Avoid an IRS Bill with a Paycheck Checkup The Tax Cut and Jobs Act have increased the standard deduction and raised the tax credits for families with children. But you could find yourself owing the IRS if you do not adjust your tax withholding. To avoid any surprises at the end of the year, the IRS is encouraging every taxpayer to do some tax planning now. One way to do that is to use out free 2018 Tax Calculator on our website, which will allow you to either select a profiled scenario or create a scenario based on your unique situation to see the amount that should be withheld from your paycheck. It is even more important for you to do a paycheck checkup on your withholding using the 2018 Tax Calculator if you fall into one of these groups: • If you claim the Child Tax Credit • If you itemized deductions in 2017 • If you received a large refund or paid a large tax bill on their 2017 tax return • If you are two-income families • If you held two or more jobs during the year read...
by Karla Dennis | Aug 17, 2018 | Blog
Back to School on a Budget August is upon us once again. The collective “UGH!” is heard nationwide as families trudge toward the school supplies aisle in preparation for the upcoming academic year. Sadly, the “days-gone-by” supplies such as a box of crayons, spiral-ring notebooks and a pack of #2 pencils have evolved into a much longer list. But never fear, we’ve put together these useful tips to help you do – back to school on a budget. Recycle older children’s supplies. In our world of waste conscientiousness, why not teach children it’s perfectly acceptable to repurpose school supplies? Throw those backpacks in the washing machine. They’ll look just like new! Check with friends who have children. Before you buy that higher math calculator or the latest technological gadget required for a modern education, ask a friend with a graduating student if you can purchase their used items before you pay full price. Inquire about your community’s back-to-school relief projects. Do some research online or stop by your local Chamber of Commerce to gather information on organizations that offer school supplies aid such as Lions Club, Rotary Club, Masons, churches and other non-profits. Open a savings account. Setting aside a small amount each month will be considerably less painful than paying for everything at once. To make saving easier, restrict yourself from eating out more than a few times a month or scale back your latte purchases. You’ll be surprised at how much you can save. Research and prepare ahead of time. Set a good example for your little learners and do your homework. Compare sale ads, clip coupons or...
by Karla Dennis | Jul 11, 2018 | Blog
2018 Tax Calculator With the Tax Cut and Jobs Act (TCJA) going into affect this year you may be wondering what that means for your tax liability. The 2018 tax calculator should help you determine the affects in scenarios similar to your own. It is important for you to be aware of your current situation. What that means is reviewing your year to date taxes on your pay-stub, and comparing that towards your income tax. This should give you a good idea whether or not you are paying enough towards taxes. The last thing you want is to end the year with a hefty tax bill. To read more about the 2018 tax reform changes click here. *The 2018 tax calculator will give you a clear estimate of where you will be at year end.*...
by Karla Dennis | Jun 21, 2018 | Blog
2018 Business Tax Changes The Tax Cuts and Jobs Act (TCJA) has some new provisions that dramatically affect businesses and individuals. If you are a 1099 employee, or own a small business, the 2018 business tax changes is a big win. Here are some of the notable 2018 small business tax changes. Corporate Tax Cuts Corporations will see a big drop in their rate from 35% to 21%. These changes alone are estimated to increase average family income by more than $4,000. The idea behind the $4,000 estimate is this: Corporations will use their new tax savings to invest more in their companies, create more jobs and pay higher wages. An increase of family income of $4,000 are estimated from these changes. read...
