Looking To Increase Your Savings?  Your Emotions Could Help You Save More

Looking To Increase Your Savings? Your Emotions Could Help You Save More

As a business owner, I know that goal-setting helps us achieve real progress and create a shared vision for everyone in our business. I never thought of its influence as emotional, but here’s an interesting article on using our emotions to further our goals:

According to a study from Brad Klontz, psychologist, certified financial planner and associate professor at Creighton University, tapping into your emotional connection with nostalgic items could inspire you to save more.

The theory behind this strategy is that making a connection with a sentimental item/memory can provide you with a visualization of your goal. Additionally, giving your savings goal […] Read more

Don’t Get Hit With a Big Tax Bill! Most People Are Not Having Enough Federal Tax Withheld!

Don’t Get Hit With a Big Tax Bill! Most People Are Not Having Enough Federal Tax Withheld!

The IRS is trying to spread the news, and we want to help our clients:  The new tax laws are resulting in many taxpayers being under-withheld because their paycheck withholding was reduced—potentially in excess of the reduction in their tax liability!

While in past years we recommended clients do tax planning when they experienced a major life change, this year we are recommending that almost everyone take a look at their tax situation. For $75-$150 (depending on complexity), we can prepare a tax projection to determine if your withholdings are correct, if they need adjusted and/or if you should make estimated payments before […] Read more

Millennials: Are you living within your means?

Millennials: Are you living within your means?

Here at N & Co. we have a number of “millennial” clients, business owners, children, and interns.  We enjoy their unique perspective on the world, and as accountants, we are especially interested in their ideas about money. The millennials we know are discerning consumers and are concerned about where their money is going. Miriam Cross, of Kiplinger’s Personal Finances magazine, suggests millennials really review all of their expenses (the needs and the wants), as well  as their savings, to ensure they are looking ahead at their financial future.

Cross suggests tracking all expenses for two or three months—without judgment—so that you have […] Read more

Considering a Roth IRA Conversion:  Why it could make sense to pay taxes on retirement savings sooner versus later

Considering a Roth IRA Conversion: Why it could make sense to pay taxes on retirement savings sooner versus later

Our clients are savvy consumers, and we encourage them to plan carefully for retirement.  That means we welcome the opportunity to help take a long view on tax planning and map out long-term tax saving strategies.

Roth conversions are one such strategy.  Rob Williams, a director of financial planning, retirement income and wealth management with Charles Schwab, offers the following tips: https://www.schwab.com/resource-center/insights/content/3-reasons-to-consider-roth-ira-conversion

 Our team at Nichols & Company is here to help you measure the benefit of IRA conversions. Feel free to call our office at 614-891-5423 to make an appointment to discuss your personal situation.

 

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Thinking ahead to tax season: Do you know what’s taxable?

Thinking ahead to tax season: Do you know what’s taxable?

The tax laws have changed. Take Kiplinger’s Personal Finance Quiz to find out if you know what IS and what IS NOT taxable. If your results show you need more help with determining what is taxable, please feel free to give our office a call. Your accountant will be happy to help you determine what you need to include on your 2018 tax return!

https://www.kiplinger.com/quiz/taxes/T055-S003-is-it-taxable/index.html

 

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529 Plans:  2018 Tax Law Changes

529 Plans: 2018 Tax Law Changes

For parents or grandparents, 529 plans can be a smart way to save for schooling.  Here are recent legislative changes:

Saving—
Annual contribution limits double in 2018 from $2,000 to $4,000 per beneficiary.

Paying for expenses—
Beginning in 2018, 529 funds can be used to pay not only for college and other post-secondary education and related expenses, but also for tuition connected with elementary or secondary public, private, or religious school. 
The earnings of 529 plan accounts are not subject to federal or state tax when used for qualified educational expenses.

Key points to remember when using a 529 to pay expenses:

N&Co can help you […] Read more

Storytelling: Why Some Business Ideas Catch On–And Others Don’t

Storytelling: Why Some Business Ideas Catch On–And Others Don’t

Sometimes the success of a business idea and gathering support for it is accomplished through great storytelling, says Carmine Gallo, author of The Storyteller’s Secret: From TED Speakers to Business Legends, Why Some Ideas Catch On and Others Don’t. According to Gallo, people connect to stories featuring heroes and villains, capturing struggles and failures, and ending, ultimately, with a triumphant victory. These stories don’t have to be fictional fairytales—they can be the narrative you use to garner support among your employees for a new idea or process. Gallo recalls how former Apple co-founder Steve Jobs used stories when launching a […] Read more

Lessons from Horses: Equines Inspire Business Leadership

Lessons from Horses: Equines Inspire Business Leadership

Neurosurgeon, professor and horseman Allan J. Hamilton elaborates in his new book, Lead With Your Heart: Lessons From a Life with Horses, on the leadership lessons he’s learned through his work with horses. Hamilton makes five important points:

Agendas hurt relationships: you can’t force something (like productivity) according to a timeline. Remember to consider the welfare and well-being of your employees first and you’ll create a loyal workforce.
Find the curve of compromise: If, as a leader, you find yourself creating a line of resistance, switch gears and think of alternatives that will allow the other party to be willing to flow […] Read more

Debt and taxes (and scams)

Debt and taxes (and scams)

Chances are you or someone you know has received a phone call from someone claiming to be with the IRS. If you haven’t first received an actual letter in the mail from the IRS, these calls are fraudulent and should be reported. (Taxpayers can register a complaint at the Treasury Inspector General for Tax Administration. Go to tigta.gov and click “Contact,” or call 1-800-366-4484).

According to Amanda Horowitz, in April 2017, the IRS did begin a new private collections program of certain overdue federal taxes. These outstanding debts were turned over to four collections agencies: the CBE Group, ConServe, Performant Recovery and […] Read more

Lean Six Sigma at Your Firm: Extra/Over-Processing

Lean Six Sigma at Your Firm: Extra/Over-Processing

According to Debbie Foster, a partner with Affinity Consulting Group in Tampa, businesses need to implement a policy of Continuous Improvement. This means periodically re-evaluating processes to ensure that they are not extraneous or outdated. Foster says value is anything a client is willing to pay for. Waste is the opposite. She cites the textbook definition of over-processing as doing more than necessary to get a job done. While it’s important to do everything needed to complete a job for a client, it’s important not to spend excessive time and resources on extraneous things that, in the long run, add […] Read more