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Tax And Financial Tips For April 2011

Tax Tips

It’s April already. Are your taxes done? If not, here are some stress-relieving ideas:

Don’t Procrastinate Anymore – Resist the temptation to put off your taxes until the very last minute. Our office needs time to prepare your return, and we may need to request certain documents from you, which will take additional time.

Don’t Panic If You Can’t Pay – If you can’t immediately pay the taxes you owe, consider some alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late-payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government’s financial agent to take the money directly from their checking or savings account on the April due date, with no fee.

Request an Extension of Time to File – But Pay on Time – If the clock runs out, you can get an automatic six-month extension, bringing the filing date to October 17, 2011. The extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late-payment penalty if you have not paid at least 90 percent of your total tax by that date. Call us for a variety of easy ways to apply for an extension.

Financial tips

Review Your Retirement Plans

How much have you accumulated so far? How much do you need to retire comfortably at the desired date? Professional advice may be helpful in determining how much you should be saving and what the best investment vehicles are.

Inventory Your Non-Financial Assets

Perform an inventory of your non-financial assets (e.g., home, furniture, cars, personal belongings). Compare this inventory to your property insurance coverage. Is your insurance adequate for your assets? You may need a rider to your policy for certain items such as jewelry. If some assets are no longer in use, consider selling them or donating them to charity. You may be entitled to a deduction based upon the fair market value of the assets.

Review Budget vs. Actuals

Compare March income and expenditures with your budget. Make adjustments as appropriate to your April expenditures. Make sure you have invested your planned savings amount for March.

Schedule Estimated Tax Payments

Add the estimated tax payments for the year to your calendar so you don’t overlook them later. You might want to attach the payment vouchers to your calendar with a paperclip.

Review Retirement Contributions

Review planned contributions for IRAs, SIMPLE Plans, SEPs, and Keoghs for the preceding tax year. Professional advice should be sought to help you determine the maximum amounts deductible, and whether postponing return filing for the preceding year will help determine the amount and timing of the contribution.

Laura is president and owner of 10 Key Solutions: Tax and Accounting Services. She has served in both the public and private sectors of accounting for over 25 years. Laura is an experienced and dedicated Accountant and Tax Preparer, with an attention for detail. Visit her blog for tax tips: http://www.10keysolutions.com/wordpress/.

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Top 10 Tips To Reach Financial Freedom Sooner

What will it take to get you closer to being financially free? Your financial freedom day is attained when you do not need to rely on others or trade your time in order to pay for your desired lifestyle.

This is where developing a personal plan made up of specific strategies and a simple automatic investment formula comes in. Investing should not be a specific investment product or vehicle. Investing is a process or a system that focuses on how well your specific strategies are working.

To get you closer to reaching your point of financial freedom sooner, check out these time-tested tips:
1.Dedicate the time and energy to become financially free. Focus on education first, then the experience. Use an eclectic approach by checking out a variety of books, audio programs and courses.
2.Everything has a price. Your time is more precious than money. Invest your time in learning about business and finance, and the opportunities to make money will appear. It is through awareness that we are better capable of identifying those situations that move us closer to our dreams.
3.Set up an ongoing, active investment plan. Learn how to keep your money moving in and out of better and better investments, rather than just parking your money and forgetting about it.
4.Information and technology are doubling at a phenomenal rate. Be open to challenging your present notions and ideas, since what may have been right for you yesterday may not be so tomorrow.
5.Never take a job for just the money. Take a job only if you will benefit in the long term from the knowledge and skills you obtain.
6.Investigate before you invest. Do your due diligence with every opportunity before committing. Dont just blindly follow the masses and the current hype in the markets.
7.Develop enough knowledge in each type of investment vehicle that you use so that you are prepared for whatever happens, whether markets go up or down. Try to establish various exit strategies before you enter any investment transaction.
8.Learn how to evaluate the risk to your capital versus the return on your investment. Reduce that risk by becoming financially literate. Keep in mind that most often it is the investor who is risky not the actual investment vehicle.
9.Get into the habit of regularly converting your active income into passive income by acquiring assets, such as businesses (stocks), real estate, precious metals, etc.
10.Should you find a good opportunity, ask yourself: How can I afford this? Be optimistic about the outcome, focusing on attracting the money necessary. Start by thinking outside the box. Try to be creative in coming up with ways to make the investment happen.

To sum up, invest your savings in the wealth creation sector in which you have the greatest knowledge base. Get into the positive habit of investing slowly as your knowledge increases.

As your learning progresses and you gain confidence, begin diversifying your investments into other wealth creation sectors, whether it be in stocks, real estate rental property or systematized businesses.

Soon enough you will be on your way to creating the lifestyle youve always desired.

Would you like to create your desired lifestyle sooner than later?
By taking an active role investing in the stock market, you could get there sooner than you think.
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