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900 N. Kings Highway, Cherry Hill, New Jersey 08034 856.667.4100 · 215.563.0276 · Fax: 856.667.3652 Money Management is a weekly column on personal finance distributed by NJSCPA. 2010 Money Management Archive Archives View past Money Management articles: View past Money Management articles: 2008 ·2007 2006 · 2005 2004 · 2003 2002 · 2001 2000 · 1999   Other Tips Tax Tips Business Tips Financial Planning Tips Online Advisor Search Looking for something specific? Enter one or more keywords and search our entire site. June Cluttered Closets May Harbor Tax Deductions Now might be the perfect time to clean out your closets and garage. If you give your gently used clothing and household items to charitable organizations, the New Jersey State Society of Certified Public Accountants (NJSCPA) advises you don’t discard potentially valuable tax deductions with your donation: June 28th Record Retention for Small Businesses Not only it is legally required, proper record retention for both paper and electronic records is a financially sound practice that will save you and your business time and costs, as well as help you avoid fines and penalties. Maintaining and retaining your business’s financial records will allow you to make informed decisions about your business’ future. June 21st Do Your Retirement Plans Need Retooling? Where does your retirement plan stand? Although this is a phase that looms large in life, many people fail to set aside the money they will need to fund a healthy and happy retirement. Others who’ve saved diligently over time may have been hit hard by the stock market declines of the last couple of years, finding that their nest egg has declined sharply in value.  June 14th When You Need Cash in Retirement Last year’s stock market declines took their toll on many Americans, but retirees or near-retirees were among the most affected. After saving diligently, most people probably believed they could now safely enjoy their post-career years, but market losses that decimated their portfolios put an end to many of those assumptions.  June 7th May Know the Score to Master Your Credit Worthiness| “What’s your credit score?” That might be the question. But the answer is another question: “What’s in your credit file?” May24th Dealing with Parents’ Financial Problems We get our first lessons about saving and spending our money wisely from our parents. That’s why it can be particularly difficult for people to recognize the problem when their own parents have financial troubles. May 17th Getting a Tax Refund? Take This Opportunity to Tune-Up Your Finances The average tax refund has increased by approximately 10 percent in 2010 as more Americans have qualified for tax breaks under the economic stimulus acts. May 10th Questions to Ask About Life Settlements Do you own a life insurance policy that you no longer need? If so, there are a number of options available, including surrendering the policy to receive the cash value or letting it lapse.  May 3rd April Getting Out from Under Debt Are you having trouble managing a heavy debt load? If so, you’re not alone. Households with credit cards have an average of nearly $11,000 in debt in these accounts, according to the latest figures from the Nilson Report, which follows credit card transactions. April 26th Going Green Is Easier Than You Think “Going green” is a hot topic these days. More and more people are trying to make changes that reduce energy usage, minimize landfill waste and support environmental sustainability. In fact, 90 percent of Americans say they buy green products at least sometimes, according to market researcher Mintel. April 19th Saving Green by Going Green The last decade has seen a growing interest in “going green,” or taking steps to preserve natural resources and protect the environment. But did you know that there can be tax benefits when you take environmentally friendly steps, such as minimizing energy usage? April 12th Tax Issues for the Unemployed Many Americans have experienced tough times in the last year or so, including the loss of a job. If you’re uncertain how the tax laws apply to those who are unemployed or seeking a new position, the New Jersey Society of Certified Public Accountants (NJSCPA) offers some timely tax season advice: April 5th March Does Your Small Business Have an NOL? In the current economy, it's safe to say that many small businesses might have chalked up a net operating loss (NOL) during the last year or two. If that's the case, the New Jersey Society of Certified Public Accountants (NJSCPA) advises that there is one potential tax deduction that you should not miss. But it may be necessary to call in an expert to determine if you are eligible: March 29th Tax Relief for Ponzi Scheme Losses The name Bernard Madoff will forever be associated with investment fraud. Unfortunately, Madoff is not the only bad apple involved in handling the money of trusting investors. With the softening stock market, many fraudulent investment schemes across the country have come tumbling down like a house of cards.  March 22nd Update on Education Tax Credits A college education remains a big-ticket item. In fact, the average annual tuition at a private four-year college is now $26,273, up 4.4 percent from last year, while annual tuition at public four-year colleges jumped 6.5 percent to $7,020.  March 15th Is Now the Right Time to Convert to a Roth IRA? Converting a traditional IRA to a Roth IRA can offer greater flexibility in retirement. And beginning this year, more taxpayers are eligible to make this conversion. However, there are benefits as well as drawbacks to this step.  March 8th Understanding the ABCs of the AMT Many people are often surprised to find themselves subject to the AMT, or alternative minimum tax. Although this tax was originally intended for a narrow group of taxpayers, it is now estimated to have an impact on millions of people. March 1st February Tax Advantages of Home Ownership If you own your own home, there are significant tax advantages that can make the prospect more affordable. As a result of the sluggish economy, the federal government has recently extended a popular tax credit through June 2010 and broadened the number of people who qualify. The New Jersey Society of Certified Public Accountants (NJSCPA) explains the details: February 22nd Tax Time Questions for Your CPA Tackling your tax return can be daunting. That’s why it’s a good idea to arrive at your tax return preparation appointment ready with questions that will help clarify the issues that concern you most. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following tips on what to ask your tax preparer at tax time: February 15th Getting Organized at Tax Time During the last month, you’ve probably received several tax-related documents in the mail. They serve as a reminder that the deadline for submitting your tax return is looming on April 15. Do you have everything you need?  February 8th What the Cobra Subsidy Extension Means to You Those who have been laid off in this troubled economic climate clearly face many challenges, such as paying their bills and finding new employment. If you are out of work, maintaining your health insurance may now be a little easier because of a new law signed late last year. The New Jersey Society of Certified Public Accountants (NJSCPA) explains what you need to know: February 1st January Avoiding Overdraft and Bounced Check Fees Have you ever received a hefty charge for accidentally withdrawing more money than is in your checking account? These fees can be quite high, so the New Jersey Society of Certified Public Accountants (NJSCPA) advises that you understand how they work and how to avoid them: January 25th Banking Online Safely Many people enjoy the convenience of doing all of their banking over the Internet, but some consumers worry about the safety of their online transactions. The New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you ask these questions to ensure that your online bank dealings are secure: January 18th To Borrow or Not to Borrow People use debt to finance any number of purchases, and borrowing money for a worthwhile purchase is not always a bad idea. However, some buys are worth financing over time and others are not. The New Jersey Society of Certified Public Accountants (NJSCPA) explains how to make the right choice: Financial Resolutions for the New Year Many people make a list of resolutions at the beginning of each new year, such as losing weight or learning a new skill. As you make your list, consider including wise financial goals for 2010 and beyond. The New Jersey Society of Certified Public Accountants (NJSCPA) suggests you adopt these smart resolutions: January 4th We currently have individuals licensed to offer securities in the states of New Jersey, California, Connecticut, Washington D.C., Delaware, Florida, Maryland, Nevada, Pennsylvania, Texas and Wisconsin and to offer investment advisory services in New Jersey, Connecticut, Delaware, Florida, Maryland North Carolina, New York, Pennsylvania, Texas and Wisconsin. This is not an offer to sell or provide investment advisory services in any other state or jurisdiction. Securities offered through 1st Global Capital Corp., Member FINRA/SIPC. Investment advisory services offered through 1st Global Advisors, Inc. [Current Money Management] [Business Information] [Home]     This site designed and maintained by the Information Technology experts at Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co. We appreciate comments concerning our website. 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