With the holiday season winding down, it's time to get serious about managing your debt. If you are staring at a stack of outstanding credit card bills, the New Jersey Society of Certified Public Accountants (NJSCPA) suggests you follow this seven-step plan for managing debt:

Coverdell Education Savings Accounts (ESAs) are one of the most popular methods of saving for college. To help you fully understand how these accounts can be used to save for future tuition, the New Jersey Society of Certified Public Accountants (NJSCPA) provides answers to some of the most frequently asked questions about these unique savings vehicles:

Beginning November 15, 2005, everyone who is entitled to Medicare Part A or enrolled in Medicare Part B will need to decide whether to enroll in Medicare's new prescription drug benefit. Medicare Part D, as it is called, begins January 1, 2006. According to the New Jersey Society of Certified Public Accountants (NJSCPA), this new Medicare plan can offer savings on prescription drugs.

If the market's uncertainty has made you gun-shy about investing, consider mutual funds. When you buy into a mutual fund, your money is pooled with money from many other investors with similar or "mutual" goals, explains the New Jersey Society of Certified Public Accountants (NJSCPA).

It's been several years now since the Jobs and Growth Tax Relief and Reconciliation Act of 2003 changed how dividends are taxed. As a result of that tax law change, investors now pay lower tax rates on certain qualifying dividends. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following refresher on the taxation of dividends, along with some advice for investors:

These days it's more important than ever to make the most of your investment dollars. Rule number one, according to financial advisor Michael Steiner, CPA, is to have a plan in place before you invest. "All goals are individual," Steiner says. "There are many variables that need to be addressed." In his work with RegentAtlantic Capital, LLC in Chatham, Steiner prepares sophisticated plans and investment programs for high-wealth individuals. As a member of the Personal Financial Planning Interest Group of the New Jersey Society of Certified Public Accountants (NJSCPA), he notes that there are many alternatives for people who are ready to start planning their financial futures.

When it comes to your small business's cash flow, the saying "timing is everything" couldn't be more relevant. For the business owner, the challenge is to avoid the discrepancy that occurs when the business's cash outflows outpace its cash inflows. Here are several effective cash flow management strategies, courtesy of the New Jersey Society of Certified Public Accountants (NJSCPA):

In slow economic times, a little belt-tightening can go a long way toward helping a small business survive and prosper. If you are a small business owner, the New Jersey Society of Certified Public Accountants (NJSCPA) offers you the following cost-cutting strategies:

One of the best ways to boost your retirement savings is to contribute to a 401(k) plan. This type of plan offers tax savings and frequently includes employer contributions. Unfortunately, many eligible employees simply don’t take advantage of this opportunity.

Taking steps to boost your retirement nest egg should begin well before you retire. The following strategies from the New Jersey Society of Certified Public Accountants (NJSCPA) can help to ensure a secure retirement.

For small business owners, a 401(k) qualified retirement plan can be a powerful tool for attracting and retaining talented employees and for helping them to achieve a secure retirement. 401(k) plans offer tax benefits as well — for both the employer and the employee — reports the New Jersey Society of Certified Public Accountants (NJSCPA).

Higher education is one of the largest financial expenses facing families today. Parents and family members who are saving for a child’s education should learn all they can about Section 529 College Savings Plans and Coverdell Education Savings Accounts (formerly Education IRAs). While both offer significant tax benefits, they differ in other respects.

Summer is a great time to kick back and relax — just don’t plan on taking a vacation from tax planning. Since many tax strategies take time to implement, do not miss this opportunity to take stock of your situation and put a plan into action, advises the New Jersey Society of Certified Public Accountants (NJSCPA).

Whether you recently graduated from college with a degree in linguistics, biophysics or some other discipline, it’s likely that one of your biggest challenges currently is managing your finances. Here is what the New Jersey Society of Certified Public Accountants (NJSCPA) says you should know, now that mom and dad aren’t footing the bills.

Don’t look at life insurance premiums as a financial nuisance. Life insurance can help you to provide financial security for your loved ones as well as assist you in achieving your financial goals. That’s why life insurance is an essential component of most financial plans, reports the New Jersey Society of Certified Public Accountants (NJSCPA).

Standard homeowners, renters and auto insurance policies protect policyholders against certain types of personal liability. However, in today’s litigious society, this basic coverage is often not enough to protect your assets from a devastating lawsuit that may result should you, a member of your household or even a pet, accidentally injure someone or damage someone’s property. That is why the New Jersey Society of Certified Public Accountants (NJSCPA) recommends you have personal liability insurance.

For many, purchasing a home is one of the most significant investments of their lives. So if you are in the market for a home, be sure that thorough research and an understanding of your financial situation – rather than emotion – drive your decisions. The following step-by-step advice from the New Jersey Society of Certified Public Accountants (NJSCPA) will help to prepare you for the road to homeownership.

It can happen to the best of us. You just filed your tax return and realize that you made a mistake. Don't panic. According to the New Jersey Society of Certified Public Accountants (NJSCPA), you can file an amended return to correct your error. Here are the answers to questions that are often asked about filing an amended tax return.

If you've been audited by the Internal Revenue Service and, as a result, asked to ante up more tax dollars, don't panic. If you believe you paid the correct amount of tax, consider appealing to the IRS, suggests the New Jersey Society of Certified Public Accountants (NJSCPA). In addition to the outcomes of tax audits, there are a number of other findings you can appeal, including penalties and interest, employment tax adjustments and collection actions such as liens, levies, seizures, and rejected offers-in-compromise. You may appeal most IRS decisions with your local Appeals Office. Here's some information to help you understand the appeals process.

Small business owners who purchased business equipment or other capital assets that were put into service in 2004 may qualify for a large tax deduction. According to the New Jersey Society of Certified Public Accountants (NJSCPA), this is the result of Uncle Sam extending tax rules that have significantly increased the small-business expensing limit.

Running a successful small business takes time, talent and a little tax-know how. Here are some tax tips, brought to you by the New Jersey Society of Certified Public Accountants (NJSCPA), that can prevent you from overlooking valuable deductions and assist you in managing the tax liability for your small business.

Are you thinking about filing your tax return electronically? You won't be alone. More than 60 million taxpayers chose to e-file last year. E-filing offers taxpayers several advantages and a number of different filing options, reports the New Jersey Society of Certified Public Accountants (NJSCPA).

If you're focused on lowering your 2004 tax bill, don't forget to claim the tax credits to which you are entitled. According to the New Jersey Society of Certified Public Accountants (NJSCPA), while both deductions and credits can lower your tax bill, they are by no means created equal. Tax credits are more valuable than deductions in cutting your tax bill. The Society offers the following explanation of the differences and outlines credits you may be qualified to claim on your tax return.

Those facing skyrocketing college tuition bills will want to learn as much as possible about how the tuition and fee deduction can lower their tax bills. Before filing your 2004 tax return, read the New Jersey Society of Certified Public Accountants (NJSCPA) responses to the most common questions about this deduction.

It happens to the best of us. You lose your job . . . your investment portfolio takes a nosedive . . . your debt gets out of hand . . . or you're facing divorce. Whatever the financial setback, taking corrective actions early will help you weather the storm. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following guidelines for coping with financial problems.

Did you know that in most states, credit card companies can change the terms of your credit card holder agreement with just 15 days' notice? To avoid finding yourself suddenly subject to new credit card terms, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you carefully read the fine print in the flyers periodically inserted in credit card statements. Here are the basic elements of a credit card agreement.