Information & Tips

We want to pass on information that might benefit to you, whether it’s regarding financial or family issues or just a fun idea.  If you have anything that you would to share, please email  us.

GOOD INFORMATION OR HELPFUL IDEAS

 

OCTOBER 24, 2014

We’ve now had reports of two clients who had IRS calls which were scams within the last six months.  Both were senior citizens.  Please follow this link: How to Identify an IRS scam for good information on this topic.

                       

 

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DO YOU NEED TO TRACK YOUR MILEAGE FOR YOUR BUSINESS OR EMPLOYER?  A NEW APP FOR YOUR SMARTPHONE CAN DO IT!  CHECK OUT  IT OUT HERE:     the AUTO MILEAGE APP

WITH ALL THE BUGS OF SUMMER IN ABUNDANCE, YOU MIGHT FIND A SOLUTION AT Pests, Be Gone! 10 Natural Ways to Make Your Home Critter-Free

FINANCIAL

Businesses:  DO YOU KNOW THE FOUR BASICS OF CASH FLOW?

  1. Know your payroll costs every period.  (A good accountant can help you with that.)

  2. Pay your large expenses (such as insurance and personal taxes) on a more regular basis >> quarterly or monthly instead of annually.

  3. Save for retirement throughout the year, instead of at the end of the year.  (Your accountant can help you determine which is the best retirement plan for your business.)

  4. Find ways to get paid on time: suggest an automatic withdrawal system for clients so that the bill doesn’t mount to an unmanageable amount.


MESSY DESK A PROBLEM?  YOU MAY FIND SOME HELP AT www.nfib.com/ditch_piles

 

Individuals:

If you are planning on retiring in the next five to seven years, consider the WRAP STEPS FOR PLANNING YOUR RETIREMENT —

  • Widen your alternatives
  • Reality check your assumptions
  • Attain distance before deciding
  • Prepare to be wrong

Contact us for the detailed report >>> 570-678-7451 or sba91@epix.net

 

PARENTS WITH YOUNG/SCHOOL AGE CHILDREN: ARE YOU MAKING ANY OF THESE MISTAKES?

Buying too little or no insurance.

Ignoring the need for disability insurance.

Postponing a will (and an advance directive/living will, medical power of attorney).

                                                           Forgetting to save for retirement and college costs.                                                                                                       (check out this comparison between custodial accounts & S529 plans: http://www.kiplinger.com/article/college/T002-C001-S003-custodial-accounts-vs-529-plans.html)

 

FAMILY/FUN

If you are thinking about vacation plans this year, be sure to read the following information first to save as much as you can and still have a good time ….. http://www.kiplinger.com/article/spending/T059-C000-S001-21-secrets-to-save-on-travel.html.

                   AN IMPORTANT QUESTION THAT I GET ASKED AT LEAST TWICE EVERY TAX SEASON:                           

HOW LONG DO I HAVE TO KEEP MY RECORDS ?

  • Tax returns >> until you start collecting Social Security (especially the W-2s, your only record of how much you earned; for self employed, your Schedule C)
  • Indefinitely >> IRS Form 8606 showing nondeductible contributions to your IRA, receipts for capital improvements to your home (until 7 years after you sell your house), year end retirement & brokerage account statements, receipts for big ticket purchases for as long as you own the items (so you can support warranty and insurance claims)
  • Seven years >> supporting documents for your tax returns (in case of an audit that may turn into a longer than the 3 year statute of limitations time period), including bank statements
  • One year >> paystubs (can be trashed when you receive your W-2 if it agrees), monthly brokerage statements (until you get your annual statement), health care payments (if you have substantial out of pocket expenses and itemize)

 

NINE DAILY HABITS THAT WILL MAKE YOU HAPPIER

  1. START EACH DAY WITH A POSITIVE EXPECTATION — LIFE USUALLY LIVES UP (OR DOWN) TO WHAT YOU EXPECT.
  2. TAKE TIME TO PLAN & PRIORITIZE — YOU’LL BE MORE LIKELY TO ACCOMPLISH SOME OF THOSE “TO DOs”
  3. GIVE A GIFT TO EVERYONE YOU MEET — NOT NECESSARILY SOMETHING TANGIBLE; A SMILE OR KIND WORD WORKS WONDERS SOMETIMES.
  4. DEFLECT PARTISAN CONVERSATIONS — THOSE SUBJECTS WHICH HAVE NO “RIGHT” ANSWER, BUT STIR UP NEGATIVE EMOTIONS.
  5. ASSUME PEOPLE HAVE GOOD INTENTIONS.
  6. EAT HIGH QUALITY FOOD SLOWLY.
  7. LET GO OF THINGS YOU HAVE NO CONTROL OVER — DO YOUR BEST AND THEN DON’T WORRY ABOUT WHAT MIGHT HAPPEN.
  8. TURN OFF BACKGROUND TV — IT CAN LEAD TO “MINDLESS CONSUMING” OF STUFF YOU DON’T REALLY NEED.
  9. END EACH DAY WITH GRATITUDE — EVERY NIGHT, THINK OF ONE GOOD THING THAT HAPPENED THAT DAY.