Claim Tax deductions for items you didn’t pay for
Surprise, Surprise! You can deduct expenses that were paid by someone else. For example, in some cases, you are allowed to deduct medical expenses if they are more than 7.5 percent of your adjusted gross income. In one case, a mother paid for her daughter’s medical expenses. The daughter was allowed to count about $25,000…
When should you call you credit card issuer?
Many people get routine calls from their credit card issuer. Offers of lower rates, balance transfer opportunities, insurance offers. But when should you be the one to call? Knowing what to look for and when to contact your card issuer can be the best way to stop fraudulent activity and avoid any inconvenience with card…
Worst Financial Moves Right Now
In the state of the economy, it’s easy to begin thinking about alternative investment strategies. However, there are some that you will be better off not exercising according to Forbes. 1. The stock market is shaky. Do not sell stocks or try to guess what the market will do. 2. Now is not a good…
How to Determine Your Social Security Benefit
Social Security payment estimate information is no longer easily attainable. Although, there are some ways to figure how much you will receive once you retire. Below are some ways to help you determine your social security benefit amount. First, look at the average Social Security payment, which is $1,180.08 per month. The highest amount one…
Get back on the road to retirement
The economy has damaged many retirement accounts leaving boomers wondering how and when they will be able to retire. However, you still have a chance to get back on track. First, evaluate your cash flow and save 30% of your gross income each month for investing. Make sure you are enrolled in your company’s 401(k)…
How to Recover from Bankruptcy
It’s not unusual to file for bankruptcy in today’s economic state. The important thing is getting back on your feet and doing it right. Read the following tips on how to recover: 1. Figure out what caused you to go into bankruptcy in the first place. Change what you use to do so it doesn’t…
Make This Estate Planning Move Now
Many plan their finances for the years ahead, but don’t remember to update their estate plan. This mistake can greatly affect the future of loved ones and cause big problems. Remember to check the beneficiary designations of your bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities and 529…
How to Tap Your Nest Egg In a Wild Market
With today’s volatile market, your nest egg is vulnerable and the rules have changed. Traditionally, the income withdrawal rate of a retirement account was at 4 percent. It is now recommended that a person takes out as little as possible or about 2-3 percent. Some even recommend taking out nothing during these tough times, and…
Firm News
- Security Update for NetClient CS Portal Login
October 19, 2023 - Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee’s Top 10 Employers’
October 2, 2023
