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.
Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.