It Could Mean More Money in Your Pocket

Expiring Tax Cuts and Deficit-Cutting Compromise Measures Leave American Taxpayers with Lots of Uncertainty

Have you talked to your children about the value of money and the importance of managing it wisely? All parents hope that their children will grow up to make prudent use of their money, yet few actually spend time talking to them about how to accomplish these goals, a new study has found. According to the American Institute of Certified Public Accountants, parents are more likely to have talked with their children about good manners, smart eating habits, the importance of good grades, the dangers of drugs and alcohol, and the risks of smoking than about sensible spending. If you’re not sure how to get started with your kids, the New Jersey Society of Certified Public Accountants (NJSCPA) has this advice:

According to government estimates, more than 1 million people nationwide live in assisted-living facilities. There’s no commonly accepted definition for these facilities, but they all offer some level of assistance to people who don’t need full-time attention but who may need help with personal care, taking medications or other concerns. If you are considering an assisted-living arrangement for yourself or a loved one, the New Jersey Society of Certified Public Accountants (NJSCPA) offers this advice on issues to address:

A recent study found that 67 percent of middle-income baby boomers are expecting a retirement that is different from the one their parents enjoyed. For one thing, the study, performed by the Bankers Life & Casualty Company Center for a Secure Retirement, found that roughly three-quarters of the generation born between 1946 and 1964 believe that financial factors, not their age, will determine when they will retire. Despite these new uncertainties, more than half are looking forward to retirement. If you’re trying to navigate plans for the new retirement landscape, the New Jersey Society of Certified Public Accountants (NJSCPA) offers these four key pieces of advice.

When you think about life insurance, you may dismiss it as something that only older people need. A life insurance policy is taken out on someone's life that pays out when he or she dies, helping to financially protect dependents and loved ones. Insurance proceeds are used to pay ongoing expenses, educate children, pay off mortgages or cover final expenses.

Back-to-School is a Great Time to Reinforce Smart Money Habits

According to Family Enterprise USA, there are 5.5 million family owned businesses in the United States. These companies often unite family members behind a common purpose, but conflicts can arise when professional and personal lives overlap. If you are involved in a family business, the New Jersey Society of Certified Public Accountants (NJSCPA) offers this advice on how to sidestep some of the internal squabbles that can affect these companies:

Are you concerned about being able to pay for a secure and happy retirement? The good news is that there are many costs that retirees typically don’t face, such as job commuting, buying a business wardrobe or saving for their children’s college tuition. Many other expenses will stay the same, and the New Jersey Society of Certified Public Accountants (NJSCPA) advises that you can make some smart choices in order to live well on a fixed retirement budget:

Are you taking advantage of offers for discounts or free merchandise? Many people are watching their spending these days, and your dollar will go a lot farther if you can get more for less money. The New Jersey Society of Certified Public Accountants (NJSCPA) offers these tips on how to do it:

Get Your Home Improvement Project Done Right

Almost half of all adult Americans — or nearly 100 million people — either have never been married or are divorced or widowed.  Many of these people incorrectly decide that financial planning is something that only married people do, but it’s always advisable to make sound financial decisions that will pay off now and in the future.  The New Jersey Society of CPAs (NJSCPA) offers the following tips:

Formulating a Plan for Success

Nearly 12 million adults were victims of identity fraud last year, up 13 percent from the previous year, according to Javelin Strategy & Research. Identity fraud or theft occurs when thieves use your personal information to commit a crime, whether that means stealing your credit card details or using your Social Security number to create a fraudulent bank account. The New Jersey Society of CPAs (NJSCPA) recommends these steps to take after, and even before, identity theft happens:

Tax time may be over, but before you store your return in the attic, take a moment to review it. According to the New Jersey Society of CPAs (NJSCPA), you’ll find that you can discover a lot about your financial situation and identify changes that will improve your tax outlook before it’s time to file next year’s return.

Spend Small, Save Big

Watching political speeches, debates and Sunday morning talk shows can be like trying to watch a foreign film without subtitles. What are they really saying? What is a tax loophole? What do they really mean by corporate tax reform? Unless you’ve got a degree in finance – and sometimes even if you do – the words and phrases used by politicians can be downright confounding.

What are your tax obligations if you lost your job during the last year? The New Jersey Society of Certified Public Accountants (NJSCPA) answers some common tax questions for those who are out of work:

Small Changes Can Mean Big Savings

Are you or a loved one serving in the military? If so, you should be aware that there are many tax laws designed to make it easier to meet your tax obligations while serving your country. The New Jersey Society of CPAs (NJSCPA) covers some key tax regulations affecting those in the armed forces:

We all know that everyone has to file a tax return and pay their taxes, but does that apply to children, too? Many people may have heard of what is often referred to as the kiddie tax. The New Jersey Society of CPAs (NJSCPA) explains who is subject to it and what it may mean for your family’s tax planning:

There have been some important changes in laws affecting Medicare during the past year, but some other program aspects remain the same. With a new wave of Baby Boomers reaching age 65 each year, the New Jersey Society of CPAs (NJSCPA) offers these tips on what you need to know to ensure your coverage and minimize potential added costs.