Millennial Generation Needs Financial Advice for Long Term Money Management
Investing Money

Millennial Generation Needs Financial Advice for Long Term Money Management

A wide range of people are going to look at opportunities to build up their finances and increase the amount of money that they have at their disposal. This is what people tend to do once they get jobs and they get a career in place. It becomes much more important as someone gets older to start looking at the possibilities of retirement.

A person that has been working for two decades or more should have no excuse about not having anything saved for their retirement years. People that are younger, however, do not always put their mind towards saving money early. Millennial money is new to the recent college graduate that has just graduated from school. They may have a desire to spend excessively because they have never had access to a large amount of disposable income before. This is one of the most damaging times for young adults that are in the workforce.

Setting Money Aside for Future

They should have their mind on setting aside something for the future so that they can reap the benefits of compound interest. The problem, however, is that most of these adults do not even see any need to save because they are so young. They see retirement as something that is so far down the line that they will have time to catch up and save for it later. The reality, however, is that these Millennials are missing out on the benefits of compound interest. They do not have to save their entire paycheck but having the ability to save a small amount of money can be major when it comes to their retirement portfolio. Even if they decided that they would only save a couple of $100 a month, if they invested this by getting with a financial advisor, they would be able to see tremendous benefits from it.

Financial Advisors Create Opportunities to Grow Money

The thing that makes the financial advisor valuable is their ability to help you generate a higher rate of return. When you are not in a place where you are able to generate this type of return yourself you may not see any value in what putting money aside can do. You are able to utilize your funds better when you know that there is something that you can do to improve upon your long-term financial goals. For the younger generation it is good to get with a financial planner because many of them may not even have any financial goal set aside. They may have no idea what their retirement years will look like. This is where goal planning and spending habits need to be defined. This is where a financial advisor tends to have the best influence on the generation that is getting into the workforce right now. These financial planners have the ability to help you get started in the next 30 to 40 years of work as you build a retirement portfolio.

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What Exactly Is Forensic Accounting?
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What Exactly Is Forensic Accounting?

Forensic accounting is a professional field within the larger accounting industry which uses various skill sets to investigate the finances of a company or an individual. The investigations conducted by forensic accountants are usually aimed at revealing facts or motivations which may not be immediately visible from a cursory surface look at an entity’s finances. A forensic accountant in Chicago or elsewhere will use auditing, accounting and investigative skills to see beyond just the raw financial data in order to present an overview of the financial and business situation they are looking into. Many times, a forensic account will not only have education and training in accounting but also in the legal field.

What Exactly Do Forensic Accountants Do?

Forensic accountants may be utilized whenever a complex business or financial matter needs to be summarized and interpreted. Some common employers of forensic accountants are banks, law enforcement, public accounting firms, governmental agencies, banks and lawyers. Forensic accountants will document financial information and data. They usually develop computer applications to help manage the data collected and then will communicate their summaries via presentations or reports.

Legal Arena

The legal field is one of the most common uses of forensic accounting. Forensic accountants may be asked to testify in court. They may also be tasked with preparing supporting visual aids for evidence in a trial. Parties to a lawsuit may use a forensic accountant’s findings to help in reaching resolution for legal disputes.

For instance, forensic accounting is commonly applied in disputes regarding benefits and compensation for workers. Also, forensic accountants may help with unearthing hidden assets during a divorce case. This can be quite useful if one party of the divorce case is purposely attempting to hide assets during the discovery phase in order to be awarded a more beneficial ruling from the judge.

They may also be useful for other types of civil legal disputes such as breach of contract cases, business valuation disputes, breaches of warranty, torts or disagreements regarding the acquisition of a company. Trademark and patent infringement disputes are another litigation area which uses forensic accounting. Also, forensic accounting can help determine the financial impact of violating a noncompetition or nondisclosure agreement.

Criminal Investigations

Investigations into criminal matters also commonly involve forensic accounting. In this context forensic accountants can help determine whether or not a crime had been committed if it involved any type of financial transaction. This could include investigations into securities fraud, falsified financial statements, employee theft, insurance fraud or identity fraud.

Insurance Industry

Another area which forensic accounting may be useful is in the insurance industry. Insurance companies may hire a forensic accountant to calculate monetary damages caused in a medical malpractice case or a vehicle crash. The forensic accountant will have to review the insurance policies in order to the understand the coverage issues in a case. On the other hand, a forensic accountant may not only be useful for the insurer. Forensic accounting may also be utilized on behalf of an insured’s … Read more ...

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Benefits of a Credit Union Checking Account
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Benefits of a Credit Union Checking Account

It can require some research to decide whether opening a new account at a bank or a credit union would be the better option. Loyal bank customers don’t want to make the switch to a credit union but there are a lot of benefits associated with credit unions that you can’t find anywhere else. Let’s take a look at some of the differences if you happen to be in need of a new credit union checking account

Membership


When you sign up with a credit union you become a member. At a bank you are considered a customer and not a shareholder. Banks exist to make profit for the stockholders that are involved with the company. Credit unions function as not-for-profit entities that will distribute profits to the various members. This might not be paid out as cash but benefits can include lower interest rates and lower fees overall. 

Networks


Many people believe that banks are more convenient because there is a larger network of locations to deal with. This actually is not the case. Many different credit unions will belong to a large network of locations. These locations might not be for that sole credit union but you can do business there. Your availability really depends on where you live and where you will be doing the majority of your banking. 

Rates


Credit unions offer most of the same products that you will find at a bank. This includes credit cards. You might be shocked to find out that the interest rates that are part of your local credit union’s offers are much lower than what a bank would offer up. Many credit unions will offer cash back or reward programs as well. 

ATM Benefits


Most credit unions offer free ATM transactions. Many banks are now providing ATM services for up to $3 per transaction. As long as you stop by a participating ATM that deals with your specific credit union then you will be safe from fees. If you are using a third party ATM you may have to pay their fee. Make sure you do your research ahead of time before making a transaction so you know what you can expect. A lot of people prefer to stop by an ATM instead of having to plan around hours that a branch is open. 

Products


If you are looking for a checking account then you will likely be able to find a product at a credit union that will provide you with optimal benefits. Some other products can have higher rates at a credit union like money market accounts and CD’s. There are a number of products that are much more beneficial than a bank. This includes mortgages, automobile loans and home equity loans. 

If you are in need of a new account then you may want to stop by some of the local financial institutions that you have in your area. You can request any information that you need to make a final decision. Make sure Read more ...

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What the IRS Can and Cannot Do
Investing Money

What the IRS Can and Cannot Do

You have been sent a notice for not filing tax return or you owe taxes for the year that you bought your primary residence 5 years ago. Now what? Well, your duty as a taxpayer is to respond promptly with either explanation or amount of tax owed even if you are in the country or filing taxes while living abroad. The IRS, unlike most creditors, are entitled to unlimited access of your personal property if you don’t pay tax. It can get a hold on your primary residence, bank accounts, wages and personal belongings to pay off all dues. Fortunately, the Reform Act that was passed in 1998 restricts the IRS from being excessive in terms of tax collection. For example, now the IRS cannot come after your personal clothing, school books and tools necessary to perform your job, personal effects totaling $7000, unemployment benefits and other benefits essential for you and your family’s day-to-day living. 

That doesn’t mean you are exempt from paying taxes that are in default for the previous years. However, the Act has made it easier for taxpayers to come up with a payment plan and also provided taxpayer assistance orders. According to the orders, the IRS cannot make immediate threats or delay more than 30 days in solving the taxpayer’s issue. So, if you get a notice from the IRS that a payment is due for the year before, do not panic. According to a report, almost 50% of IRS employees are entry level data entry operators who are inexperienced in tax and poorly trained. They have made countless mistakes and may continue to do in your case as well. If your tax record shows that there is no money to be owed to the IRS, it is likely that you are one of the victims of tax miscalculation by these employees. Send them a letter along with proof that there is no back due. Better yet, sit down with your CPA and go through your returns. Give adequate explanation as to why you don’t owe any tax. 

On the other hand, if you owe tax, make sure to pay it before the due date. Any tax that you owe if not paid on time will result in confiscation of your personal property as mentioned above. Here, the IRS will not take into consideration the equity of your property but will sell it for whatever amount that covers your tax balance. 

Remember that not filing tax or not paying the amount owed are not just a few instances where you can get notices from the IRS. Every year, a certain number of tax returns are chosen to be scrutinized for discrepancies. If yours is selected, be prepared with all documents, receipts and bills to prove the deduction expense, charges and so on. In other words, if you have chosen to take an entertainment charge as business expense, you should show the proof that it is indeed for the business purpose. The best way to Read more ...

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How Financial Planning Firms in Plano Are Providing Maximum Return on Investments
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How Financial Planning Firms in Plano Are Providing Maximum Return on Investments

Financial planning is a must for becoming financially independent and being capable of handling any emergency situations with ease at any given point. Poor planning and lack of knowledge restrict people from efficiently accumulating wealth which leads to unwanted stress. It is advisable to consult with a financial planner for better management of assets for financial growth in the long run. There are renowned firms all over Plano, Texas who offer the best in market financial plans at a nominal fee. They provide diverse services which include retirement planning, tax-benefits schemes, investment risk management, etc.

Financial Planning firms have provision for getting directly involved with certified financial planners (CFP) who makes it their priority to help the client manage their wealth for growth and a stress-free life. Strategic Financial Plans (SFP) are chalked out by CFPs keeping in mind the goals and requirement of the clients with a transparency regarding the fees collected by the firm. The firms have adopted the strategy of keeping low investment fees for minimized commissions and faster wealth generation. SFP is a complete report of the spending habits of the client and advises the feasibility of financial decisions regarding career planning, purchase of cars, real estate, tax-filing, etc. In Plano Financial Planner companies have sophisticated online tools accessible from any part of the globe and provides a user-friendly interface for easy monitoring and management of assets. The financial planning companies in Plano have a rich history of numerous accomplishments which has gained the trust of people in the city.

Now focusing on the retirement solutions provided by the financial planners, it can be observed that the schemes are carefully devised in accordance with the requirements and expectation of the clients. They normally provide four schemes that focus on retirement planning which are as follow:

  • Personal Savings
  • Qualified employer-sponsored plans
  • Executive Deferral Plans
  • Individual retirement accounts (IRAs)

Individual retirement accounts (IRAs) are easy to create and requires minimal maintenance. It is a very economical choice and provides attractive tax-benefits. The scheme is offered by an employer but can also be created by the individual. The financial planners make sure that the investments in this scheme are in sync with other saving plans.

It is known that returns from IRAs are not exceptional thus restricting the individual from living the desired lifestyle after retirement. It is suggested to create personal savings apart from the traditional options for higher returns in the long run.

401(k) and pension are examples of Qualified plans which are mandatorily provided by the employer which huge tax benefits. The employers make a certain percentage of contributions throughout the tenure of employment of the individual. Lastly, executive deferral schemes are exclusively for business owners which focuses on providing income after retirement with tax benefits along with death benefits to crucial members of the business. The ultimate goal of a retirement plan is to receive substantial post-retirement income with low tax deduction which can be achieved by proper distribution of the … Read more ...

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