December 29, 2014
With 2015 just around the corner, it’s smart to take a few minutes to plan ahead for the coming year in terms of the goals you want to achieve. If managing your money more effectively in the year ahead is one of the things you want to tackle, it helps to break your goal down into manageable steps.
Figuring out your financial plan comes down to three essential steps: managing, growing, and protecting your money. Here are some tips to help you succeed in these three areas of your financial life.
1. Managing your money. If you can't figure out how to earn more, spend less, save more, and pay down debt, you won't have the assets you need to grow your wealth. From recent college graduates to baby boomers near retirement, learning how to live on less than you make, borrowing money and using credit responsibly, and saving money for unexpected situations are critical steps you must take.
2. Growing your money. When it comes to saving and investing, it’s never too early, or too late, to start. By putting money aside each month and investing it wisely, you can grow your money to help pay for your child's education, buy your first home or a vacation home, and fund your retirement. It may be helpful to talk to a financial professional to make sure your investment strategy is sound.
3. Protecting your money. Getting up to speed on the best retirement and tax and estate planning practices can make all the difference in being able to retire on your terms and leave a positive financial legacy for your loved ones. Federal income taxes can be a family's greatest annual expense, underscoring the importance of strategic tax planning. Knowing your tax liability before the annual April 15th deadline is critical to your overall financial plan, so get in touch with our office if you have any questions in this regard.
In addition, careful estate planning can prevent confusion and chaos for your family when you're gone. So make sure you have a will and a clearly articulated plan for how your assets should be handled in the event of your passing.
Being proactive about managing, growing, and protecting your money and other assets this year may be one of the best New Year’s resolutions you can make—paying dividends to you well beyond 2015. If you need any assistance putting your financial plans into action, please contact our office—we are happy to help you.
Prior to moving to Madison, the last bike I owned was a Nashville Predators themed bike I won at the age of 9, so it had been a while since I found myself in the saddle. Upon my arrival here, I discovered the city’s rich biking culture as well as its system of paths and knew I had to take advantage of all it had to offer. After a couple of years of riding and exploring, I feel like I know my way around town on a bike pretty decently.
Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to implement the optional deferral.