When you buy an investment, you have to plan when to get in, how much to invest, and when to get out. Each of these items is important. Let’s talk about how much to invest.Back when I had my brokers licenses (series 7 and 63, which let me sell pretty much any financial product except annuities and life insurance) I found out the obvious. You should never put all your eggs in one basket. You should invest across industries and asset classes and should not put more than a specific amount in any one idea. Most financial advisors I have talked to suggest no more than 4 or 5% investment in any one stock or financial product (mutual funds can be a different animal because they are more diversified).Tomorrow I will talk a little about when to get into an investment. If you have any general questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net but more specific questions should be answered by a financial advisor.You can check with the professionals on my website in the resource section:https://briantstonercpa.com/Resources.htmlYou can count on us to count for you!
Brian’s Tax Musings
What exactly are investment expenses? They are expenses you as an investor in various assets and retirement accounts incurr as part of the investing process. See this aritcle by Worldwide Web Tax about various investment expenses:http://www.wwwebtax.com/deductions_z_other/investment_expenses.htmWell you now know all about itemized deductions on schedule A – congratulations on being an expert. Any questions on anything I have discussed you know where to find me. Email bstonercpa@sbcglobal.net phone 818-317-6035. Remember I need you to refer your friends and neighbors to me to continue to build my practice.You can count on us to count for you!
Brian’s Tax Musings
A lot of employee’s have expenses for their work not reimbursed by their employer (this doesn’t include expenses that the employer has a policy of reimbursing and you were too lazy to file for reimbursement.) These expenses can include mileage for work (not including commuting to the office), travel, an office in the home for the convenience of the employer, meals you pay to take clients to lunch or dinner (and drinks), and any other work related expenses that are not reimbursed.Here is a link to the IRS website regarding office in the home: http://www.irs.gov/newsroom/article/0,,id=108138,00.htmlHere is an article by Kay Bell in Bankrate.com showing how to deduct other unreimbursed employee business expenses:http://www.bankrate.com/finance/money-guides/business-expenses-that-benefit-you.aspxTomorrow my final post in this series talks about imvestment expenses.You can count on us to count for you!