As you approach retirement, it’s vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them:1. Health InsuranceAre you among the lucky few who will continue to be covered after retirement? If not, then you’ll need to replace your health coverage.If you will be eligible for […]
While it probably seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go […]
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain […]
Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax returns, however, the due date […]
As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records […]
If your business has been locked down because of the pandemic, or you are scrambling to hold things together with fewer employees or diminishing sales, you may be depending on QuickBooks more than ever. Whether you’re keeping an eye on dwindling inventory, closely monitoring your daily cash flow, or trying to collect on invoices that […]
According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible […]
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.Unfortunately, many business owners fall victim to several common, […]
With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, for most people – especially those of pre-retirement age – this is unrealistic. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, […]