Do you have a financial plan that works for both you and your spouse? Here are suggestions that can help.
1. Organize your finances. Get a handle on your income and spending, by both of you individually and as a couple. By reviewing the overall picture of how you spend money, you can focus on potential problem areas.
2. Set goals. How much will you accumulate in bank accounts and investments over the next three years? Five years? Ten years? Have you anticipated future expenses? Say, for example, you're dreaming of a vacation in Europe for your anniversary. You'll want to start saving now so you won't need to finance the trip with credit cards.
If you plan on starting a new business in 2017 there are some definite items to consider from the outset. They include:
Business plan. Outline who will own the business and what the legal form will be, your qualifications to run the business, the competitive market you face, the products or services you will sell, and how you intend to advertise to prospective customers. How much cash will you need to start up and where will those funds come from?
Legal form. You can incorporate, or operate as an LLC, a partnership, or a sole proprietorship. Consider both tax and non-tax reasons for selecting a given entity.
Can't itemize? You can still claim some expenses on your 2016 federal income tax return. Here's how you can benefit.
IRA and HSA contributions. If you made a contribution to your traditional IRA for 2016, or if you plan to make a 2016 contribution by April 18, 2017, you may qualify to deduct up to the maximum contribution amount of $5,500 ($6,500 if you're age 50 or older). Income limitations apply in some cases, and you can't deduct contributions to Roth IRAs.
Out with the old, in with the new. No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here are suggestions.
Review your credit report. Request a free copy of your credit report from each of the three major credit bureaus. If the reports contain errors, get them corrected.
From a November 29, 2016, post on The Chronicle of Philanthropy, an independent news organization serving those involved in the philanthropic enterprise.
Charity officials are preparing for a hard-charging Republican leadership that vows change. At stake: tax breaks that encourage billions of dollars in giving and legal limits on nonprofits’ political activities, for starters.
As President-elect Donald Trump readies to take office, nonprofit leaders face their own version of the first 100 days. Can they coalesce quickly enough to effectively respond to policy changes and spending priorities that would affect nearly every corner of the nonprofit world?
The IRS has announced that the optional standard mileage rates for business use of a vehicle will drop slightly in 2017, the second consecutive annual decline. For business use of a car, van, pickup truck, or panel truck, the rate for 2017 will be 53.5 cents per mile, down from 54 cents per mile in 2016. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Driving for medical or moving purposes may be deducted at 17 cents per mile, which is two cents lower than for 2016. The rate for service to a charitable organization is unchanged, set by statute at 14 cents per mile.
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