Will Congress revive expired tax breaks?
Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to Jan. 1, 2014. The question is exactly which breaks they’ll extend and when they’ll pass the necessary legislation to do so. Here are several that may benefit you or your business if…
Beware of Emotional Financial Planning
If you’re like most people you have made a New Year’s resolution to take control of your finances. You have researched the vast amount of financial information available and have learned many tips to get you on your way. However, the problem may not be in what you don’t know, but rather in how you…
Organizing Finances in the New Year
It’s a new year and the time is right to begin organizing your finances. In addition to all of those other resolutions, financial planning can be a resolution you begin today. Here are some helpful tips to begin organizing your finances. Begin by finding some place that is quiet with little distraction. Then take an…
Should you increase your retirement plan contributions in 2014?
With the new year upon us, it’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a smart move: Contributions are typically pretax. Plan assets can grow tax-deferred — meaning you pay no income tax until you take distributions. Your employer may match…
Retirement Test Drive
If you’re thinking about retirement in the next five years, it might be a good idea to give your plans a test drive to see if what you are planning for is something you can live with in the future. When you finally retire, you will be working with a smaller budget and making other…
Avoid the year-end vacation-time scramble
Every December are your employees scrambling to use up their vacation time because of limits on what they can roll over to the new year? Or do you allow rollovers and have long-time employees who’ve built up large balances that create a significant liability on your books? Then you may want to consider a paid…
Why the self-employed should consider setting up a retirement plan before year end
For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated depending on various factors.) But if you’re self-employed, you may be eligible for a retirement plan that allows you to make much larger contributions. As…
Early Mortgage Payment May Cut Taxes
As you prepare for the upcoming tax season, making your January mortgage payment early could lower your tax bill. Since mortgage payments are made at the end of occupancy periods (unlike rent which is paid in advance), the interest that is paid on the January payment is actually for December and can therefore be included…