Sure, the tax year is coming to an end, but there are still steps you can take to lower your 2014 taxes. I found an excellent article on year-end tax tips that can help you save time and tax dollars. They can even help you save for retirement. Who doesn’t love to save money? Here are 3 year-end tips from the IRS to help you save: Start a filing system. If you don’t have a filing system for your tax records, start one. It can be as simple as a shoebox, or more complex like folders and spreadsheets. Keeping things filed will save you much time and energy in the long run. Make Charitable Contributions. If you plan to give to charity, consider donating before the year ends. … [Read more...]
Saving for Retirement with a 401(k)
It can be very difficult to put aside your earnings for the years to come, especially when you might want to go to a football game, or buy a nice car, or travel the world. But at the same time, you really don’t want to be retired and living penny to penny. What’s one of the easiest ways to prevent this? Open a 401(k)! What is a 401(k)? 401(k)’s started out as the alternative to pension funds. Pension funds had become too expensive for companies to give to their employees, so instead they offered 401(k)’s. These retirement savings plans allow employees to set aside a portion of their paycheck before taxes are taken out and invest that money into mutual funds of their choice. Some … [Read more...]
How to Begin a Financial Plan
The big 3-0 is looming. You’re heading into the years of marriage, home ownership, and kids. Are you prepared to shed your twenties or are you holding on to your last few days? For those of you who have already started your family life, have you planned ahead? Financial planning is important at all ages. All of us have goals, and how do we accomplish those goals? Planning. Short- and long-term financial goals can guide you through many of your decisions in life from the small choices like whether to go out for dinner on Friday night, to the large debates about whether to send your child to a private university or a state college. Here are my tips on how to get started: 1) Develop a … [Read more...]