Tweet shorts….Little Tidbits

Standard

Consider paying off higher interest rate loans before working to pay off your home mortgage early.

Document money transactions between you and your company just as you would with an outsider.

If you have self-employment income, consider setting up a “solo” 401(k) or a Simplified Employee Pension (SEP).

Your smart phone may contain a lot of personal financial information. Protect it from criminals who “phish.”

There are three types of IRS audits: correspondence, office, and field. Correspondence audits can be a simple request for more information.

An employee works under your supervision and with your equipment. An independent contractor works with his own tools and for others.

Even if you have too little income to require a tax return, you must still file to get a refund of any tax you paid.

Amended returns can’t be e-filed; they must be filed on paper.

Explore all your options before deciding on either a lump sum or a retirement annuity.

Review your retirement savings withdrawal strategy annually to help make sure you have enough money to maintain your lifestyle.

You can deduct capital losses on investment property, but not on personal property.

If you’re self-employed, don’t overlook the deduction for health insurance premiums for which you and your family may be eligible.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s