Deferring your Social Security benefits can yield a significant advantage. See this post in The Wall Street Journal by Carolyn T. Geer to see a way to maximize this government funded annuity : http://online.wsj.com/article/SB10001424052702303342104579097183009704484.html The risky part of this is having to fund part of retirement with your IRA or 401K while you wait for social security benefits to accumulate. You should probably do some planning before deciding whether to wait taking benefits, as each person’s situation is different. For financial, accounting and tax musings, You can count on us to count for you! email: bstonercpa@sbcglobal.net phone: 818-317-6035 Website: www.briantstonercpa.com https://twitter.com/bstonercpa
Tax Avoidance Just Isn’t What It Used To Be
So now tax evasion and tax avoidance is starting to be considered the same in some places? See this article in Forbes by Christopher Bergin to hear more about this: http://www.forbes.com/sites/taxanalysts/2013/09/17/tax-avoidance-just-isnt-what-it-used-to-be/ I totally disagree with the notion that someone who legally avoids taxes is doing something wrong. It is not only stupid, it is unamerican! Wasn’t part of the Revolutionary War the revolt against unfair taxation? For financial, accounting and tax musings, You can count on us to count for you! email: bstonercpa@sbcglobal.net phone: 818-317-6035 Website: www.briantstonercpa.com https://twitter.com/bstonercpa
Turn a ‘Budget’ into ‘Profit Planning’
When you hear the word “budget,” what do you think about? Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone. The word “budget” brings up connotations of endless numbers, constraints, the opposite of freedom and creativity, and hard work, none of which are very desirable. Yet, the benefits of a budget are huge. Budgets can help you with cash flow improvements, keep you on track for higher profits, and alert you to items that need further action. From “Budget” to “Profit Plan” To be successful with budgeting, we need to get rid of all of the connotations that go with the word. Perhaps it might work if we rename “budgeting” to “profit planning.” And then, rather than focus on how little we should spend, let’s start with how much revenue we’re going to make. Revenue Clarity It’s simple to create a revenue plan if you go backwards. What revenue goal would you like to hit this year? Just like we would never get in a car without a final destination, a revenue plan gives us a number to aim for in our businesses. Once you know [...]