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Tax Articles

2020 Retirement Plan Limits

As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits: Retirement Plans 2019 2020 Change Age 50 or older catch up IRA: Traditional $6,000 $6,000 none add: $1,000 IRA: Roth $6,000 $6,000 none add: $1,000 IRA: SIMPLE $13,000 $13,500 +$500 add: $3,000

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The Highest Taxed Money in America

How the lottery preys on Americans If you were told to voluntarily pay 75% of your wages to government-sponsored programs for the rare chance of getting everyone else’s remaining 25%, would you do it? Most everyone enjoys dreaming of winning it big in the lottery. Large pots of money are publicized on the evening news and lucky multi-million-dollar winners are always given the media spotlight. Little do most people know, federal and state governments are quietly

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It’s Time to Prioritize Inventory Management

Extraordinarily low interest rates and a rapidly evolving business climate has made inventory management a lost art. Other business initiatives may seem to be more urgent and impactful, but in reality, mastering inventory levels is a key to most successful and growing businesses. Here are reasons why prioritizing your inventory management is a must: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged or past sell date. It is a sign of

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There’s Still Time to Fund Your IRA

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer’s qualified retirement plan (a 401(k), for example), you will need to make sure your modified adjusted gross income (MAGI) does not exceed certain thresholds.

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Make Your Cash Worth More

Banking tips to help you cash in Your cash is parked. Do you know if it’s making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of earnings potential. It’s actually losing money if you factor in inflation! Here are some ideas to help you make the most of your banked cash: Understand your bank accounts. Not all bank accounts are created equal. Interest rates, monthly fees, minimum balances, direct

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January 2020

This month: January 1 – New Year’s Day January 15 – 4th Quarter Estimated Payments Due January 20 – Martin Luther King Jr. Day Start tax planning for the new year – Adjust withholdings – Organize filing records – Schedule tax consultation – Rebalance investment portfolio   Welcome 2020. A new year calls for a fresh look at your financial strategies. Consider how to make the most of your savings accounts — and don’t forget you

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Cash Flow: A Central Part of Your Business Plan

When tracking and planning your business objectives, it’s easy to focus your analysis on two reports — the income statement and balance sheet. But one of the primary keys to your business’s success relies more on how you handle the money flowing in and out of the business. The appearance of a solid profit can hide a lurking cash flow problem. Here are practices to help you give your cash flow the attention it deserves: Understand

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3 Major Charity Scam Red Flags

You’ve probably already received several letters and phone calls from charities asking for donations. Most requests are from legitimate organizations. Some, however, are bogus charities set up by con artists who use the holiday spirit to their financial advantage. Last year, Americans gave nearly $428 billion to charities, according to Giving USA 2019: The Annual Report on Philanthropy for the Year 2018. That’s a huge incentive for fraud. If you’re planning to donate, take some time

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Time for a Yearly Credit Report

One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that each of the major consumer credit reporting agencies is required by law to provide you with a free report once a year. Here’s contact information to

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6 Ways to Cut Your Everyday Expenses

Many people dream of making more money, but cutting expenses can have the same effect. Identify unnecessary expenses with these six money-saving ideas and help free up some cash: Eliminate late fees. Most late fees are the result of being too busy, traveling or simply forgetting. Fortunately, late fees are almost entirely avoidable if you have a plan. A lot of people only think of credit card late fees, but they can also show up in

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