April 28, 2017
5 Financial Do-Overs I Wish I Had

5 Financial Do-Overs I Wish I Had

Whether they’re personal or financial, life always comes with regrets. How many times in life have you uttered the words, “If I could do that over…” Probably many! Just like you I’ve wished for my fair share of do-overs. So today I’m going to share the 5 financial do-overs I wish I had, in hopes that you won’t make those same mistakes. 5 Financial Do-Overs I Wish I Had I wish I maxed out my ROTH contributions the moment I started making money. — If I’d put back $300-$500 a month back when I first began working at 16 years old, the compound interest alone would be unbelievable. However, like most young folks, I wasn’t looking toward the future. Obviously, I hadn’t grasped the concept of compound interest. Albert Einstein is attributed as saying, “Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn’t pays it.” Whether he said it or not, the truth behind that quote is undeniable. The power of compound interest is truly mind-blowing. I wish I had hatred of debt, the way I do today. — I hate debt! Hate it! I hate it! Hate it! I hate it! To see the crippling effect […]
April 27, 2017
retirement plans for small business owners

VIDEO: Retirement Plans for Small Business Owners: SEP or Solo K?

Hey, guys, this is Justin Goodbread from Financially Simple. One of the questionsI often get from our small business owners, is should I use a SEP IRA or a Solo 401k? Let’s peel these two investment vehicles apart and discuss some of the pros and cons to both. We’ve already started into 2017, so don’t wait to take advantage of one of these great plans. They help minimize your personal and business taxes. We know we gotta get some money stocked away for our retirement. However, if you don’t already have a plan, which is best for you? SEP A SEP IRA is really good for last year because we can establish this product all the way up to your filing date for your tax returns. Which if you filed an extension for last year, that’s all the way up to October of the current year.  The cool thing about a SEP is if you have employees who have worked for you for less than three of the last five years, then you can discriminate against them. If you have a new business and you have employees where everyone has worked with you for less than three years, a SEP IRA […]
April 26, 2017
alternative approach to saving for college

Alternative Approach To Saving for College Education

The Dilemma of College Education The birth, or even adoption, of a child, is an exciting event in the life of any couple. Excitement can quickly turn to panic when you start thinking about the future though. Most parents automatically assume their child is heading off to college at some point in the future. It’s just the mindset our society ascribes to today. We tell them in order to be successful they should ultimately seek a college education, leaving little room that there is any other option in life. We’re basically telling them everything they do from Kindergarten on is to get them to college. Then life is planned according to what they do once they get to university.  So what’s the problem with this? There’s a few actually. Colleges are pretty expensive. Many degrees cost around a whopping $100,000 in America. Not only are the parents expected to foot the bill but they’re supposed to start making plans for the child’s college education even before birth. With such an outlandish expense, parents spend their whole lives creating college saving accounts with the hopes of making sure that when the times comes, a college education of their child’s choice is affordable. They’re working […]
April 25, 2017
missed the tax deadline

Missed the Tax Return Deadline?

The tax deadline for most taxpayers was last Tuesday, April 18, 2017. The IRS has some advice for taxpayers who missed the tax return deadline. File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. For taxpayers due a refund, there is no penalty for filing a late return Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. Taxpayers whose income was $64,000 or less can use free brand-name tax software. Those who made more than $64,000 can use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. Fillable forms work best for those who are used to doing their own taxes. Taxpayers can file — even if they missed the deadline — using free options on IRS.gov through the Oct. 16 extension period. File electronically. No matter who prepares a tax return, taxpayers can use IRS e-file through Oct. 16. E-file is the easiest, safest and most accurate way to file a tax return. The IRS will send an electronic confirmation when it receives the […]