Keeping it by the Book: 4 Advantages of Letting a Professional Handle Your Taxes

Filing your taxes is a must. Also, you must do it on time and properly. Failing to file taxes on time or failing to file altogether can attract stiff penalties. No one wants that.

This is one of the reasons many small business now retain the services of professional tax preparers. Their knowledge and professionalism means that you’ll never hear about penalties at any point.

But not just that; here are four other advantages of working with a professional tax preparer rather than doing your taxes on your own or relying on online tax tools.

  1.     Ease the burden

Tax matters are complicated. An SMB owner filing returns on their own has to complete and file a number of forms including the IRS 1040, Schedule A, Schedule C, and Schedule SE. Completing each form isn’t something you can do in one sitting. You need to gather several documents and records and capture information from 1099s or 1099-INTs. It gets worse; you may not even understand these documents in the first place, putting an even greater burden on your shoulders. Hiring a professional tax preparer takes such duties off your mind allowing you to focus on growing the business.

  1.        Keep errors to a minimum

Another issue with taxes is errors. The IRS, on its website, keeps a list of the most common errors people make when filing returns. You’ll be surprised at how long the list is and how petty some errors are. For instance, it’s been noted that a significant number of those filing their returns enter payments on the wrong line. Another common error is basic arithmetic mistakes. When you do this, the tax body may be forced to reject or levy a fine on your filing. Also, mistakes in tax files can potentially delay any refunds due, resulting in unnecessary interest. Professional tax preparation keeps errors to a minimum.

  1.       Avoid adverse consequences

It’s not just fines and interests that you could be faced with though. Improper filing or failure to file can result in severe consequences, possibly culminating to legal battles. You could easily be taken to court for tax offences such as evasion. These suits attract hefty penalties and even imprisonment in some cases. Additionally, your credit history might be affected too. If the IRS files a lien, that information can remain on your credit history for 7 years. Above all, the IRS is allowed to levy your account, garnish your wages, and seize your property. Consider professional tax preparation to avoid these situations.

  1.      Get crucial tax advice

Finally, a professional tax company will provide valuable tax advice that can help you save a lot of money in the long run. From deductions you qualify for to credits and everything in between, they know exactly what you could do to lower your tax burden.

Choose Wisely

Doing your taxes on your own or using online tax tools might seem cheaper. But the professionalism of established tax experts protects you from unforeseen consequences that may prove very costly in the long run.

What is Football Player Corey Coleman’s Net Worth?

WHO IS COREY COLEMAN?

Corey Coleman is a professional football player in the NFL.  He is a wide receiver who has played for teams like the Cleveland Browns, Buffalo Bills, and New England Patriots.  He was recently released by the Patriots and is not currently on an active roster.

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COREY COLEMAN’S COLLEGE CAREER

Coleman attended Baylor University for his college career.  After redshirting his freshman season, Coleman made a quick impact for the team.  In his first season on the field with the team, Coleman recorded over 500 yards receiving.  In his two seasons that followed, he recorded over 1000 receiving in each of the seasons along with a total of 31 touchdowns.  His senior year was incredibly impressive as he recorded 20 receiving touchdowns on his way to winning the  Fred Biletnikoff Award given to the nation’s best receivier.

COREY COLEMAN’S NET WORTH

After a successful college career, Coleman decided to forgo his senior year and enter the NFL draft.  He was selected in the first round by the Cleveland Browns in 2016 as the 15th overall pick.  Corey Coleman’s net worth currently sits at $4 million thanks to his rookie contract.  His initial NFL contract was for four years and valued at over $11 million.  Included in this contract was a signing bonus worth $6.6 million.

THE NFL CAREER OF COREY COLEMAN

Coleman’s NFL career got off to a fast start.  During his rookie season, Corey totaled 33 catches for over 400 yards and three touchdowns.  This was despite only playing in ten games due to a broken hand.  In the following season, Coleman posted solid numbers yet again before suffering another hand injury.

Before the start of the 2018 NFL season, the Cleveland Browns traded Coleman to the Buffalo Bills for a seventh round pick.  After spending most of the preseason with the Bills, Coleman was eventually cut.

Coleman ended up signing a contract with the New England Patriots after Week 1, but didn’t even make it a week with the team before he was waived again.

IS COREY COLEMAN A BUST?

By all accounts, Coleman has not panned out the way he was supposed to.  Drafted for his speed, Coleman showed signs of greatness, but ultimately was hindered by injuries.  First round draft picks are supposed to be on an NFL roster 3 seasons after they have been drafted.  While only time will tell if Coleman is able to find his way on another NFL team in the future, one thing is for sure, Corey Coleman’s net worth is currently at a standstill.

OTHER NFL PLAYER’S NET WORTH

Khalil Mack Net Worth

Adrian Peterson’s Net Worth

Matt Ryan’s Net Worth

Drew Brees Net Worth

Jason Witten’s Net Worth

Jarvis Landry’s Net Worth

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Go-To Strategies for Minimizing Losses When Day Trading

You can’t be a successful day trader without understanding and counteracting the risks. No trader has a perfect track record, and you must prepare for losses. The amounts of your losses, however, are always within your control. When you risk only 2 to 3 percent of your account balance, this minimizes your loss potential and keeps you afloat while still providing the chance to earn a profit.

One of the first steps you need to take when day trading is comparing your expected returns. Look at stocks you’re wanting to trade and then compare their projected returns. Now, pinpoint which ones make the most sense to invest in. Never invest more than 1 percent of your account balance on a single trade. This type of risky trading is setting you up for failure and huge losses. Even if you’ve heard through the grapevine to make more than a one percent investment because the stock is going to rise in value, don’t.

Day trading success is about finding a balance. You’re going to have losses, and you’re going to miss out on money-making opportunities from time to time because you chose not to invest more than 1 percent on a single trade. Finding this balance allows you to minimize your losses and enjoy long-term success as a day trader. You’ll also want to choose a daily stop-loss amount. Once you hit this amount, stop trading for the rest of the day. You’ll be glad you did, especially when you see over time how much money you’re saving by using the stop-loss concept.

How To Get Started With Penny Stocks

Breaking into trades by making your first investments is a huge milestone. If you’re a new trader looking for opportunities, it’s important that you make wise decisions while you continue learning about how markets work, and which trades are worth making and why. Before you move forward with making investments, make sure you’ve considered all of your opportunities. Namely, you should take a closer look at penny stocks and understand why these are appealing for new and experienced investors alike.

Penny stocks are classified as shares worth less than $5 a piece, though many are valued at under a dollar — thus the name. These are good for new investors since you can purchase enough shares to have the potential for a high rate of return. Also, since you won’t need to make as large a purchase as you would on other markets, you can get started with penny stocks without having to risk your entire budget. So, you can build your portfolio while you continue learning and gaining experience as an investor.

This doesn’t mean that you shouldn’t do your due diligence before investing. Yes, these trades are affordable compared to shares from major companies, but this is because it’s often new startups without an established record that issue penny stocks. Without a documented financial history to go on, which is a major source of data for other types of investments, you need to analyze penny stock trends and look at information from other sources to inform your decisions. This process is explored in greater detail in the infographic below.

Making Money With Bitcoin: The Road to Success

First Move

Getting involved with any kind of business can be nerve-racking, more so for people with little or no knowledge about the type of industry they are about to get started in. However, Australian businesspeople looking to make some cash with Bitcoin investing have got very little excuse for not sourcing a company providing all the support and advice they need to be a success in dealing with cryptocurrency.

Once we have gotten in touch with a reputable provider of Bitcoin trading services with friendly and supportive telephone reception staff, it is then up to us to put ourselves in gear and start turning our Bitcoin investments into cash.

Going Forward

Australian traders in cryptocurrency that have been able to find one of the more established and trusted companies offering solutions to making paper money from Bitcoin should be on the road to success regarding this exciting and rewarding type of financial business. Indeed, if we are planning to go to Bitcoin Dealers in Australia with an impeccable reputation in providing transparent solutions to making cash from cryptocurrencies, we may wonder why we did not try this route before. Of course, why would anyone involved in the trading of Bitcoin choose to get in touch with a company in Australia that did not meet the standards of Bitcoin companies able to deliver exactly what they promise to their clients?

Selling Bitcoin

Although plenty of people who invest in cryptocurrencies in Australia will be happy to hold onto their assets for a number of months or even longer, many others prefer to cash in their currencies for more tangible versions of money. Of course, traders in Bitcoin who have a specific reason for selling their cryptocurrency to a reputable Australian firm will want to start on their next phase of what can be a very lucrative business transaction.

Making Decisions

As with many kinds of investments, it is not always easy to make up our mind on who to contact when we feel it is finally time to cash in our assets. Dealers in Bitcoin residing in Australia who are determined to deal with the more trustworthy providers of cryptocurrency trading services should be aware that you can contact a highly-reputable provider of such digital money solutions by taking time to look for options on the internet. Indeed, once we have got the ball rolling with making the right choice in a cryptocurrency expert in Australia, it will only be a matter of time before we have exchanged our mined Bitcoins for the traditional currency of our choice.

Reasons for Selling

Apart from dealers in cryptocurrency who refrain from selling their digital money due to a desire to amass a large sum of Bitcoins, many others will be constantly playing with the idea of cashing in their electronic investments. However, rather than rushing into choosing a company to sell our Bitcoins to, it is always a good idea to do some research on the more reliable companies operating in this very competitive market. Of course, before we can even think of selling our Bitcoins, we will need to buy these types of cryptocurrencies.

There are websites you can check that tackle cryptocurrencies – Bitcoin, in particular.  By looking for these websites, people getting involved in this sort of business should be able to gain some valuable insight.

Some of the more common reasons for people deciding to purchase Bitcoins include the following:

  1. There are no third parties in these currency purchases.
  2. There is no need to pay taxes.
  3. Individual transactions cannot be traced.
  4. Bitcoin transactions do not involve paperwork.
  5. Buyers can avoid issues like theft identity.

Investing in Bitcoin can be a profitable venture, especially when you’ve gained enough knowledge on how to navigate this type of cryptocurrency. Armed with enough knowledge and with the guidance of experts, soon you will be able to turn digital money into paper cash.

 

Khalil Mack Net Worth

Week 1 is in the books.  While fans and coaches are still trying to determine how good they will be for the upcoming season, one thing is for sure, some players are now making the big bucks.

Khalil Mack is one of those players.  During the offseason, Mack got traded to the Chicago Bears from the Oakland Raiders.  Upon arriving in Chicago, Mack signed a mega deal valued at $141 million over six seasons.  Khalil Mack net worth sits at $18 million.

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The fifth overall pick in the 2014 NFL draft, Khalil Mack has made an impact since the very beginning of his NFL career.  His bank account has also been on a steady increase.  His initial rookie contract was for four years and valued at over $18 million.  It included a nearly $12 million signing bonus which helped jump start Khalil Mack net worth.

Mack started every game of his first four seasons for the Raiders, but a failure in contract negotiations led to him being traded to the Chicago Bears.  The Bears, ready to take the next step as a franchise, were willing to give Mack the largest linebacker contract to date.

Mack totaled over 40 sacks in his first four NFL seasons in Oakland.  He hasn’t stopped yet.  In his first game in Chicago the impact was already seen.  Although the Bears lost due to a comeback victory by the Green Bay Packers, Mack scored his first touchdown as a Bear.  He took an interception back to the house which helped grow the Bears lead at the time to 17 points.

Despite the fact that the Bears ended up losing the game, the team has a lot to look forward to going forward.  It is easy to tell after week 1 that Mack was worth the money.

As part of Khalil Mack’s $141 million contract, he received a signing bonus valued at $34 million.  More importantly, the contract contains $90 million in guaranteed money, one of the tops ever handed out.

As he continues to play through his contract, expect Khalil Mack net worth to continue to rise.  In fact, by the end of his contract, his net worth could well exceed $50 million.  Not too shabby for a player who went to a small school for college football.

OTHER NFL PLAYER’S NET WORTH

Adrian Peterson’s Net Worth

Matt Ryan’s Net Worth

Drew Brees Net Worth

Jason Witten’s Net Worth

Jarvis Landry’s Net Worth

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Smart Ways To Manage Your Finances After A Car Accident

If you’ve been in a car accident, you’re sure to know that the entire experience can be costly. Even though it may not have been your fault, being in a car accident can dramatically affect your finances. Luckily, there are quite a few smart ways to manage them after such a serious situation.

  1. Have Savings In Case of Another Accident. Though most people will only have one car accident in their lifetime, there’s no guarantee that you won’t have another. That’s why it’s a good idea to put some money aside to cover car repairs and replacement. If you were to have another car accident, it can be hugely comforting to know what you have the funds to fix the damage.
  2. Reconsider Your Car Insurance. After you have had a car accident, you’ll notice that your car insurance will increase in price. This is to be expected, as you will have made a claim. However, you may be able to get a better deal elsewhere. Rather than simply staying with your car insurance provider year after year, see if another car insurance provider will charge you less in spite of you having had an accident. For example, you may want to add SR22 insurance.
  3. Don’t Drive Without Car Insurance. Though many people are tempted to avoid paying out for car insurance, this isn’t a smart financial move. A car accident can be costly in both car repairs and medical bills. However, these costs are greatly reduced when you have car insurance to rely on. Rather than seeing car insurance as a cost that’s easy to avoid, see it as a way to keep your vehicle costs down in the long run.
  4. Pay Professionals to Service Your Car. A lot of car accidents are caused by unsafe vehicles being on the road, which is why it’s always worthwhile paying for a professional to look over things. Though carrying out a repair yourself is usually a lot cheaper, it can lead to more extensive repair work being needed in the long run. By paying professionals to service and repair your car, you are managing your future finances and reducing the chances of avoidable vehicle costs.
  5. Have a Back Up Vehicle. Whether you’re able to borrow a vehicle from a friend or your car insurance offers one, it’s a smart financial move to have a backup vehicle. As you’ll know from having a car accident, you can be left without a mode of transport for weeks at a time. Not only is this an inconvenience, but it’s also costly when you factor in having to pay for public transport and taxis. Instead, a back up vehicle can help you to keep costs down if you’re in another accident.

As you can see, there are a lot of smart ways to manage your finances after a car accident. If a car accident should teach you anything, it’s that there’s no point in cutting corners when you’re vehicle is concerned.

 

Becoming A 401(k) Millionaire

With enough discipline, you can Retire with a 7-Figure 401(k)

retiring a millionaire, 401(k) tips, planning for retirement

National 401(k) Day has been celebrated the Friday after Labor Day since 1996, in a drive to remind Americans to prioritize saving for retirement. The trick to becoming a 401(k) millionaire is to start young and allow your money to go to work for you. It may be difficult for someone who is just starting out in life to be disciplined enough to max-out his/her 401(k) fund contributions, but I’d definitely suggest setting up a budget. Find out what it’s going to take just to pay your bills – not all of your wants and desires and the unnecessary things in life, just your bills – what it takes to merely exist. If you don’t have money left over, it might be time to cut expenses, seek a higher-paying career or further your education.

Once you have an idea of what you can save, START saving! If your company matches your contributions, then most definitely contribute the maximum to take advantage of the free money they’re giving you. If there’s an option for a Roth 401(k) and you plan to work there for at least five years, choose the Roth. You’ll contribute after-tax dollars, so your contribution, along with all of your gains over time, will be tax-free for life (and there are no required minimum distributions after age 70); the company’s match contributions will sit in a traditional 401(k). Always set it up to auto-contribute! Out of sight is out of mind, and one day, you’ll look at it and say, “I had no idea I had that much!”

However, don’t just blindly contribute. Look at the choices available for you to allocate your money within the plan. Seek the help of a professional! Don’t do what most people do and get what I call “water cooler advice” from your friends and coworkers. If you’re young, be more aggressive; if you’re closer to retirement and don’t have an appetite for risk, be more conservative.

Should you find yourself in a hardship situation, look at other options instead of borrowing from your 401(k). Even if you can prove your hardship and can avoid the 10% IRS penalty for withdrawing from the account prior to age 59 ½, remember that this is your primary source of retirement funding and should never be touched, under most circumstances, if at all possible. I have seen way too many 30-50-year-olds decimate their retirement by making this mistake, only to realize what a poor decision they made when it was too late to rebound from the effects of early withdrawals. Money is relatively cheap right now, so a bank loan or line of credit may be a better solution.

The simple answer is to seek the help of a professional, start contributing as soon as possible, max out your contributions to the best of your financial ability, and let the time value of money work for you. After all, informed decision-making is always the best solution.

This article was provided by our partners at MoneyTips.com.

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2019 Roth IRA Contribution Limits

Fall is quickly approaching.  Every October the IRS (Internal Revenue Service) releases their updated retirement limits for a number of accounts.  The Roth IRA is one particular account that many will be looking at.

For 2018, the contribution limit for a Roth IRA is $5,500 with an additional $1,000 catch-up for individuals over the age of 50.  The 2019 Roth IRA contribution limits will be announced by the IRS in less than two months.

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The government uses inflation numbers to determine when and by how much to raise retirement limits.  When it comes to IRA’s, any annual increase in contribution limits will be in $500 increments.  Meaning that there are only two possibilities when it comes to the 2019 Roth IRA contribution limits.

Either the limits remain the same at $5,500 ($6,500 for individuals 50 or older) or it is increased to $6,000 ($7,000 for individuals 50 or older).  It is expected that the 2019 Roth IRA contribution limits will increase to the latter amount.

So what does an increase in $500 a year for a Roth IRA account mean?  Well, for starters, instead of being able to contribute an awkward $458.33 per month to the account, you will now be able to contribute an even $500.  Of course this only applies to individuals under the age of 50.  Contributing on a consistent basis has proven time and again the best way to invest.  You can take advantage of the market when it hits various highs and lows.

Are you worried that you won’t have the additional funds to contribute an extra $500 a year to a Roth IRA?  Then now is as good of a time as ever to go and create your very own free budget.  The best way to see where you are spending your money every month is to track it.  Although it might seem like a challenge at first, you will most likely be able to find a way to contribute the additional $41.67 per month to your Roth IRA.

Why choose a Roth IRA?  There are many benefits to having one.  First and foremost, the money you put into it will grow and compound tax free through the years.  Additionally, when you do decide to withdraw from the account, you will not be required to pay any income taxes on the withdrawals.  It’s an especially good account to have in order to help offset tax burdens brought on by 401k’s and social security.

With the official numbers for the 2019 Roth IRA contribution limits less than two months away, we will have to wait a little longer, but we can predict that more than likely the amounts will increase.

Budget Smart, Invest Wise

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