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Maximizing Your Tax Return

Millions of Americans receive a tax refund each year. For some, this is inevitable because of their income levels. For others, it’s due to their withholding. There are ways to maximize a tax return. Some will lead to higher refunds, while others will lead to a lower tax bill.

Choose the Correct Filing Status

Some people will benefit from filing separately as a married couple. Others will benefit from filing a joint return. Those who have one spouse with substantial medical expenses might be able to pay less to the government by filing separately. Therefore, it can sometimes be worth the extra effort to calculate a tax bill using both filing options. Single filers without dependents will not have to worry about this step.

Take All Deductions

Deductions get subtracted from income. It might seem odd, but it’s a good idea to minimize income when it comes to paying taxes. A lower adjusted gross income means a lower tax bill. Charitable contributions can be deducted. Taxpayers can also deduct contributions to traditional IRA and 401(k) accounts. Mortgage interest is another frequent deduction. While these deductions will not cut a family’s tax bill on a dollar-for-dollar basis, they will provide tax savings at the marginal rate. For example, a taxpayer who saves $1,000 in an IRA while paying a 25% marginal tax rate would cut his or her tax bill by $250. Every dollar that does not go to the government is a dollar that can be used for any other purpose. Just keep in mind that the deductions must be greater than the standard deduction to result in a lower tax bill.

Maximize Contributions

This is tied to the point related to deductions. There are relatively high contribution levels for current retirement accounts. Each taxpayer and a nonworking spouse can save up to $6,000 in an IRA as of 2019. Those who have access to an HSA can save up to $3,500 for an individual or $7,000 for a family and deduct the amount saved from their taxable income. Taxpayers can contribute to these accounts for the previous year through the required filing date of April 15. Those who have a little extra money available could make additional contributions through these accounts and cut their tax bill retroactively. Unfortunately, 401(k) contributions must be made by the end of the year.

Few people enjoy filing a tax return. While it’s not a fun exercise, it’s necessary. As long as taxpayers have to file a return, it’s a good idea to minimize the amount that they have to pay to the government. These steps can go a long way toward achieving tax savings.

from Mike Plumlee Financial Advisor | Financial Planning https://ift.tt/2URFRyu
via IFTTT

The Top Golf Courses in the US

Beautiful areas in our nation’s upper midwest may be very well known as hunting and fishing paradises for the sportsman. Still, real golf enthusiasts are well aware that these same areas also have some of the most beautiful, challenging, and brilliantly laid-out public golf courses found anywhere on earth. Listed here are but a few of the many that avid golfers on public courses can take on in their travels throughout these gorgeous regions. And outside of inner golf circles, who would’ve thought that Wisconsin has such highly-rated, outstanding golf destinations? Here are but a few of the notable ones.

Course: Whistling Straits – Haven, Wi. – Length: Par 72 / 7,790 yards

At last count, Pete Dye had integrated 1,102 bunkers into this gorgeous course, spanning a two-mile stretch of Lake Michigan. With very rugged fairways and highly windswept greens, it’s a grand challenge for golfers of any experience level. Two dozen will take on this monster in the 2020 Ryder Cup.

Course: Black Run (River) – Kohler, Wi. – Length: Par 72 / 7,404 yards

Another Pete Dye creation, this course is distinctive in that Dye convinced owner Herb Kohler to rip-up an already highly acclaimed course, and came up with a big winner again. This river course is a large bend of the Sheboygan River, has some extraordinarily memorable holes, and was host to such significant events as the 2012 U.S. Women’s Open.

Course: (New) Sand Valley – Nekoosa, Wi. – Length: Par 72 / 6,913 yards

On over 1000 acres of rolling sand hills in central Wisconsin, course architects Bill Coore and legendary PGA professional Ben Crenshaw got creative here, with some deep sand spits, dual fairways, a hidden punchbowl putting surface, and perched greens bringing the challenge to golfers here.

Course: (New) Mammoth Dunes – Nekoosa, Wi. – Length: Par 73 / 6,935 yards

This is the latest to open at Wisconsin’s Sand Valley Resort. Entire hillsides of sand were exposed and integrated here, adding beauty and stability against heavy wind and rain. Vast fairways are the draw here, enabling golfers to take advantage of a little more flexibility on their shots.

Maximizing Your Tax Return

Millions of Americans receive a tax refund each year. For some, this is inevitable because of their income levels. For others, it’s due to their withholding. There are ways to maximize a tax return. Some will lead to higher refunds, while others will lead to a lower tax bill.

Choose the Correct Filing Status

Some people will benefit from filing separately as a married couple. Others will benefit from filing a joint return. Those who have one spouse with substantial medical expenses might be able to pay less to the government by filing separately. Therefore, it can sometimes be worth the extra effort to calculate a tax bill using both filing options. Single filers without dependents will not have to worry about this step.

Take All Deductions

Deductions get subtracted from income. It might seem odd, but it’s a good idea to minimize income when it comes to paying taxes. A lower adjusted gross income means a lower tax bill. Charitable contributions can be deducted. Taxpayers can also deduct contributions to traditional IRA and 401(k) accounts. Mortgage interest is another frequent deduction. While these deductions will not cut a family’s tax bill on a dollar-for-dollar basis, they will provide tax savings at the marginal rate. For example, a taxpayer who saves $1,000 in an IRA while paying a 25% marginal tax rate would cut his or her tax bill by $250. Every dollar that does not go to the government is a dollar that can be used for any other purpose. Just keep in mind that the deductions must be greater than the standard deduction to result in a lower tax bill.

Maximize Contributions

This is tied to the point related to deductions. There are relatively high contribution levels for current retirement accounts. Each taxpayer and a nonworking spouse can save up to $6,000 in an IRA as of 2019. Those who have access to an HSA can save up to $3,500 for an individual or $7,000 for a family and deduct the amount saved from their taxable income. Taxpayers can contribute to these accounts for the previous year through the required filing date of April 15. Those who have a little extra money available could make additional contributions through these accounts and cut their tax bill retroactively. Unfortunately, 401(k) contributions must be made by the end of the year.

Few people enjoy filing a tax return. While it’s not a fun exercise, it’s necessary. As long as taxpayers have to file a return, it’s a good idea to minimize the amount that they have to pay to the government. These steps can go a long way toward achieving tax savings.

Updating Your Business Plan

Business plans can become outdated with time. Technology changes and the needs of potential consumers can change as well. Those that have businesses that are functional still need to look at opportunities to update the business plans because updates can produce greater returns on investment.

Focusing On Customer Service

One of the big things that entrepreneurs can put a focus on when they are looking at business plan updates is a greater focus on customer service. It is one thing to start a business and anticipate what customer service needs will be. It is another thing to own a business and clearly see what customers want. The great thing about updating a business plan for a business that already exists is that it gives business leaders a new perspective. They know where they make went wrong, and they now have the ability to assess what they need to do better.

A Double Take On Business Practices

Updated business plans can lead to better business practices. Sometimes a business may fail in the initial stages. Those entrepreneurs that are determined to build a business are not going to let the initial failure stop them from moving the business forward. The great thing about failure is that it allows business leaders to see how they can rework the business plan and consider business practices from a whole another standpoint. They get the chance to show what they have learned with an updated business model that can help them get the attention of new customers while retaining old ones.

Implementing Technology

Sometimes a business update requires a business plan that implements new technology. Automated processes may become part of the new updates. Things that may have taken an entire team to accomplish before can be automated with computer systems that don’t require as much human interaction. This is something that businesses will inevitably face as technology increases the efficiency in the workforce. Investors like these types of business updates because technology enhancements reduce operating costs.

Increased Awareness

Business leaders that visit the small business development center may acquire resources that provide information about updating the business plans. An updated business plan with increased accuracy in forecasting, cost of operations and returns on investment helps more business leaders secure business loans.

from Mike Plumlee Financial Advisor | Business https://ift.tt/2Tl84hV
via IFTTT

Updating Your Business Plan

Business plans can become outdated with time. Technology changes and the needs of potential consumers can change as well. Those that have businesses that are functional still need to look at opportunities to update the business plans because updates can produce greater returns on investment.

Focusing On Customer Service

One of the big things that entrepreneurs can put a focus on when they are looking at business plan updates is a greater focus on customer service. It is one thing to start a business and anticipate what customer service needs will be. It is another thing to own a business and clearly see what customers want. The great thing about updating a business plan for a business that already exists is that it gives business leaders a new perspective. They know where they make went wrong, and they now have the ability to assess what they need to do better.

A Double Take On Business Practices

Updated business plans can lead to better business practices. Sometimes a business may fail in the initial stages. Those entrepreneurs that are determined to build a business are not going to let the initial failure stop them from moving the business forward. The great thing about failure is that it allows business leaders to see how they can rework the business plan and consider business practices from a whole another standpoint. They get the chance to show what they have learned with an updated business model that can help them get the attention of new customers while retaining old ones.

Implementing Technology

Sometimes a business update requires a business plan that implements new technology. Automated processes may become part of the new updates. Things that may have taken an entire team to accomplish before can be automated with computer systems that don’t require as much human interaction. This is something that businesses will inevitably face as technology increases the efficiency in the workforce. Investors like these types of business updates because technology enhancements reduce operating costs.

Increased Awareness

Business leaders that visit the small business development center may acquire resources that provide information about updating the business plans. An updated business plan with increased accuracy in forecasting, cost of operations and returns on investment helps more business leaders secure business loans.

The Top 3 Finance Podcasts for Investors

As the podcast revolution takes the world by storm, millions of listeners are flocking to personal finance and investment channels to learn valuable lessons on money management and wealth accumulation. Here are the top 3 podcasts available on the internet to begin your journey to financial freedom.

So Money

So Money with Farnoosh Torabi is a gold mine of personal finance knowledge, introducing usually complex financial principles with an understandable, and more importantly, applicable delivery. With guests ranging from prominent billionaires to financial advisors and investors, there is no shortage of experts in the field being featured on the podcast every Monday, Wednesday, and Friday. To start equipping yourself with the skills you need to grow and manage your wealth, start listening to So Money today.

Afford Anything

Afford Anything is one of the best podcasts for entrepreneurs and “financial-freedom seekers”. Hosted by Paula Pant, this channel teaches listeners not only how to effectively manage their money, but also their time and energy. These often overlooked aspects of finance play a prominent role in Afford Anything, and understand how to combine wealth management, through investing and passive income, with budgeting one’s other limited resources will lead to a bright future. On her podcast, Paula Pant interviews big names in real estate, finance, and personal development to bring her listeners clarity on actionable steps to take on the journey to success. Start maximizing your life today: Afford Anything.

Smart Passive Income

With over 33 million listeners worldwide, the value of Smart Passive Income is evident. On this podcast, Pat Flynn teaches the success-driven entrepreneurs of the world how to grow their wealth passively with side hustles, online business guides and much more. There is no better feeling than having a side job that regularly deposits money into your bank account without you having to lift a finger, and Smart Passive Income teaches viewers how to accomplish that by monetizing a talent that everyone has, or a personal “superpower” as said by Flynn. Don’t be mistaken, reaching a point where a regular flow of income comes to one passively is fantastic, but it will require an initial push, meaning an investment of time and effort to build a platform. Tune in and begin building that passive income stream today: Smart Passive Income.

from Mike Plumlee Financial Advisor | Financial Planning https://ift.tt/2VH4hgo
via IFTTT

Top Business Trends for 2020

Every year is an interesting time to run a business. The business plan that was developed a few years ago may need to be changed completed this year. These are only a few trends to consider for doing business in 2020.

Adapt to Increasing Populations

The U.S. population is expected to increase significantly in the upcoming decade. This change comes with many benefits and disadvantages. The main benefit is having more customers to choose from. The main disadvantage is having more businesses and competitors to deal with. It’s recommended to list all of the pros and cons of this change and how to make the proper adjustments.

Increasing Use of Artificial Intelligence

Artificial intelligence tools are being used to fight cybercrime. AI is used by search engines to distinguish useless spam from quality Web content. This technology protects businesses from the actions of hackers and identity thieves.

Changes in Social Issues

More businesses are striving to make an impact in the world. CEOs and other business leaders are taking stands to fight abuses and injustices within their companies. A few, modern issues are sexual harassment, equal pay, racial discrimination, etc. It’s now common to see sponsors get dropped from their campaigns or to see controversial products being pulled immediately from the shelves.

Changes in Global Economies

At times, the U.S., Canada and Australia seem more financially stable than some countries in Europe. Social and political problems in France, Germany or England will affect the entire European economy, which will affect the North American economy. A new trend should be to change marketing techniques that are used to market customers in different countries.

Marketing to Younger Audiences

Entrepreneurs should pay more attention to the ages of their customers. They will increase their customer list by reaching younger audiences in their teens and young adult years. Reaching them while they’re young means that they will become and remain loyal customers for many years.

Every industry needs trends or nothing will change and improve. Most people don’t want to continue using the same, old products when they can get faster, more effective results. And most business people don’t want to market trends that interest very few people. So promoting trends is how businesses remain relevant in the long run.