Looking for something specific? Enter one or more keywords and search our entire site.	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. 2003 Money Management Archive Archives View past Money Management articles: View past Money Management articles: 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. December Issue Ten Exercises For Achieving Fiscal Fitness In 2004 Year-end is a great time to assess your financial condition and begin a training regimen. Here are some exercises from the New Jersey Society of Certified Public Accountants (NJSCPA) that will help you stay in optimum financial shape. December 29, 2003 The Tax Benefits Of Donating Property Thinking about making a year-end charitable contribution? If so, keep in mind that tax-deductible donations are not limited to cash. December 22, 2003 Family Foundations Can Help Maximize Charitable Giving Family foundations are an option to consider, even if your name isn't Rockefeller. Establishing a family or private foundation allows your family to support a charitable cause, while integrating your family's tax and estate planning activities. December 15, 2003 A CPA's Guide To Holiday Gift Giving If you're looking for a gift that gives the term "holiday returns" a new meaning, consider some non-traditional gift options. Here are some gift ideas, courtesy of the New Jersey Society of Certified Public Accountants (NJSCPA), that are likely to provide a return on your investment as well as a lesson in personal finance. December 08, 2003 Ten Tax Tasks For December April 15 may be the most memorable tax date of the year. However, if you want to save on next year's taxes, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you start planning in December. Here are ten tasks to consider before year-end to minimize your 2003 tax bill. December 01, 2003 November Issue When And Why You Should Update Your Will Preparing a will is the best way to be certain your property is distributed according to your wishes. What many people don't realize is that keeping your will up to date is as important as having a will. November 24, 2003 An Estate Planning Checklist Everyone Can Use A carefully conceived estate plan can be one of the most important gifts you give to yourself and your loved ones. An estate plan provides peace of mind for you and gives clear direction to your loved ones about your wishes. November 17, 2003 A CPA's Primer On Reading The Financial Pages Want to know how the mutual funds in your investment portfolio are faring? Thinking about purchasing some stock for your child's college fund? Consult any major daily newspaper and you'll find a wealth of information on the stocks, bonds, and mutual funds that are traded on American stock exchanges. November 10, 2003 Understanding The Tax Implications Of Fringe Benefits Even in today's economy, most job hunters recognize that employment offers more than just salary. November 3, 2003 July Issue What You Can And Can't Expect From Credit Counseling Facing a stack of bills you can't pay? Tired of getting calls from irate creditors? Need help sticking to a budget? Serious about getting your spending under control? If you answered "yes" to any of these questions, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you contact a non-profit credit counseling service, such as the National Foundation for Consumer Credit (NFCC). July 28, 2003 Check Your Credit Report There's no denying it: errors can and do appear in credit reports. That's why the New Jersey Society of Certified Public Accountants (NJSCPA) says it's important to request a copy of your credit report at least once a year. You should also check your credit report several months in advance of applying for a mortgage or an auto loan, and before applying for a job or renting an apartment July 21, 2003 Teach Your Teenager How To Manage A Summer Salary Summer jobs give teens new found freedom and money to spend. Just how well your teen handles his or her first paycheck may set a precedent for life. Here's some advice from the New Jersey Society of Certified Public Accountants (NJSCPA) that may help your teen make the most of his or her summer salary and develop a solid basis for future financial success. July 14, 2003 Tax Implications Of Combining Business And Vacation Travel If you're thinking of combining business with pleasure by adding a few days of vacation to your business trip, the New Jersey Society of Certified Public Accountants (NJSCPA) urges you to take the time to understand the tax implications. While tax law allows deductions for the business portion of your trip, you must bear the burden for personal expenses. Be aware, too, that Internal Revenue Service (IRS) rules differ depending on whether your destination is domestic or foreign. Here's what CPAs say you should know before finalizing any reservations. July 7, 2003 June Issue Want to secure your childs future? Put your faith in a trust Parents and grandparents wanting to make a substantial gift to a child should consider establishing a trust, recommends the New Jersey Society of Certified Public Accountants (NJSCPA). Trusts offer tax advantages and flexibility. For example, you can set up each trust to achieve a specific purpose and specify when the children actually gain access to the funds. Thus, you can be generous without giving up control. June 30, 2003 Do's and Donts for managing your 401(K) plan As more Americans recognize the need to take responsibility for their retirement, they are increasingly turning to employer-sponsored 401(k) retirement plans. These plans are one of the best ways to save for retirement. To help you make the most of your 401(k) plan, the New Jersey Society of Certified Public Accountants (NJSCPA) offers the following do's and don'ts. June 23, 2003 Smart ways to use equity in your home It used to be that owning a home was the American dream. These days, more and more homeowners are using the equity in their homes to pay for even bigger dreams, like down payments on vacation homes and college tuition. Despite the popularity of home equity loans and credit lines, the New Jersey Society of Certified Public Accountants (NJSCPA) cautions homeowners to understand how these lending options work before they turn their homes into checkbooks. June 16, 2003 When You're Out Of Work: Health Care Coverage Alternatives And Advice If you've lost your job, you no doubt have a number of important concerns, one of which is insuring yourself and your family against the high cost of health care. Although there are several options available, all of them are costly, particularly if you're accustomed to an employer's group plan. When it comes to health insurance, there is strength in numbers, says the New Jersey Society of Certified Public Accountants (NJSCPA). Group plans carry lower premiums, a significant portion of which is typically paid by the employer. June 9, 2003 Six Life Insurance Myth-Busters When it comes to life insurance, there are plenty of common misconceptions that can result in inadequate coverage and unnecessary financial hardship for families who suffer the loss of a loved one. The New Jersey Society of Certified Public Accountants (NJSCPA) dispels some of these myths and offers advice on the best way to protect your family. June 2, 2003 March Issue The "Why" and "How-To" Of Filing Taxes Electronically Accuracy, speed, and security are among the chief benefits of electronically filing your income tax return, reports the New Jersey Society of Certified Public Accountants (NJSCPA). With e-file, there is no need to submit a paper return to the IRS and even payments and refunds can be transmitted electronically. March 31, 2003 Don't be an IRS Audit Target: Avoid Waving Red Flags When it comes to income tax deductions, you should certainly claim those you deserve. But also keep in mind that too many deductions, as well as other problems like math errors, can attract the attention of IRS auditors. March 24, 2003 Tax Breaks For People With Disabilities People with disabilities are eligible for a number of tax breaks, reports the New Jersey Society of Certified Public Accountants (NJSCPA). These include tax deductions and credits that can offset some of the costs associated with managing a physical or mental disability. Additionally, certain income is tax free to qualified disabled individuals. March 17, 2003 Families Can Benefit From Child and Dependent Care Credit Would you like help paying for child care? The child and dependent care tax credit benefits families who, in order to work or look for work, pay someone to care for a dependent child under age 13. The credit also covers care of a spouse or a dependent of any age who is physically or mentally incapable of self-care. March 10, 2003 Earned Income Tax Credit Gives Relief To Lower-Income Workers Uncle Sam offers tax relief to low-income families, especially those with children, in the form of the Earned Income Credit (EIC). In 2002, reports the New Jersey Society of Certified Public Accountants (NJSCPA), several tax law changes make the EIC more valuable and easier to qualify for. March 3, 2003 February Issue To Itemize or Not to Itemize: What You Need to Know to Make the Right Decision A large percentage of taxpayers may be paying more in taxes than necessary because they take the standard deduction instead of itemizing. February 3, 2003 Get Smart: Earn Tax Credits for Education The Lifetime Learning Tax Credit benefits college and graduate students, including adults who go back to school to take courses to improve or update their skills. February 10, 2003 Filing as Head of Household Can Lower Your Tax Bill If you are single or legally separated and have supported a parent financially during 2002, you may be eligible to file as head of household and be taxed at a lower rate. February 17, 2003 Qualified Dependents Can Save You Tax Dollars For 2002, taxpayers may claim a personal exemption of $3,000 for each qualified dependent. February 24, 2003 January Issue Get Tax Smart in 2003: It’s All About Planning January is a great time to start work on your 2003 tax strategy. January 27, 2003 Build Your Savings In 2003 With Ten Simple Strategies If you have been unsuccessful in keeping past New Year’s resolutions to save more of your hard-earned dollars, here’s some advice. January 20, 2003 When It Comes to Tax Returns, Know What You’re Signing If you find yourself being hit with taxes and penalties by the IRS as a result of a tax return filed jointly with your current or former spouse, you may qualify for innocent spouse relief. January 13, 2003 Surviving Divorce: How To Protect Yourself Financially When you divorce, you not only dissolve a marriage, you also dissolve a financial connection. January 6, 2003 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. 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