Why start a business retirement plan?

Starting a business retirement plan can be a complex process for small business owners in particular as they need to factor in issues such as multiple sources of retirement income, special tax considerations and succession issues.  Beginning a business retirement plan will help make deductible contributions for 2012. Listed below are some compelling reasons for […]

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2012 year-end tax planning guide

Uncertainty is the name of the game when it comes to year-end tax planning. A combination of events which include possible expiry of the Bush-era tax cuts, imposition of new Medicare taxes on investment and wages, massive federal budget cuts threaten to throw the economy back into recession. This has resulted in many taxpayers asking […]

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Do’s and Don’ts of refinancing

There is never a better time for refinancing than now. Mortgage rates are at historic lows.  This can save thousands of dollars in interest and help build up equity on one’s home faster. However, refinancing can also be expensive and cost more than the savings. Here are some tips to help navigate the field of refinancing. […]

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Client collaboration in the cloud

In recent years, the accounting profession has seen transition of business data and applications from traditional paper-based models to cloud-based digital platforms. Hosting information and software in a virtual environment helps save cost and improve overall productivity. Accounting technology came in the form of desktop applications, moved on to networking, and now, it is all […]

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Renting out a vacation home

Over the last five years, the number of people offering their vacation properties for rent has boomed in order to offset expenses and generate income. On the basis of the number of days of the year the property is let out, vacation home owners can avail of certain tax benefits and avoid surprises at tax […]

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Social Security Statement online

The Social Security Administration has gone high tech.  It has done away with annual paper statements as a cost-cutting measure and added a feature ‘My Social Security’ to its website that enables viewing online workers’ earnings and benefit information. This is convenient, because it makes it possible to access personal social security information anytime anywhere. […]

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Simplify your finances

The task of managing one’s finances efficiently is very important.  This can be done by streamlining various aspects of financial management. Investments: ·         Consolidate old retirement accounts Rolling up multiple retirement accounts into one or two IRAs is a safe bet as fewer accounts mean fewer statements up for review, saving time. This reduces the paperwork […]

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Bookkeeping tips for small business

  Book keeping is an essential part of running a successful business. Successful business owners have adopted a few basic procedures to stay on top of the paperwork. Have a vision and plan for where you want the business to be in the long run.  Plan for major expenses in advance.  Almost all businesses have a set […]

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Guide to college savings plans

September – With schools reopening throughout the country there is never a better time than now to start with a college savings plan for your kids. Starting the savings habit early and wisely makes college a very realistic achievable goal. The value of college education is immense, but the cost incurred in the process is […]

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