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Coral Springs bookkeeping provider: In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track.

Review Tax Filings From Previous Years: For most people, the changes from one tax year to the next are relatively slight. Previous tax returns are excellent reminders of areas you can easily overlook, such as interest or dividends, capital loss carry-forward balances, and infrequently used deductions. I keep paper copies as well as scanned copies of past years’ returns, in addition to four spreadsheets detailing my income and expenses for each year. One spreadsheet contains the information from Form 1040, while the others have previously filed data for Schedules A, C, and D. This allows me to quickly check whether I’ve overlooked an income or expense item, as well as the year-to-year changes in amounts. For example, if I received dividends from one security holding or interest from a particular bank in prior years, but the amount is missing or substantially changed for the current year, I know to check for the reason behind the omission, increase, or decrease before completing my tax filing.

Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.

Consider saving more for retirement: If you have a 401(k) or traditional IRA, you may get a tax break by contributing more money to your retirement account. That’s because contributions you make to these accounts are typically deductible on your tax return. Keep in mind, though, there are income restrictions and contribution limits that determine how much you can put in an IRA, and deferral limits on how much you can put into your 401(k). Be sure you understand what those limits are, and how much you’re able to contribute for the year. See extra details at South Florida Accountant.

The maximum amount of wages garnished varies depending on the garnishment, but they range from 15 percent of disposable earnings for student loans to as much as 65 percent of disposable earnings for child support (if the employee is at least 12 weeks in arrears). In states that have enacted laws differing from federal wage garnishment requirements, employers must comply with state laws demanding a lesser garnishment. And because state laws differ (North Carolina, South Carolina, Pennsylvania, and Texas generally prohibit wage garnishment for consumer debts altogether), employers should ascertain what’s required of them by state law before proceeding with garnishment. No matter how high the debt, employees will always be allowed to keep a certain percentage of their paycheck for general living expenses.

Earned Income Tax Credit (EITC): Millions of lower-income people take this credit every year. However, 25% of taxpayers who are eligible for the Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the rules can be complicated. Others simply aren’t aware that they qualify. The EITC is a refundable tax credit—not a deduction—ranging from $529 to $6,557 for 2019. The credit is designed to supplement wages for low-to-moderate income workers. But the credit doesn’t just apply to lower income people. Tens of millions of individuals and families previously classified as “middle class”—including many white-collar workers—are now considered “low income” because they: lost a job, took a pay cut, or worked fewer hours during the year. The exact refund you receive depends on your income, marital status and family size. To get a refund from the EITC you must file a tax return, even if you don’t owe any taxes. Moreover, if you were eligible to claim the credit in the past but didn’t, you can file any time during the year to claim an EITC refund for up to three previous tax years.

Business Bookkeeping Help, a Coral Springs bookkeeping and accounting firm, has a team of bookkeepers, accountants and small business experts who specialize in bookkeeping and a full range of accounting services for corporations and small businesses. Our bookkeepers are also accountants. Our accountants are here to help you understand and help educate you about the tax laws and help you find tax deductions to lower your taxes. Just give our accountants a call and we will try to answer your tax questions for free. This will help you be aware of the tax deductions to save you money on your taxes. Find additional details at this website.

Mortgage rate in Ohio? Get An FHA Loan? That refers to a loan that is guaranteed by the Federal Housing Administration. The loan itself typically comes from a private lender. One advantage of FHA loans is that they can have higher debt ceiling ratios. Instead of the conventional 28/36 ratios, FHA loans may let you use a 31/43 ratio. Still, FHA loans can have slightly higher interest rates, says Mary Ellen Garrett, wealth management advisor and portfolio manager, Merrill Lynch. Homebuyers tend to get FHA loans because they do not have much saved for a down payment. Another reason is that their credit score is too low to qualify for a regular loan. In most cases, that means a credit score below 620, according to BankRate.com, but above 500.

This is where the groundwork is laid for the search for your new home. There are several points you should cover in your initial consultation. For example: Define your needs; the number of bedrooms and bathrooms, size of the kitchen, where you want to live, your price range, timeline, etc. Determine when and how often you can look at prospective homes. Verify your contact information and how you want to be contacted (email, phone, etc.) Ask your agent about financing. They can explain the different types of available loan programs, and refer you to lenders that can answer specific questions. Review the paperwork. While not necessary at this point, reviewing paperwork will allow you the advantage to ask questions about documents before it’s time to sign them.

Many mortgage and business loan lenders deliberately make the lending process more complicated and time consuming in order to gain financially. Such a behavior in economics is called rent-seeking. Rent-seeking is an attempt to obtain economic rent by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth. At RobustLoans we keep rent-seeking lenders out of our lending network to save you time and money. Further, there are literally hundreds of mortgage and business loan products and lenders. We match you with up to three lenders that are best for you given your personal situation and requirements. Last, but certainly not the least, our services are completely FREE to you. Discover even more info on HUD homes.

Waiting for the ‘unicorn’. Unicorns do not exist in real estate, and finding the perfect property is like finding a needle in a haystack. Looking for perfection can narrow your choices too much, and you might pass over solid contenders in the hopes that something better will come along. But this type of thinking can sabotage your search, says James D’Astice, a real estate agent with Compass in Chicago. How this affects you: Looking for perfection might limit your real estate search or lead to you overpaying for a home. It can also take longer to find a home. What to do instead: Keep an open mind about what’s on the market and be willing to put in some sweat equity, DiBugnara says. Some loan programs let you roll the cost of repairs into your mortgage, too, he adds.

Communicate With Your Significant Other: Notice how I wrote significant other; this financial tip doesn’t just apply to married couples. Money fights can affect any relationship. The best way to avoid fighting about money with your S/O is to talk to them about it. Remember that you’re a team! You should be talking to each other about your financial goals, and you should set a date once a month to go over your finances together. I recently started doing a monthly money meeting with my girlfriend and it’s actually been pretty fun. We get to see where each other are at with our financial goals and we keep ourselves motivated to accomplish those goals. The bottom line? Don’t let money ruin a great relationship. See a few extra info on https://robustloans.com/.