Reading this article made me realize that small details are very important, but that it takes observant people who are willing to act to make them count. What this young mother did with a pizza order, got her the help she needed.
This is also true in the accounting business. Small details that could save/cost you money can easily be overlooked. It takes an attentive CPA with an eye for detail to best serve your business interests.
This article was especially interesting to me since I have an art gallery space in my accounting office. Of course, none of the works that I have exhibited fall into the category they are talking about, but imagine if you could avoid capital gains taxes all together through re-investment of your earnings from prior art sales. It’s the same principle as real estate purchases and has been growing in popularity recently, to the point where some “traders” are seeing art as a commodity. What do you think? Time to invest in some fine art?
Although this article is for recent college grads, there are plenty of great tips about understanding your credit score and how it works for and against you. For example, did you know that borrowing less than thirty percent of your available credit actually makes your credit score increase? Marilyn Lewis, in her article, 12 Ways for College Grads to Build Good Credit lays out basic steps to growing and maintaining your score as well as diversifying the types of credit you are using. Many believe paying in cash is an important skill to learn but a healthy credit score may be even more useful. So, every once in a while it’s a good thing to pull out the plastic and say, “Charge it.”
No one appreciates a hidden fee, but do you know exactly where your invested money is going and the amount of fees you are paying your broker? President Obama is currently pushing for new rules in the finance industry that would help put investors interests first. Of course, even the financiers need to make a living and have money for retirement, but just how skewed is their take versus your returns? Might be a good question to ask next time you’re in their office.
Ever not answered the phone because you knew it was a creditor trying to collect on your college debt? Over the last many years, education debts have increased while job opportunities declined. This has caused many people in the under-thirty category to be unable to follow the “usual” path of work, home ownership and family. Statics are showing that many people are overwhelmed by debt and underemployed leaving the economy in a precarious place as these groups continue to reduce their spending. How do we create affordable education and jobs upon graduation? And where will this vicious cycle end?
Using the closing numbers of the DOW as a measure of your financial fitness may not be as reliable as you might think. In Ron Lieber’s article, Time to Assess Your Financial Fitness, he shares a list of personal markers which may yield a more accurate view of your money’s growth. In the end, he offers this closing statement, “Aiming higher when it comes to saving is almost always a worthwhile goal. But building a safety net beneath you ought to be a higher priority in the new year.”
Exemptions, penalties, reconciling… What do you need to know to accurately complete your tax forms this year? If you received a subsidy from the Affordable Care Act or were without health insurance for more than three consecutive months, there will be new tax forms which could bring the need for more serious number crunching. For example as a subsidy recipient, if your income changed, you may be re-paying part of what you were given. Taxes can be stressful in an average year, so make sure you have plenty of time to research and complete all of your forms. And don’t forget that accounting professionals (as myself, debra@nw-cpa.com) are here to help you!
Quick, make a list of all the jobs you’ve held to this point. Ever worked two jobs? One in the decidedly white-collar sector while the other was in the more blue-collar service industry? In her article, Your Professor, Your Waitress, Brittany Bronson explores the current need for “survival” jobs along with many career choices. As a professor at the University of Nevada and a waitress on the side, she has firsthand experience. Her main concern is that showing her students that she must have a second job is destroying the facade of success I present as one of their university mentors.
Up for a challenge? Then give “No-Spend-November” a try. Be part of this new trend and see what it can do for you. The woman featured in the article says it saved her finances and even helped her get on the path to saving for various goals. Just imagine if skipping the takeout for a month could free up the cash to pay-off a credit card or finance that trip you’ve been wanting to take? Would you be willing to try it? You know you want to, so get thinking and stop spending!
Concerned about the current state of the market? Not sure is you should hold ’em or fold ’em?
Walk away or run?
David Yeske, a financial planner in San Francisco, recently sent out a calming note to his clients explaining that downturns are inevitable, but he offered another strategy. He offered some “fun and uplifting” distractions from the scary headlines, and he provided links to videos featuring a rendition of “Stand by Me,” and a flash mob.