2022-10-05 06:00
A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase electric vehicles or other clean burning fuel vehicles. The b… Read More
Blog Directory > Business Blogs > 6 ways to avoid credit card catastrophes business Blog >
6 Ways To Avoid Credit Card Catastrophes Blog
bas-pc.com/blog
Tags:
rate
turning
payment
financial literacy
bill acircnbspthis bill
investment
social security number
loan
internal revenue code
credit
Credit cards should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts.
2022-09-28 06:00
Investment Clubs
While investment clubs provide an opportunity for friends or family to meet, learn about investments, and make money, it’s best to treat a club as you would any oth… Read More
2022-09-21 06:00
You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can… Read More
2022-09-07 06:00
Your daredevil kid breaks an arm, the car overheats and the house roof starts leaking. You need cash right away. Should you consider a payday loan?
Payday loan basics
Payday loans (som… Read More
2022-08-31 06:00
Life is often viewed as a series of stages – childhood, graduation, parenthood, and retirement, to name a few. Like the points on a clock, time moves us from one stage to the next. No… Read More
2022-08-17 06:00
One of the basics when considering how to fund your retirement is to be as tax-efficient with your income as possible. In 2022, income tax rates range from 0 to 37 percent, plus a potential… Read More
2022-07-13 06:00
The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks. It is important that you not treat these proposals as passed leg… Read More
2022-07-06 06:00
The business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per mile, for the final six months… Read More
2022-06-22 06:00
Owning a pet may improve your quality of life, but it probably won’t be cheap. Basic food, supplies, medical care, and training can cost hundreds of dollars. Add to that surgeries, gro… Read More
2022-06-08 06:00
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, V… Read More
2022-05-11 07:00
Contractors: Reduce Theft
According to the Associated General Contractors of America, theft losses among its members have reached almost a billion dollars annually.
Try the following t… Read More
2022-04-13 07:00
Business Valuations
Do you know what your business is worth? If you’re like many business owners, the answer to this question is probably “no.” That’s because busi… Read More
2022-03-29 07:00
Most income you receive is taxable income that is reported to you and to the Federal/State tax authorities. However, there are a few income-producing events that the IRS has said are not tax… Read More
2022-03-23 07:00
Internal controls
Internal accounting controls are vital to every business. The coffee shop owner needs to be sure that all sales are rung up and that all cash is deposited in the bank. T… Read More
2022-03-09 07:00
Refinancing
When you’re thinking of refinancing your home mortgage, simply comparing interest rates is not enough. Here are some other factors to consider before you refinance.
C… Read More
2022-03-02 07:00
Social Security and Medicare income limits and tax rates
FICA tax is a combination of a Social Security tax and a Medicare tax. The Social Security tax is assessed on wages up to $14… Read More
2022-02-23 07:00
A wide variety of businesses routinely advertise free Wi-Fi access. While it may seem easy and convenient to use, free Wi-Fi comes with major risks.
Why? Because it’s possible that… Read More
2022-02-09 07:00
Answer: The best filing status for you depends upon which status you can qualify for and your particular circumstances. Tax savings are only one consideration when selecting your filing… Read More
2022-02-02 07:00
The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the… Read More
2022-01-19 07:00
Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Here are some common areas that can mean big… Read More
2022-01-12 07:00
The death of a loved one is a stressful event. In addition to the emotional turmoil, survivors must deal with several financial and tax issues, some of them mundane and some quite complex. H… Read More
2022-01-05 14:44
The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). Knowing how this impac… Read More
2021-12-29 07:00
Of the thousands of new businesses created every day in the United States, many are franchise outlets. If you’ve ever thought about buying a franchise, here are some facts worth consid… Read More
2021-12-22 07:00
While there are many tax-advantaged retirement savings plans, the various options and rules can make the most sophisticated of us cringe. One of the things to consider is whether you can con… Read More
2021-12-15 07:00
Frequent tax law changes have made the tax code very complicated; only the informed taxpayer can take advantage of tax-cutting opportunities that remain.
Here are some suggestions you sho… Read More
2021-12-08 07:00
In Internal Revenue Service Notice 2014-21, virtual currencies like Bitcoin are classified as property. The IRS is aware of the growing popularity of this medium of exchange and that it is n… Read More
2021-12-01 09:04
You receive a taxable gain statement at the end of the year, but you didn’t sell any investments. How can this be?
Typically, mutual funds buy and sell stocks or bonds throughout th… Read More
2021-11-24 06:57
‘Tis the season for shopping! To many, the holidays are the most wonderful time of the year and also the most difficult time for a budget. Why not save money this season by following s… Read More
2021-11-17 09:55
Although the administrators and staff of most assisted living facilities work hard to carry out their duties with integrity, some steal from the residents. If one of your family members or f… Read More
2021-11-10 06:52
Financial goals make it possible for you and your partner to achieve the things you dream about. Here are three things you can do to create – and achieve – financial goals as a c… Read More
2021-11-03 06:16
With the cost of college rising rapidly, it can be overwhelming to think about how to pay your way through school for either yourself or your kids. Fortunately, saving hundreds, even thousan… Read More
2021-10-27 00:37
As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips.
Keep it all in one place. It seem… Read More
2021-10-20 00:36
Some popular tax preparation software is relatively inexpensive, but what does using software to prepare your taxes really cost you? Missed deductions and tax credits, improper or overlooked… Read More
2021-10-13 10:35
Understanding the rules surrounding investment losses can really help minimize your tax obligation each year. This is because investment gains and income can be subject to a variety of feder… Read More
2021-10-06 10:32
Facebook, Twitter, Snapchat, and other social media sites provide innovative ways to connect with friends, share recipes and even find your soulmate. Such sites are also a treasure trove for… Read More
2021-09-29 05:10
When you start a business, you have many decisions to make. One of those is the method of accounting your business will use for reporting income and expenses on your tax return. It is an ext… Read More
2021-09-22 05:08
While most interest expense is no longer tax deductible, it is a viable deduction if the interest is on your primary or secondary residence. While limits apply, the use of a secondary loan o… Read More
2021-09-15 05:06
While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax p… Read More
2021-09-08 05:03
If you’re considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt… Read More
2021-09-01 06:00
You’re in the market for a house. Let’s assume you find a great place that’s selling for $240,000 and meets all your criteria — safe neighborhood, good schools, big e… Read More
2021-08-25 06:00
Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So, what is it and why is it important?
The Federal formula for AGI is:
AGI… Read More
2021-08-18 06:00
We’re always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out o… Read More
2021-08-11 06:00
Businesses that are slowly emerging from the COVID-19 pandemic should now keep their eye on another looming obstacle: IRS audits. In late 2020, the IRS announced that it will increase tax au… Read More
2021-08-04 06:00
It’s back to school! Are there tax-saving opportunities? Certainly, if you are tax smart about your spending. While the amounts may be small, they can add up in a hurry. Here are… Read More
2021-07-28 06:00
If you are considering buying an existing business, take time to investigate the business thoroughly.
Don’t be too eager. Many people feel they should get into the business and then… Read More
2021-07-21 06:00
Summer is often a time for vacation reunions. But it can sometimes be hard to justify spending the money to take one. Fortunately, with a little planning and ingenuity, you can trim the cost… Read More
2021-07-14 06:00
There’s little question the tides are moving towards a higher tax environment with multiple trillion-dollar spending bills, a new administration, and deficits as far as the eye can see… Read More
2021-07-07 06:00
Your business survived 2020. Now you may be asking yourself when will the economy return to pre-pandemic levels? Will it be this fall? A year from now? Longer?
Until the economy fully eme… Read More
2021-06-30 05:18
When you reach age 70 ½, the trigger requiring distributions from qualified retirement accounts is pulled. This annual Required Minimum Distribution (RMD) applies to Traditional IRAs… Read More
2021-06-23 05:16
Many business owners have considered 401(k) plans to be retirement plans for large companies. Though there is no requirement to have a certain number of employees to establish a 401(k) plan… Read More
2021-06-16 05:10
Retaining copies of your federal tax return is important. Not only will you need the return in case of an audit, but the tax return is often used to secure student aid, obtain loans, purchas… Read More
2021-06-09 05:06
Couples often enter into marriage without ever having had a serious discussion about financial issues. As a result, they find themselves frequently arguing about money. If you are planning a… Read More
2021-06-02 17:03
Vacation time is fast approaching, and con artists are gearing up. Beware of these four indicators that a travel “deal” is actually a rip-off:
You can be a travel agent. A fra… Read More
2021-05-26 08:43
Scam artists often seem to target older adults because they’re generalized as being more trusting and more easily confused than others. Whether or not that’s true, you can help p… Read More
2021-05-19 08:38
Looking for ways to cut your taxes? Check out some of these strategies:
1. Maximize deductions. If you find you’re not able to use all of your itemized deductions these days, you&rs&hell…Read More
2021-05-12 08:34
Health savings accounts can be used to build tax-sheltered nest eggs that can pay out-of-pocket medical expenses with tax-free dollars.
Intended to be used in conjunction with high-deduct… Read More
2021-05-05 08:29
Following these tips when you receive a payment from the Federal or State government can save you more headaches than you can imagine.
Double check the dollar amount of your refund check… Read More
2021-04-27 09:00
In a recent keynote address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contac… Read More
2021-04-21 09:35
With a sigh, you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there i… Read More
2021-04-14 08:32
A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for s… Read More
2021-04-07 09:30
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new… Read More
2021-03-31 09:00
It’s difficult for smaller companies to compete with the management capacity of large chain stores or franchise operations. However, small companies can act more quickly than big compa… Read More
2021-03-24 09:00
With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a le… Read More
2021-03-17 09:00
Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it? Or are you thinking of buying a vacation home? Vacation homes, with prop… Read More
2021-03-10 01:39
At any given time, millions of items are being bought and sold via Internet auction sites. Furniture, clothing, sailboats, golf clubs, even a night on the town with your favorite sports star… Read More
2021-03-03 09:00
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemploymen… Read More
2021-02-25 09:00
Many parents own houses and may want to pass them on to their children at some point. A common thought is to just add the children’s names to the title of the house. While this might s… Read More
2021-02-17 09:00
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. H… Read More
2021-02-10 09:00
You could soon see another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which could mean more direct relief to you and your… Read More
2021-02-03 09:00
In addition to the planning changes in tax benefit phaseouts and other cost of living (COLA) adjustments, here are changes to the tax code for 2021. For Individuals Tuition and Fees Deductio… Read More
2021-01-27 09:00
The primary purposes of business websites are to attract customers and motivate them to take action. The action might be initiating contact, ordering something, bookmarking the site for futu… Read More
2021-01-20 09:00
Have you recently married, divorced, or lost a spouse? A change in marital status should prompt a review of financial matters, but at such a time it is easy to overlook the details. Here are… Read More
2021-01-13 09:00
As some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for… Read More
2021-01-06 09:00
If you were offered the choice of being paid $100 today or $100 a year from now, you would probably choose $100 today. After all, even at today’s low interest rates, your $100 might ea… Read More
2020-12-23 09:00
Succession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) a… Read More
2020-12-17 02:58
Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes a… Read More
2020-12-09 02:50
As we age, we tend to become more vulnerable to fraud. According to the National Consumers League, nearly a third of all telemarketing fraud victims are age 60 or older. That type of fraud r… Read More
2020-12-02 02:44
Most parents, at one time or another, have asked their teenaged child, “Do you think that money grows on trees?” While the question is just a common expression, it hits at an und… Read More
2020-11-25 09:00
As tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their pro… Read More
2020-11-18 09:00
With millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offer… Read More
2020-11-11 15:34
Trimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Here are some areas where your business may still have cost saving opportun… Read More
2020-11-05 15:32
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former emp… Read More
2020-10-28 09:00
Employment scams are not new, but they’ve become increasingly sophisticated as scammers design websites that effectively mimic the sites of legitimate companies. How can you keep from… Read More
2020-10-22 13:33
The Senate blocked an extension of the Paycheck Protection Program as negotiations for a larger relief package continues between Democrats and the White House. The legislation was shot down… Read More
2020-10-21 09:00
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential execu… Read More
2020-10-14 09:00
This year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job. But how do yo… Read More
2020-10-07 09:00
The IRS released its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Im… Read More
2020-09-29 09:00
Whatever your financial goals in life – whether they include buying a new house, taking a trip to Europe, funding your children’s college educations, having enough money fora com… Read More
2020-09-16 09:00
Parents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families. Tax credits T… Read More
2020-09-09 09:00
Congress continues to debate how to help navigate through the ongoing pandemic. In the meantime many benefits, including Federal Unemployment benefits, have expired. To help address this ass… Read More
2020-09-02 09:00
Financial institutions are raising red flags about suspected fraud surrounding the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, according to t… Read More
2020-08-26 09:00
For decades chain letters have been making the rounds. These days they’re more likely to show up in your email than your post office box. Regardless of the process used, chain letters… Read More
2020-08-19 09:00
Millions of Americans already received their economic impact payment. But what if you’re still waiting or you got a check, an electronic payment or a debit card with an incorrect amoun… Read More
2020-08-12 09:00
The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can le… Read More
2020-08-05 09:00
Let’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, fam… Read More
2020-07-29 01:46
For many Americans, debt has become a way of life. A recent LendingTree analysis of the latest Federal Reserve data showed that total U.S. consumer debt is on track to exceed $4 trillion thi… Read More
2020-07-22 01:43
A passive activity is a business activity in which a taxpayer does not materially participate. Material participation defined. So just what is material participation? In general, material pa… Read More
2020-07-15 01:36
With more than 40 million Americans seeking unemployment benefits over the past 2 months, states are doing their best to keep up with the avalanche of applications. States are also bracing f… Read More
2020-07-08 09:00
Most Americans are doing what they canto cut their budget and save money. One of the biggest expenditures for individuals and families is gas for vehicles. Although gas prices have declined… Read More
2020-07-01 09:00
It’s now time to build you case to ask for loan forgiveness if your business received a loan from the Small Business Administration (SBA) Payroll Protection Program (PPP). That’s… Read More
Subscribe to 6 Ways To Avoid Credit Card Catastrophes
Get updates delivered right to your inbox!