Category Archives: Planning

What To Do When Your Children Return Home After Graduation

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As we approach college graduation season, a recent report indicates that 80 percent of college students return home after graduation. The primary reasons for this are the weak economy and because many students have incurred substantial debt to pay for their tuition costs. This life-altering event can affect parents both financially and psychologically. Check out this article from Forbes; which addresses this new phenomenon in our society. It offers advice and guidelines for parents who are faced with the return of their ‘boomerang’ kids.

Steps To Improve Your Financial Literacy

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Do you wish you had more control over your financial situation? The good news is that you don’t need to read a textbook to improve your financial literacy. In fact, there are a few simple steps you can take to begin getting your financial house in order.
http://www.moneymattersnj.com/story.cfm?sid=15621

Dissecting The Buffet Rule

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By Steve Barlotta, CPA

 Over the past few months, we have heard President Obama touting his proposal to impose a minimum 30 percent tax rate on individuals who make over a $1 million a year. You probably know it better as the “Buffet Rule”, which is a major component of the President’s Fair Share legislation which he has been pushing on the campaign trail. The rule is named after billionaire investor Warren Buffet, who said that it was unfair that his effective tax-rate of 17.4 percent was lower than the rate “paid by any of the other 20 people” in his office.The Obama administration has said repeatedly that enacting this policy is a matter of economic fairness, and that it is the centerpiece of reducing future deficits.

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Does Filing An Extension Increase Your Audit Risk?

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Well, April 17th has come and gone and we’ve survived another challenging tax season. We’ve spent the better part of the last two days preparing extensions for our clients. The typical question I got over the past two days goes something like this: “my friend’s brother told him that if you file an extension on your income tax return it increases the odds of being audited by the IRS”.

To the best of my knowledge, I don’t think our friends over at the Internal Revenue Service publishes data on audit rates for extended tax returns. Check out this article from Forbes, wrtitten by a tax attorney who gives his opinion on this subject along with some tidbits about the extension process.

Vacation Planning 101

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The calendar says it’s winter, but many of us are dreaming of spring break or summer excursions. Have you been surfing the Internet for that next great trip idea or deal? Travel doesn’t have to break the bank; there are ways to save while having an adventure and creating memories. http://www.moneymattersnj.com/story.cfm?SID=15561

What Is The Kiddie Tax?

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We all know that everyone has to file a tax return and pay their taxes, but does that apply to children, too? Many people may have heard of what is often referred to as the kiddie tax. Find out who is subject to it and what it may mean for your family’s tax planning. http://www.moneymattersnj.com/story.cfm?sid=15563

Keeping Your Small Business Finances In Order

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Smart financial management plays a critical role in a business’ success or failure, and it doesn’t have to be complicated. Any small business owner can develop a sound plan. Here are the experts’ top tips for success. http://www.moneymattersnj.com/story.cfm?SID=15560

UNDERSTANDING MEDICARE

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There have been some important changes in laws affecting Medicare during the past year, but some other aspects of the program remain the same. With a new wave of Baby Boomers reaching age 65 each year, here is some information to ensure your coverage and minimize potential added costs. http://www.moneymattersnj.com/story.cfm?SID=15536