Financial Planning

People often go off the financial rails when the holidays roll around, say personal financial planning experts at The Ohio Society of CPAs. Developing a spending plan and sticking to it can help keep you on track and keep you from drowning in post-holiday debt.

Back-to-school time is here. You know, that time of year when buying school supplies, clothes, shoes that will fit your kids for about three months, and spending on other sundries make you feel like you're watching money fly out of your wallet.

School is almost out for summer and with warmer weather comes summer jobs, family vacations and preparation for the next school year. If you’re a parent worried about your kids saving habits, there’s encouraging news. According to a poll by the Northwestern Mutual Foundation's financial literacy website, Themint.org, 79% of people say they would rather have $500 dollars to spend five years from now than $50 to spend today. Although younger people continue to save less than older folks, the overall trend is towards increased financial literacy. Why not use this summer to improve your family’s financial habits? It will definitely pay off.

When planning for lifetime income and expenses, veterans may qualify for resources unavailable to civilians. Financial planners need to help determine which are available to the dependents of veterans, which are exclusively for veterans with a service-connected disability, which are actionable only upon discharge and which include choices available during the financial planning process later in life. Three major considerations are major life-cycle events, income and insurance.

If you’re like most people, your mailbox is overflowing with credit card offers. Before you shred the next batch, take a look and see what the credit card companies are offering. You might find a deal that’s better than what you already have.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (known as the Credit CARD Act) placed limits on the ability of those under 21 to get a credit card. It also set strict limits on card companies’ ability to market to college students. However, whether they get a credit card now or later, it’s a good idea for young adults to learn good credit habits early. The Ohio Society of CPAs recommends these tips for avoiding credit pitfalls.

If you are handling the disposition of an estate, you are probably already aware that there was an unexpected reprieve from taxes on the estates of those who died in 2010. But if you’re involved in future estate planning for a loved one or yourself, it’s important to know that high estate tax rates have come back in force this year and beyond. The Ohio Society of CPAs offers a rundown on some of the complexities of estate tax issues.

Do you own a life insurance policy that you no longer need? If so, there are a number of options available to you, including surrendering the policy to receive the cash value or letting it lapse. Another option is a life settlement, in which you sell the policy to an investor. Life settlements have become a $12 billion industry, but The Ohio Society of CPAs warns that there are a few questions you should ask before you sign up.

Planning what to do in case of a disaster is an important part of being prepared. Some simple steps can help taxpayers protect financial and tax records in case of disasters.

Do you own a life insurance policy that you no longer need? If so, there are a number of options available to you, including surrendering the policy to receive the cash value or letting it lapse. Another option is a life settlement, in which you sell the policy to an investor. Life settlements have become a $12 billion industry, but The Ohio Society of CPAs warns that there are a few questions you should ask before you sign up.

Can you give brief explanation of the difference between an estate tax return and an estate income tax return?

Is the American Opportunity tax credit (for education tuition and fees) still available for this filing year? Have the requirements changed?

Back-to-school time is here. You know, that time of year when buying school supplies, clothes, shoes that will fit your kids for about three months, and spending on other sundries make you feel like you're watching money fly out of your wallet.

Are you taking advantage of offers for discounts or free merchandise? Many people are watching their spending these days, and your dollar will go a lot farther if you can get more for less money. The Ohio Society of CPAs offers these tips on how to do it.

Tax planning is likely not on the minds of many as the hustle and bustle of the holiday season dominates December. There are real opportunities to save with proper planning, including strategies that can be implemented before December 31. Here are 31 tax-saving strategies to implement before December 31.

Everyone should take the opportunity to minimize their tax burden, say tax experts at The Ohio Society of CPAs. There are some simple steps you can take at the end of this tax year that will prepare you for April 17, 2012, the individual filing deadline for the 2011 tax year. Here are some top tips for tax prep: