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Articles from Leon Elwell | Selfgrowth.com
- Smart strategie for required distributions RMDs - by Submitted on Sep 12, 2018 from Leon ElwellAfter all the exhortation you've gotten about putting something aside for retirement, removing cash from your conventional IRAs and other qualified retirement designs may feel odd. However once you achieve 70½, the required least conveyance (RMD) rules say you need to do only that. Under ...
Views: 462 - Your child wants to start a business. Now what? - by Submitted on Sep 01, 2018 from Leon ElwellHas your child asked for your help with starting a business? If the answer's yes, chances are you may not know where to start. Since the failure rate for new businesses is high, it would be supportive for you to do whatever you can to increase your child's chances of success. That includes ...
Views: 460 - Steer clear of these 5 retirement plan mistakes - by Submitted on Aug 29, 2018 from Leon ElwellParticipating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes: Not taking full advantage. Too many employees opt out of the plan or don't contribute as much as ...
Views: 495 - 3 Debt-Destroying Habits Everyone Should Follow - by Submitted on Aug 22, 2018 from Leon ElwellStaying out of debt is simple, but it's not easy. It requires resilience — forgoing impulsive purchases in exchange for long-term financial freedom. Personal debt can be categorized as necessary or unnecessary. Necessary debt can generally be linked to assets such as your home mortgage, a ...
Views: 619 - How to Get Your Customers to Pay Up - by Submitted on Aug 08, 2018 from Leon ElwellYour customer is satisfied — but a month has gone by, and your invoice is still outstanding. You’d like to work with the customer in the future. So how do you get your money without losing the customer? Here are two strategies that may help: Make it a habit to clearly and promptly communicate ...
Views: 480 - Want to retire someday? Here’s how to save more now: - by Submitted on Jul 31, 2018 from Leon ElwellNeed to save more for retirement? Here are some questions to ask yourself to help you get started and stay on track: How much money do you need? The number of years you have before retirement will help determine how much you will need to invest each month to reach your financial goal. ...
Views: 580 - Switching jobs this summer? Don’t forget about your taxes! - by Submitted on Jul 23, 2018 from Leon ElwellAs you look forward to starting your new job, it's important to keep in mind how your employment change will affect your taxes. Here are three tax-smart tips that'll put you in the best position come tax season: 1. Roll over your retirement plan. You may be tempted to cash out the balance ...
Views: 544 - 5 questions to ask before starting a home-based business - by Submitted on Jul 07, 2018 from Leon ElwellA lot of people consider self-employment because they've lost their seemingly stable jobs in the corporate world. Others just dream of making it on their own. As online marketing becomes easier and more accessible, and employees discover the advantages of telecommuting, home-based work ...
Views: 552 - Want a profitable business? Focus on customer service - by Submitted on Jun 30, 2018 from Leon ElwellEven with the best of intentions, many companies talk up customer service but don't actually deliver. In order to really provide great customer service, every employee needs to be tuned in to how he or she can contribute to keep customers coming back again and again. This ultimately affects the ...
Views: 492 - Audit-proof your shareholder loan - by Submitted on Jun 25, 2018 from Leon ElwellIf you're a business owner and your company lends you money, you'll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend taxable to you as income. Knowing what the IRS might ...
Views: 556 - Summer’s a time for vacations and tax planning - by Submitted on Jun 19, 2018 from Leon ElwellIt’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool: If you are a sole proprietor with children, consider putting them on ...
Views: 531 - Payroll Fraud – Is your business susceptible? - by Submitted on Jun 15, 2018 from Leon ElwellUnless a small business owner handles all aspects of computing and paying payroll, there is room for fraud. Even if your company has only a few employees — it does not guarantee your funds will be safe. How payroll fraud happens Perhaps one of the easiest payroll fraud techniques is the ...
Views: 515 - 6 ways to avoid credit card catastrophes - by Submitted on Jun 06, 2018 from Leon ElwellCredit cards should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts. If ...
Views: 812 - Considering divorce? Think about your tax filing status - by Submitted on Jun 01, 2018 from Leon ElwellThe advantage of filing a joint tax return is well known — couples generally save money when compared with filing separately. However, there is at least one potential disadvantage. Both spouses are liable for the entire income tax bill, including interest and penalties, even if one earned most ...
Views: 498 - How to get your marriage off to a good financial start - by Submitted on May 19, 2018 from Leon ElwellWedding season is upon us! Did you know couples often enter into marriage without ever having had a discussion about financial issues? As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to ...
Views: 527 - Sometimes Success is Spelled D-E-L-E-G-A-T-E! - by Submitted on May 05, 2018 from Leon ElwellIt’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for the job. There simply isn’t enough time in the day, especially if you have a business to ...
Views: 522 - Should you incorporate or not? What’s best for your business? - by Submitted on May 01, 2018 from Leon ElwellIf you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to ...
Views: 478 - How to Make the Most of Your Tax Refund - by Submitted on Apr 23, 2018 from Leon ElwellAre you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. ...
Views: 853 - Taxes Not Ready to File for 2017? Here’s what to do - by Submitted on Apr 20, 2018 from Leon ElwellIf you need more time to file your 2017 income tax return, you can get an extension — no explanation is necessary. There are a lot of reasons why you may need more time to file your 2017 individual income tax return. For instance, you might want to hold off funding a retirement plan until you ...
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