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DECEMBER
Understanding Coverdell Education Savings AccountsCoverdell 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:
December 5th
Section 529 College Savings Plans and Their Impact on Financial Aid
Section 529 college savings plans and prepaid tuition plans are effective ways to save for college. But, many
parents are concerned about the effect these college savings plans may have on their child's chances to qualify
for financial aid. It's difficult to predict how 529 plans will be treated years from now, but here is what the
New Jersey Society of Certified Public Accountants (NJSCPA) has to say about the current rules:
December 12th
When Baby Makes Three: Financial Planning for New Parents
There's no getting around it. Having a baby is expensive. But a new addition to your family, like any other
major change in your life, is easier when you plan ahead. Here are some of the financial planning steps the New
Jersey Society of Certified Public Accountants (NJSCPA) suggests you take when you have a new family member:
December 19th
Managing Post-Holiday Debt in Seven Easy Steps
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:
December 26th
NOVEMBER
Planning For the Possibility of Incapacity
No one can predict the future with any certainty, but we can put in place plans that can help us deal with unforeseen
issues and events, such as the possibility of incapacity.
November 7th
Time to Sign Up For Medicare's Drug Benefit
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.
November 14th
Aging Parents: Asking the Tough Questions
Adult children often find it difficult to think about the possibility that someday one or both of their parents
won't be self sufficient. As a result, many families are unprepared to handle the issues and challenges that arise
as their parents age.
November 21st
Organizing Your Finances After Your Spouse Dies
Dealing with personal finances can be extremely difficult following the death of a spouse, especially if your spouse
handled the family's financial matters. While organizing your finances won't ease the pain of losing a loved one,
it's an important step in rebuilding your life.
November 28th
OCTOBER
CPAs Outline Basic Rules 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."
October 3rd
How to Help Your Child Become Stock Market SavvyTeaching your children about the value
of investing is an essential part of preparing them for the future. If you are not sure how to get started, the
New Jersey Society of Certified Public Accountants (NJSCPA) provides answers to common questions parents have about
introducing children to investing:
October 10th
Understanding How Dividends Are Taxed
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.
October 17th
Investing Internationally: How, Why, and What to Watch Out For
You might be surprised to learn that more than half of the world's investment opportunities are outside the
U.S. If you want to widen your investment boundaries, read what the New Jersey Society of Certified Public Accountants
(NJSCPA) says you should know about investing abroad:
October 24th
The Risks and Rewards of Investing In Mutual Funds
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).
October 31st
SEPTEMBER
Ten Easy Ways to Save Money in Your Business
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:
September 5th
Accounting Quiz for Prospective Business Owners
While small business owners are generally eager to take on the challenges of marketing, sales and customer
service, many would prefer to avoid accounting tasks.
September 12th
What Every Business Owner Needs to Know About Cash Flow
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.
September 19th
Franchises for Would-Be Entrepreneurs
Opening a new, independent business involves significant risk. For this reason, many entrepreneurs look to franchising
as an alternative to starting from scratch. But not all franchises are created equal.
September 26th
AUGUST
Plan Now to Ensure a Secure Retirement
You’ve heard how important it is to save for retirement. If you are wondering how much is enough, you’re not
alone. Determining what your expenses will be years from now can be a challenge, but with some careful planning,
you can achieve a secure retirement. The following advice from the New Jersey Society of Certified Public Accountants
(NJSCPA) will help get you started.
August 1st
Seven Ways to Boost Your Retirement Wealth
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.
August 8th
Insurance Guidelines for Soon-To-Be-Retirees
Retiring from work does not give you a reprieve from your financial responsibilities. Retirement marks the
entry into a new stage of life with different financial challenges. Obtaining the right kind of insurance coverage
can help you meet those needs. As such, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends
that before you retire, review your insurance policies to be sure you have the right type and level of coverage.
Consider the following:
August 15th
Take Charge of Your 401(k) Plan
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.
August 22nd
Retirement Planning Checklist for 30-Somethings
Each decade of life brings unique financial challenges. Many young adults in their 30s get married, buy houses
and have children. With these new responsibilities, it’s easy to see how saving for retirement can fall by the
wayside. To help 30-somethings refocus on saving for a secure retirement, the New Jersey Society of Certified Public
Accountants (NJSCPA) offers the following checklist:
August 29th
JULY
College Students: Tips for Managing Credit
Piling up debt during your college years is alarmingly easy. Credit card issuers often employ persuasive marketing
techniques to get students to open accounts. Once students receive credit cards, the temptation is often so great
that many end up graduating with not only a diploma, but also significant consumer debt.
July 4th
Coverdell Account or 529 Plan: A Side-By-Side Comparison
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.
July 11th
Get the Insurance Coverage You Need to Protect Your Business and Your Future
In today’s litigious society, a minor mishap could result in a large lawsuit. Obtaining the right kind and
amount of insurance coverage can help business owners manage the financial risks associated with their companies.
Here’s what the New Jersey Society of Certified Public Accountants (NJSCPA) says small business owners need to
know to protect their assets and businesses.
July 18th
Key Steps In Setting Up a 401(k) Plan for Your Employees
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).
July 25th
JUNE
An Income Tax “To Do” List for Newlyweds
Once the wedding bells have stopped ringing, it’s time for newlyweds to address a number of practical financial
questions. Unromantic as it may sound, paying taxes is among the most pressing. Here are some tax-related suggestions
from the New Jersey Society of Certified Public Accountants (NJSCPA).
June 6th
Financial Management for Grads: What They Don’t Teach You in College
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.
June 13th
Tax Planning for the Self-Employed
There are more benefits to being self-employed than just being your own boss. You may also qualify for valuable
tax deductions. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following advice to
help you meet your tax responsibilities and claim the tax breaks you deserve.
June 20th
Summertime Advice for Managing Your Taxes
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).
June 27th
MAY
Five Key Steps to Homeownership
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.
May 2nd
Seven Ways to Lower Your Homeowners Insurance Costs
Homeowners everywhere are seeing higher premiums on homeowners insurance. But the good news is that there are ways
to lower these costs – in some cases, by as much as 10 or 20 percent. Here are seven strategies brought to you
by the New Jersey Society of Certified Public Accountants (NJSCPA).
May 9th
Protect Your Assets with Personal Liability Insurance
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.
May 16th
Smart Shoppers Guide to Auto Insurance
Are you spending more than necessary to insure your car? The auto insurance premiums you pay can vary significantly
based on the insurer, your coverage and the type of car you drive. Other factors that influence cost are the age,
gender and driving records of family members on the policy and your state of residence. Read what the New Jersey
Society of Certified Public Accountants (NJSCPA) says you should know about auto insurance.
May 23rd
Understanding the Value of Life Insurance
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).
May 30th
APRIL
Expensing Deduction: Boon for Small Business Owners
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.
April 4th
How to Appeal IRS Decisions
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).
April 5th
A Procrastinator's Guide to Applying for a Filing Extension
If you are still frantically scrambling to pull together documents to meet the April 15 tax-filing deadline, the
New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you consider taking a break and filing
an extension. You won't be alone. Roughly nine million taxpayers request extra time to get their tax act together
and file an extension.
April 5th
Tax Audit Triggers to Watch Out For
The mere thought of an Internal Revenue Service (IRS) tax audit can send chills down the spine of even the most
conscientious taxpayer. While there is no way to guarantee that the IRS won't audit you, you can lower your chances.
Read what the New Jersey Society of Certified Public Accountants (NJSCPA) says about several common tax audit triggers.
April 11th
FAQS About Amending Your Tax Return
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.
April 18th
Here's How to Use Your Tax Refund Wisely
If you recently received or are expecting a tax refund, you've probably already thought of a dozen different ways
to make the proceeds swiftly disappear. But before you do, consider this: a tax refund is not found money.
April 25th
MARCH
Don't Be an April Fool This Tax Season
The best way to take charge of your tax bill is to make sure you understand the effect of tax rules on your particular
situation. The New Jersey Society of Certified Public Accountants (NJSCPA) points out that failing to understand
the law can not only make you an April Fool, but can be costly as well. Here are some true taxpayer stories that
highlight valuable tax lessons.
March 28th
Keep More Of What You Earn: Small Business Tax Checklist
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.
March 21st
Tax Breaks for Homeowners
Buying a home means having a place to call your own. It's also a great way to reduce your income tax bill.
To keep your hard-earned dollars at home - where they belong - read what the New Jersey Society of Certified Public
Accountants (NJSCPA) has to say about the tax advantages of home ownership and what you can and can't deduct.
March 14th
Save Time and Money With E-File
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).
March 7th
FEBRUARY
Child and Dependent Care Credit Eases Burden of Working Families
Most working parents would find it impossible to work without paying someone to care for their children. The same
holds true for individuals who care for an aged parent or disabled relative who is physically or mentally incapable
of self-care.
February 28th
Why You Can't Afford to Overlook Tax Credits
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.
February 21st
Get Educated on the Student Loan Interest deduction
Many students and their parents find it necessary to take out student loans to help pay for the escalating costs
of a college education. If you're among them, you may be eligible for a full or partial deduction of up to $2,500
in interest paid on these loans, reports the New Jersey Society of Certified Public Accountants (NJSCPA).
February 14th
Tuition and Fees Deduction: Who Qualifies and How?
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.
February 7th
JANUARY
Tax Quiz: How Much Tax Help Do You Need?
Now is a good time to decide whether you plan to prepare your 2004 tax return yourself or turn it over to a
professional. The answer generally depends on how complicated your tax situation is, advises the New Jersey Society
of Certified Public Accountants (NJSCPA).
January 31st
How to Weather a Financial Setback
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.
January 24th
Uncle Sam Can Make Some Birthdays More or Less Taxing
As you go through life, your birthday may seem less important. But for financial planning, tax, or retirement reasons,
your birthday may be significant. Here's a list from the New Jersey Society of Certified Public Accountants (NJSCPA)
to alert you to those birthdays that change your tax treatment and give you cause to celebrate.
January 17th
What You Don't Know Can Hurt You: Be Sure to Understand All Credit Card Terms
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.
January 10th
Get Smart About Savings In 2005
Is this the year you make good on your promise to boost the amount of money you save? There are plenty of ways
to achieve this goal, but the key is to establish a savings plan and stay committed to it. Here are some simple
saving strategies recommended by the New Jersey Society of Certified Public Accountants (NJSCPA).
January 3rd
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