Whether it is a good idea or not to keep investments in a safe deposit box depends on the investment. Certainly, some investments definitely require this sort of protection. These would include investments such as rare coins, stamps, and similar collectables, gold and silver, and negotiable instruments, such as bearer bonds that can be cashed by anyone who possesses them. The … [Read more...] about Should Investments Be Kept In A Safe Deposit Box?
Retirement Savings: the Earlier, the Better
Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy years of growth and provide a substantial nest egg at retirement. Due to its long-term benefits of tax-free … [Read more...] about Retirement Savings: the Earlier, the Better
Tax Tips for Recently Married Taxpayers
If you - like many others during the spring and summer months - have gotten married or plan to get married in the near future, here are some post-marriage tips to help you avoid stress at tax time. Notify the Social Security Administration - Report any name change to the Social Security Administration so that your name and SSN will match when you file your next tax return. … [Read more...] about Tax Tips for Recently Married Taxpayers
Summertime Child Care Expenses May Result in Tax Savings
Many parents who work or are looking for work must arrange for the care of their children during school vacation. If you are in this situation and your children requiring care are under 13 years of age, you may qualify for a child care tax credit. The credit offsets income tax, potentially to zero, but cannot be used to reduce special taxes, such as self-employment tax, and is … [Read more...] about Summertime Child Care Expenses May Result in Tax Savings
Small Business Expenses 101
For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag for the IRS, with home-based businesses, in particular, facing an increase in tax … [Read more...] about Small Business Expenses 101