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The Most Important Retirement Income Sources
What significant sources of income will you have in retirement? What sources of income will you rely on to maintain your ideal standard of living during your “retirement” years? Will you need the support of your children or other loved ones, or do you intend to be financially independent?
As you approach retirement, these are crucial inquiries. Your current income from work, entrepreneurship, or other sources will probably change once you leave a full-time career.
Tax documents you should save
You may only want to keep some of your paperwork after filing your tax return, including your W-2, 1099s, and other receipts. It’s safe to say you don’t want to think about taxes at all. But don’t toss them out as soon as you mail your tax return or submit your electronic forms.
The Internal Revenue Service recommends that taxpayers should keep their documents for three years after the date of filing
Cryptocurrency and charitable giving
Because of the popularity of cryptocurrency, some of the world’s largest nonprofit charitable organizations, ranging from the Red Cross to the Rainforest Foundation, have begun accepting cryptocurrency donations.
Tax Breaks for Environmentally Friendly Businesses
Federal and state governments now allow tax breaks for environmentally friendly businesses. Going green can be a profitable business strategy combined with the potential for increased loyalty from customers who care about sustainability.
Best Locations Outside the U.S. to Retire in 2023
Seniors in the U.S. are increasingly coming up with original and imaginative ways to enjoy retirement on their terms. Senior U.S. expats are fleeing the country in search of a better life and a more affordable cost of living. Many nations are luring U.S. retirees with alluring retirement plans as they quickly catch on.
Estate Planning Checklist
What comes to your mind when thinking about estate planning? You might imagine spending a lot of time in an attorney’s office, huddled over piles of paperwork and immersed in legalese. But the truth is that estate planning doesn’t have to be challenging or time-consuming; with the right help, it can be easier and less expensive.
What is opportunity Cost
In economics, “opportunity cost” refers to the benefits foregone when selecting one course of action over another. It is, in essence, the value of the path not traveled.
Bitcoin and Retirement. Is it a good match?
In recent years, Bitcoin and other cryptocurrencies have quickly emerged as a mainstream asset class with multi-trillion dollar market capitalizations. As a result, many people (particularly younger generations) are looking for ways to invest in cryptocurrency through their retirement accounts.
Secure Act 2.0 Tax Law Changes You Should Know About
Congress passed the SECURE 2.0 Act as part of a year-end spending bill. This retirement plan legislation is an expanded version of the SECURE Act of 2019, which aims to improve savings account retirement laws.
Checklist for Tax Season 2023
This year, use our handy tax preparation checklist for 2022 to make tax preparation easier. We will let you know what tax documents you need to know to organize. Tax season can be stressful, but we are here to assist you.
Be Aware of This Tax Updates for 2023
New changes in tax regulations are now in effect, potentially increasing paychecks and lowering income tax for many Americans who are still reeling from sky-high prices as the new year begins.
Financial Planning When Having a Baby
One thing that most parents wish they had known about being a parent is how costly having a child can be. Most of your expenses would rise; diapers, health insurance, and all that baby gear add up quickly.
Benefits of Saving for Retirement in your Twenties
Starting to save money now will become a habit as you get older. The earlier you begin investing, the more money you will accumulate.
Tax Updates for 2023
Even though tax season is just around the corner, it’s always early enough to begin making financial preparations for the upcoming changes to tax laws in 2023
Why Having a Tax Planning Strategy is Important
Why Having a Tax Planning Strategy is Important You've probably heard of a tax strategy, but you need help figuring out where to begin. Even thinking about taxes can make you nervous. The overarching goal of tax strategies is to increase your wealth. It is critical to...
Steps to Start a Business in 2023
Starting a business requires research, smarts, and self-confidence — as well as a certain amount of fearlessness. You’ll ask yourself: How can I create my own business without money? What is the proper equipment? Is this the best advice I can get? Here are the essential steps for starting a business.
How To Be Financially Successful in 2023
The start of a new year the ideal time to set goals for yourself, particularly regarding personal finances. Starting with a blank slate and developing a plan for the financial milestones you hope to achieve will allow you to hit the ground running in 2023.
Getting a head start will allow you to develop a solid plan for your income, debts, and savings and ensure that you continue progressing on your short- and long-term financial goals.
What is Tax Depreciation?
Depreciation it is a expense claimed by a taxpayer on a tax return to make up for the decline in value of tangible assets used in income-generating activities is known as tax depreciation. Tax depreciation distributes costs over several periods, much like accounting depreciation does. As a result, depreciable assets’ tax values gradually decrease throughout their useful lives.
What is the 4% rule?
The 4% Rule is a useful guideline for retirees to determine how much money they should withdraw of their retirement accounts each year.
The 4% rule is a popular guideline in retirement planning that can help you prevent running out of money in your golden years.
Strategies to Protect Your Assets in 2023
You most likely have assets accumulated throughout your life through hard work. However, it’s not always obvious how to safeguard those assets, especially if your company is involved. Asset protection strategies are essential in this situation to protect your hard-earned money.
What Exactly Is a 1031 Exchange?
Taxes are just a part of the deal for real estate investors. However, 1031 exchanges, named after IRS Section 1031 of the IRS tax code, allow you to avoid capital gains. If you are the owner of an investment property and are considering selling it and purchasing another, you should be aware of the 1031 tax-deferred exchange.
When Is The Best Time to Fill Out Your Taxes?
While it’s generally recommended to file your taxes as quickly as possible, is that always the best course of action? Depending on your circumstances, it might be better to hold off filing the most accurate return. The following information will help you decide when to file your taxes.
Five Steps to Improve your Finances
A new year is coming, and it is the ideal time to reflect on your financial decisions. It’s time to examine our spending habits and investments over the last year to see if they aligned with our financial goals.
Whether you’re trapped in a debt cycle, you might need help getting back on track if your income is insufficient to maintain the lifestyle you desire if you simply want to start saving for a significant financial goal, like investing or buying a home.
Things you should know about early retirement.
For some, early retirement means leaving the workforce at the age of 40; for others, it means leaving the workforce at the age of 55. Your target age or date should be determined by how many years of retirement income you will have. In other words, you must perform the necessary calculations.
Tax strategies for high-income earners
A higher income may result in increased federal and state tax obligations. You might believe your tax burden will increase because you earn more money, but that isn’t always the case.You might be one of the high earners with a target on your back. The IRS has a plan in place to target high-income earners. The surprising thing about this is how much lower than most people would expect they draw the demarcation line.
Understanding Bitcoin Halving
The amount of bitcoin awarded to miners is halved every four years until all 21 million bitcoin have effectively been mined (probably around the year 2140). Bitcoin is a limited, inflation-resistant resource thanks partly to the halving mechanism.
While national central banks keep an eye on the availability of conventional currencies, the total supply of Bitcoin is fixed and unchangeable.
Understanding Charitable Donations
A charitable donation is a gift of money or property made to a nonprofit organization in exchange for nothing of value from the donor. Individuals and businesses in the United States can deduct charitable contributions on their federal tax returns.
Charitable giving is one way to support a cause or organization near and dear to your heart. Regarding finances, charitable giving can be essential to your estate, tax, and financial planning.
How to Save for Retirement?
What amount of money will you need to retire? If you’re like the majority of Americans, you have no idea. However, experts use a quick rule of thumb to determine how much you can spend. They recommend that you withdraw about 4% of your savings each year, which means you’ll need about 25 times your annual spending when you reach retirement age.
What is Compound interest?
Consumers looking to increase their savings can use compound interest to their advantage. Making wiser choices about where to invest your money can be aided by understanding how it functions and how frequently your bank compounds interest.
Myths about Cryptocurrency
Since they were first introduced in 2009, cryptocurrencies have significantly increased in popularity. Due to their obscurity and complexity, many misconceptions and rumors surround these digital currencies.
What Is Hedging?
Hedging is a sophisticated risk management strategy that entails buying or selling an investment to potentially reduce the risk of losing an existing position.
What is a Keogh Plan – Here the basics?
A Keogh plan is a tax-deferred retirement plan used for self-employed or unincorporated businesses. A Keogh plan can be set up as a defined benefit or a defined-contribution plan, with the latter being the most common. Contributions are mostly tax deductible up to a certain percentage of annual income, with absolute limits in US dollars that can be changed by the Internal Revenue Service (IRS) from year to year.
What is Market Volatility?
The magnitude and regularity of price changes is known as volatility. It gauges how erratically they swing and how frequently they rise or fall.Volatility is a statistical measure of the spread of a security’s or market index’s returns.
What Is Mortgage Refinancing?
A mortgage refinances taking out a new loan to replace the previous one. Your current mortgage is changed, ideally for one with better terms, when you refinance. Refinancing a mortgage is typically done by homeowners to obtain more advantageous interest rates or other loan features that can result in cost savings.
How are NFT’s taxed?
NFTs are taxable, but it can be challenging to determine how the IRS views them regarding taxation. The IRS has stated that virtual currencies like Bitcoin and Ether are subject to property taxes, despite not providing explicit guidance on NFTs.
Charitable Tax Deductions: The Best Strategy
Charitable contributions are one of the best ways to save money on taxes. Not only does the charity benefit, but taxpayers also benefit because they can deduct a portion or all of their contributions on their tax returns.
Why Should You Have an Emergency Fund?
The term “emergency fund” refers to money set aside for use in times of financial crisis. An emergency fund is intended to improve financial security by providing a safety net that can be used to cover unexpected expenses such as illness or significant home repairs.
What is an Annuity? How Does it Work?
An annuity is a type of financial product used to help with retirement planning. Annuities work in various ways and can benefit nearly every retiree, particularly those who want to ensure a consistent, guaranteed income stream in retirement. It is an insurance contract in which current contributions are exchanged for future income payments.
Why Knowing Your Net Worth Is Important
The amount by which your assets exceed your liabilities is your net worth. Net worth is the difference between what you own and what you owe. You have a positive net worth if your assets exceed your liabilities. In contrast, if your liabilities exceed your assets, you have a negative net worth.
What are ER taxes?
ER taxes, also known as employer taxes, are levied on employers based on their employees’ gross wages and compensation. Failure to pay these taxes on time may result in legal action being taken against the company.
Need Accounting Help?
Do you need accounting help? We provide a wide range of accounting services in the Lansdale and Montgomery County PA region.
