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Dealing with Adult Children
It’s not uncommon for adult children nowadays to continue to live with their parents. The adult child may be out of work or trying to reduce his or her expenses in order to pay back student loans or save for an apartment. Regardless, such arrangements bring up financial issues that parents and their adult children have to deal with. We spoke with Los Angeles forensic CPA Susan Carlisle over Skype about this matter.
Tips for a Great Retirement
Do you plan to retire in the near future? How are you preparing for that day? Do you have enough money set aside? Have you thought about how you will spend your time as a retiree? We spoke with San Jose CPA Dan Morris over Skype regarding important items soon-to-be retirees should consider.
Tax Benefits of Volunteering
Volunteering is an American tradition. And the government encourages people to volunteer by offering income tax deductions for work done on behalf of legitimate charities, including churches. But determining what qualifies as a deduction can be tricky. So we asked Johanna Sweaney Salt, a Claremont, California, CPA how to tell what qualifies for a charitable tax deduction.
Tips for Handling an IRS Audit
Will your tax return be audited by the IRS? It is highly unlikely. But if you are the subject of an IRS audit, what should you do? Rob Seltzer, a CPA and personal financial specialist who has represented clients before the IRS, provides tips regarding how you can minimize your chances of being audited by the IRS and how to handle an audit if you are one of the chosen few.
Financial Lessons for Grandchildren
What grandparent can resist passing along advice to a grandchild? And if you happen to be a CPA and a personal financial specialist like Michael Eisenberg, much of the advice you likely give has to do with money. So we decided to ask him how he teaches his grandchildren about spending and saving. We also talk about how best to set aside funds for college, bequests to grandchildren and how to coordinate a grandchild’s financial education with the parents and the other set of grandparents.
Tax Tracking for Self-Employed
According to a Pew Research Center analysis of census data, 10 percent of the nation’s 146 million workers in 2014 were self-employed. If you are among the self-employed you likely want to be sure that you retain as much of your fees as possible. So keeping track of tax deductions is highly important. Torrance, California, CPA Scott Donnelly has several self-employed clients. We talked with him over Skype regarding how entrepreneurs can legally minimize the taxes they must pay.
Tough Decisions for Widows & Widowers
The death of a spouse is a traumatic experience, both emotionally and financially. Regarding financial issues, the survivor must deal with such items as insurance, Social Security, investments—not to mention handling bills that are due. Joel Framson, a Los Angeles CPA and personal financial specialist, frequently advises widows and widowers about their financial situation. Over Skype, we asked him about the decisions surviving spouses must make.
Saving for Singles
Whether you are a young adult or a senior citizen, being single can be more costly than being in a couple. As the saying goes, two can live as cheaply as one—and in some respects more cheaply, as the costs, for example, of home ownership can be divided between a couple. We talk with CPA JD Miller of Vallejo, California, over Skype regarding the costs of being single. He emphasizes that motivation is the key to good fiscal habits.
When to Withdraw from 401(k)/IRA
If you are retiring soon, you may have 401(k)s or IRAs from which you need to withdraw funds to support yourself in your retirement years. In fact, the government requires that you withdraw a minimum amount each year from traditional 401(k)s or IRAs once you reach 70 and a half years of age whether you need the money or not. If you don’t, you could be subject to severe penalties. Larry Pon, a Redwood City CPA and personal financial specialist, gives us some guidance regarding the rules for withdrawal.
IRS Publication 590-B
401(k) and IRA Required Minimum Distribution Calculator
Technologies That Save
Every day—perhaps every minute—someone is developing a new app, software program or a new technology that can help us save money, keep our vital records or generally improve our lifestyle. Leonard Wright, CPA/PFS, of San Diego discusses some of the apps and programs he uses or recommends to keep track of expenses and better manage finances. He also notes that landline telephones may not be necessary and explains how solar panels can reduce electric bills.
Insurance for the Long-Term
Long-term disability insurance and long-term care insurance may sound alike, but they are different types of policies. Depending on your circumstances you may need both types of insurance or just one or the other. To clarify, we discuss these policies with Karen Goodfriend, a CPA and personal financial specialist in Los Altos, California.
Plugging Money Leaks
Do you leak money? In other words, do you spend your hard-earned dollars on impulse purchases such as car deodorizers at the grocery checkout line? And do you really need that cute trinket from the curio shop? Such expenditures add up over time and can ultimately seriously dent one's budget. Larry Pon, a Redwood City CPA, talks with us over Skype about how to plug those leaks.