Kenneth Boyd's Blog, page 39

Choosing a practice or industry career in accounting

Despite the fact that economic conditions are changing, the demand for qualified accountants continues both in practice and industry. Which career path is the right one for you?

 

Both the practice and industry sectors offer great potential for career development, the big decision for many accountants who have trained in practice is whether to make the switch and pursue a career in external consulting, or move in-house in commerce or industry.

 

Many accountants start their careers working in practice before they move to a role in industry. However, before making the decision to move from practice to industry, there are a few things that you should consider first.

 

A career in practice

 

Working in practice gives newly qualified accounts the opportunity to work with clients in a range of different industries. You can hone your technical skills, and get exposure to a variety of different industry sectors from tech to financial services, in audit, taxation, or advisory service lines.

 

The main appeal of a role in practice is that the roles tend to be more varied than a job in the industry. Areas like audit, tax, and advisory are still growing, and offer accountants the chance to engage with lots of clients, each with their own unique requirements, business practices, and methods of engagements. This offers some real variety in your day-to-day role. You can expect to deal with a variety of clients across industry sectors, depending on the size of business you work in.

 

Working in industry

 

Accountants who work in industry often focus on the economics within a business, including cash flow, cost control, and budgeting. You could work in a variety of specialized areas, such as financial accounting, management accounting, cost accounting, and treasury management.

 

Making the move from practice to industry, through an organization like COPAS, gives you the chance to use your set of skills in a very different environment. You’ll be able to focus on the specific needs and requirements of the business that you work in, rather than working across many different businesses that are your clients.

 

Working in an industry role will allow you to focus on a core area of finance, and allows you to provide real value to a company’s processes, while giving key commercial insight into the strategic direction of a business.

 

The focus in industry roles is more specialized, so an accountant who moves to an in-house position will need to have a strong technical skillset that is paired with an interest in the industry that they plan to work in.

 

Both options have pros and cons, so it is important to weigh up what kind of career you will find most satisfying. For those who prefer variety, remaining in practice may be the best fit, as you can work across industries through different clients. If you have a strong interest in a particular industry and would like the chance to specialize, then a move from practice to industry could be the right direction for your career to move in.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post Choosing a practice or industry career in accounting appeared first on Accounting Accidentally.

A Bloggers Guide to Taxes

All of us want to earn money doing something we love, and in the case of blogging, it’s completely possible.

If you have a blog that you regularly write content for and want to take things to the next level, there are lots of ways to monetize and start earning an income. While a blog is a way to earn some extra pocket money for many, others have been able to make it a part or full-time job.

However, it tends to not happen all at once, and as your site grows and you get more and more paid opportunities, the line between hobby and business can often become blurred. It’s tricky because once you are earning money, it means you’re bound by the same tax laws that apply to most other jobs and your revenue must be reported. Read on to find out more

Hobby or business?

 

According to the tax authorities, you must be actively engaged in trying to make a profit for your blog to be a business. This does mean that there’s a bit of a grey area as if you’re a hobby blogger who occasionally gets some paid work you might be wondering where this leaves you.

 

If it helps, if you’ve made a profit for three out of the last five years then it’s likely you’d be considered as running a business, even if the profits were small. If your blog is a business, you’ll need to fill in the relevant paperwork, pay self-employed taxes, and submit a tax return for your business each year.

 

Self-employment tax

 

You can be employed and self employed at the same time, meaning that even if you have a full time job and earn taxable income, you will still need to report income as a self-employed blogger. Taxes on your business income are paid separately, although the income from your other job is taken into account.

 

Most countries have a ‘tax free allowance’ where you can earn a certain amount before you pay tax, income you earn from all sources will be taken into account here. For example, if you work a full time job, you’ll already be over the allowance and will start paying tax on your blog earnings right away. If you’re a student or a homemaker, for example with no other income, you might not ever earn over the threshold to pay tax.

 

You still need to file in a tax return each year to report your income.

 

Getting help

 

Filling in a tax return can feel a little stressful and overwhelming. It’s such an important document that you don’t want to get it wrong, if you make a mistake and don’t end up paying enough, you may be subject to interest and penalties.

 

In extreme case, if the IRS believes that you intentionally underpaid taxes, you may need a criminal defense lawyer to fight your case.

 

The best approach is to consult with a tax preparer and never file your own tax returns. Hire a professional, so you have peace of mind that it’s all been done correctly.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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Four Things Parents Can Do to Be More Supportive of Their Kids

Parents are not only responsible for providing their children with their basic needs. You may have a beautiful home, can provide all the toys in the world, and can take your kids to the best schools in the area. But if you can’t provide the kind of support they need, then you can’t expect them to reach their full potential and live a happy and healthy childhood.

Children who have supportive parents are more likely to succeed both academically and in their careers. This is because they have the guidance of their parents, along with a good foundation needed to succeed in their chosen field. But how can one start becoming a more supportive parent?

 

Allow them to be involved in making decisions

 

Many parents believe that they can make better choices for their kids. But there are times when it is a good idea to let them have a say when it comes to decisions concerning them. They need to learn how to be independent. Sooner or later, they will be facing different situations that will test their decision-making skills. So allow them to make age-appropriate decisions for themselves, but make sure to choose your battles.

 

Encourage them to pursue their interests

 

The activities you want your kids to engage in may not exactly be of their interest. It will be nice if your kids get to learn a new language or know how to play basketball. But what if your kids have other extracurricular activities they are interested in? Why sign up your kids for a baseball team if what they truly want is to take piano lessons for children? Respecting their interests and encouraging them to pursue their passions can set them up for success.

 

Let them express their emotions

 

Seeing a child having a meltdown can be an emotional sight. But one thing everyone needs to realize is that even adults sometimes find it hard to control their emotions. What more if you are just a kid who still doesn’t understand many things? Know for a fact that your children also need to let out extreme emotions to keep them emotionally healthy. What you can do is to ensure that they and everyone around are safe. Show your little one that you are giving them enough time and space to work out their emotions.

 

Learn how to listen before reacting

 

Many parents find it easy to judge and get mad at their kids and even impose punishments without asking what has led them to make such decisions. This is one practice supportive parents don’t encourage. Be willing to listen before taking sides and think twice before you react. This will make your children grow closer to you since they know that you are willing to listen.Practice active listening,and you will be surprised by how your relationship with your kids will improve.

Being a supportive parent offers tons of benefits. For one, your relationship with your little ones will grow. They will learn to be independent and confident, and you will find it easier to connect and communicate with them. It even helps them become the best versions of themselves if you adopt a supportive parenting style. If you wish to enjoy all these benefits, then maybe it is time to incorporate this type of parenting into your home.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post Four Things Parents Can Do to Be More Supportive of Their Kids appeared first on Accounting Accidentally.

The Consequences Of Poor Accounting In Business

It should be clear to most business owners just how important it is to keep good accounts. They should be clear, honest, up to date, and kept in a manner which is safe. You will find that there are many great benefits to holding up a good accounting practice in your business, and it’s definitely something to aim for for those reasons.

But what about the other side of the coin: what are some of the consequences for poor accounting in business, which you would probably rather avoid altogether? Let’s take a look at some of those, so that you can hopefully be encouraged to get to grips with your accounts much more effectively.

 

Loss

 

For one thing, if you fail to keep your accounts in order, there is a much higher risk of losing money in the long run. If you are not fully aware of what is going in and coming out of your business, then loss is much more likely to be something that occurs.

In order to keep yourself safe from this, you need to think about what you can do to keep your accounts secure, and that is something which you can focus on all the time. Do whatever you can to avoid loss in this way if you want a stronger business.

 

Legal Action

 

There are many instances in which it is the law to keep accounts of your business’ profits and so on. In fact, this is almost always the case. If you are failing to do that, then you could be landing yourself in trouble with the law. If that happens, you will obviously be able to try and defend yourself with a criminal defense lawyer, but it is best not to be in that position in the first place. Be sure to keep good accounts if you want to avoid this sort of trouble.

 

Tax Issues

 

Even if you don’t get in actual legal trouble, with poor accounts you can often be led to some unwanted positions with regards to tax which you would rather avoid. Accidentally under- or even over-paying your tax can lead to many onward problems, but it is the kind of situation that a good accounting process can help to stop happening in the first place anyway. Be sure to think about this if you want to avoid that kind of problem, and so keep things going strong.

 

Unprofessionalism

 

There are many important reasons to try and remain looking like a professional. If you fail to do this, you can often find it harder to gain the trust and respect of those around you, including your colleagues, superiors, business partners and customers, as well as the general public. In order to be more professional and to appear that way, make sure that you are keeping on top of your accounts as well as you possibly can. It really does make a difference, and it’s something that will help to keep things on track for as long as you would hope.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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A Guide to Money Management during A Global Pandemic

The current pandemic has brought uncertainty in markets and economies worldwide. Businesses have halted due to lockdown restrictions and financial challenges. Workers are suffering from reduced hours, pay cuts, and furloughs.

As the outbreak continues to impact the economy, it can be a challenge to maintain financial stability now and in the future. Here are ways to manage your money in these trying times.

Revisit your budget 

Assess all your sources of income and sort your expenses based on needs and wants. Create a realistic list of monthly bills, emphasizing the must-haves. Your new budget should focus on goods and services you routinely need to pay for like groceries, mortgage, gas, and electricity bill.

As much as possible, spend more on necessary goods and less on luxury items during the pandemic. Avoid splurging on unessential expenses like clothing, entertainment, gourmet meals, and beauty services at least until the outbreak subsides.

Build an emergency fund 

Any financial advisor would recommend setting aside an emergency fund. This will help cover unforeseen expenses like a medical issue or an urgent car repair. Your emergency stash should amount to three to six months’ worth of living expenses. This way, you can be ready for any challenges the future may bring.

You can start building your savings by setting aside the unspent money from your luxury list. Avoid investing or lending money to others until you have your savings sorted out. Remember, an emergency fund can save you from complete financial disaster.

Pay your credit on time 

Unfortunately, just because most shops and businesses are closed does not mean your credit stops. Delayed credit card payments mean higher interest rates and bad credit scores. Fulfill at least the minimum payment to avoid hefty bills later. Analyze your last few card statements and list down payments that you can avoid now.

If you’re unable to meet all of your financial obligations, contact your creditors as soon as you can. Some programs are already implemented for mortgages, personal loans, and automobile payments. Don’t be shy to ask if you’re entitled to reduced fees and deferred payments.

Stock up smartly 

With lockdowns in place, stocking up on essentials is critical. But there’s a fine line between stocking and hoarding. While the pandemic can cause panic and stress, overspending on food and groceries is a bad idea. Just purchase enough food staples, toiletries, cleaning supplies, and prescribed medicine to last you a month.

Don’t stress too much about the availability of goods since most governments are ensuring the steady flow of essential items. If you’re worried about frequent human contact and hefty transportation costs, take advantage of nonperishable bundle offers. Be smart about your purchases, too. Add long-lasting perishables, canned vegetables, and frozen fruits to your grocery list. Boxed, canned, and shelf-stable items will not only last longer but also minimize any waste.

This unprecedented situation calls for drastic financial measures and sacrifices. Following these few simple tips can help keep your funds in check and your debts fulfilled. When the situation ceases, you will find yourself in a stronger financial position without additional liabilities.

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

 

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Bad Habits That Crater Your Finances (And How To Mend Them)

Keeping your finances healthy should be a top priority in life. When you have money in the bank and an emergency fund you can fall back on, it takes a tremendous amount of stress out of your life. You can depend on your reserves instead of having to rely on somebody else.

 

Usually, the barrier between you and a sound financial cushion isn’t a lack of income. Mostly, it’s bad habits – things you do that damage your capacity to save.

 

In this post, we’re going to take a look at some of these negative behaviors and what you can do about them.

 

Bad Habit #1: Spending Everything You Earn

 

You work hard for the money you get. For that reason, you want to enjoy the proceeds.

 

Nothing is wrong with enjoying some of the fruits of your labor. But when you spend every dime you make, you deny yourself the opportunity to build savings and investments. You can never grow your money. Instead, you always rely on your monthly paycheck to see you through.

 

The best way out of this problem is to set aside a small amount of your income every month – say 10 percent – so that you have money you can use in an emergency. Over several years, your cash pile will grow, and your investments will compound.

 

Bad Habit #2: Breaking The Law

 

Breaking the law is a bad habit that can take its toll on your finances. Some states issue fixed fines for particular violations instead of running them through the courts and taking multiple factors into account.

 

For most people, the biggest hurdle is motoring violations. State troopers pull over millions of people every year for speeding and issue tickets. Other offenses carry much more costly fines, though. You may, for instance, get a $50,000 fine if a police officer finds a teaspoon of a banned substance on your person.

 

Therefore, keeping on the right side of the law is necessary for your personal and financial safety. You might not agree with the statutes, but often you can’t afford to disobey them.

 

Bad Habit #3: Spending Money On Depreciating Assets

 

People who become fabulously wealthy do so by spending money on assets that appreciate over time, like stocks and bonds. Those who don’t understand how to invest, though, will often buy depreciating “assets.”

 

Cars, for instance, are among the fastest-depreciating assets you can buy. The average vehicle can lose more than 40 percent of its value in the first year – and more after that. Similarly, boats, bikes, and household appliances all experience the same phenomenon. They all lose value fast.

 

Where possible, try to reduce your spending on depreciating assets. Save your investment capital for things that will earn returns in the future.

 

Bad Habit #4: Failing To Budget

 

Around half of everyone you ask doesn’t keep track of their spending from month to month. Instead, they assume that they have enough money to pay for the things they want. Budgeting is a vital tool you need to use to ensure your finances stay on track.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post Bad Habits That Crater Your Finances (And How To Mend Them) appeared first on Accounting Accidentally.

4 Tips To Help You Get Out of Debt

Being in debt can be stressful, and it is also a situation that can get worse extremely quickly. It can be challenging to work out how you are going to pay what you owe and the interest on top, especially if you have a financial situation that keeps changing.

 

However, it isn’t all doom and gloom. There are things that you can do to ensure that your debt reduces over time.

 

Understand how much debt you have

 

To start getting out of debt, you need to know how much debt you have. Try to make a list of all of the debts currently outstanding. Look at your bill statements to find out exactly how much you owe, and how much the interest is on each one.

 

When you can see your debts, you can plan which one you are going to work on getting rid of first. This means you could pay the minimum on all your debt and more on one, so that you can get rid of it faster. You can then keep doing this with all of your debts until they are gone.

 

Keeping a note of your income will also help you to work out how much you can afford to pay off every month. Having all of this information can help you to create a budget and debt plan that you can stick to.

 

Pay more if you can

If you have the means to pay more towards your debt bills, than you need to, do it. If you can up your monthly payment, you’ll pay off your debt more quickly, and you may end up paying less interest overall, saving you some money.

 

Before you start to increase your payments each month, make sure that there is no penalty for prepayment, and that any extra payments on your loan go to pay off the initial sum and not the interest.

 

Negotiate

There may be times when you can negotiate your interest rates and ask for them to be made lower. It may not seem like something that you can do, but people do it quite often.

 

If you are someone that pays their bills on time frequently, and they have never had any trouble with you, then there is a possibility of being given a lower interest rate.

 

You should also see if you find any deals on some of your other bills. If you manage to negotiate the price down, then you will be able to use the money you save on your bills, towards paying off your debts.

Investigate consumer proposals

 

If you have significant debts and are unsure of how you are going to pay them off, instead of filing for bankruptcy, you could look into debt proposal. Submitting a consumer proposal has its advantages as it allows you to keep your assets, unlike in bankruptcy. It will enable you to make payments that you can afford, and you could only end up having to pay around half of your debt.

 

Once you have paid off your debts, try to work on better money management practices so that you don’t end up in a bad situation again.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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5 Tips on How to Increase your Home’s Price

Increasing the value of your home is not as hard as it sounds. Making small improvements, like upgrading your kitchen or even the living room, can improve your home’s value. Below are some home improvement ideas that will help you increase your home’s selling price.

Plan your Renovation Project

The quickest way to increase your home’s worth is by creating a strategy, irrespective of whether you have just bought the house or been there for some time.

Home improvements should be made deliberately and not on instinct. If it’s your new home, get to know the area that will need renovation, but if you have been there for a while, you already know what to do. Make sure you have a list of all the things you need to change and estimate the amount of time you will live in that house.  If you are planning to sell the house after the renovation, make sure to contact a realtor and establish a selling plan. The realtor will help place your home in the Yukon real estate listings.

Make it More Attractive

You need to make the best first impression of your home.

The outside of your house needs to make the potential buyer want to go inside instantly. Make sure that the landscape is well maintained. Make some improvements to make your yard stand out by planting some flowers or even repainting your door. After finishing with the exterior of your home, change your focus to the kitchen and the bathroom.

All kinds of buyers love focusing on the kitchen and the bathroom. Typically, the kitchen and the bathroom hold a precise influence over the latest trend of first-time homebuyers. Many homebuyers will choose a house that has a contemporary and updated kitchen instead of a traditional one.

Repaint the walls and the cabinets, update your hardware, and breathe a new life to your kitchen and the bathroom.

Cut the Energy Costs

The energy conservation features can have a significant impact on the worth of your home.

 

Consider making your home energy efficient by using double-paned windows, an attic insulator, efficient appliances, and LED lighting. Additionally, you can choose to put solar panels on your roof to increase the supposed property value. However, installing solar panels on the roof is the best way to increase your home’s energy efficiency, only if you are planning to increase the value over an extended period.

Make your Home Smart

Buyers are getting more interested in buying a home that comes with gizmos and gadgets. In some cases, Smart technology might not increase the home value but adds appeal. The good thing about adding smart technology to your home is that you can always do it yourself for less money.

Hire a Licensed Home Inspector

If you are planning to sell the house, make sure you contact a home inspector. You don’t want a sudden contract that indicates signs of rot or mold in your home. It is better to know the problems in advance and take care of it. A proper inspection report is likely to make the buyers feel good about the purchase and not ask for expensive repairs.

Remodeling can be time-saver when you are planning to sell your home. Sometimes, you can get doubtful to put in a little additional work and updates before selling it. It is normal to be cautious, and you sure don’t want to spend more time and money onto a house that you can get back when you sell it. Make sure to add the unexpected costs of selling your home on your budget to avoid surprise costs.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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How to Improve Your Finances

Something that we all find challenging from time to time is trying to ensure that our financial lives are as solid as possible. If you often feel as though it is constantly falling through your fingers, then you are probably going to have to make sure you make some changes.

 

Of course, knowing what changes to make is where the real difficulty lies, and it’s something that you are going to want to think about in order to ensure you can get there faster. In this article, we will take a look at how you can hope to gain more solidity with your finances in no time at all, and thus enjoy a better life in the future.

 

Change Your Approach

 

Often all you need to do is to change the overall way that you look at money. While that might sound like a huge thing to do, and in a way it can be, actually it’s more like looking in a slightly different direction, and once you have done so you will find that everything else merely falls into place.

 

By changing your approach in this way, you can hope to see a much brighter future in no time. If you have mostly been thinking of money as a problem, then you have probably found that to be the case – whereas looking at it as just a resource that you have to move around can free you up to have a much better approach to it in general. That is the kind of change of approach you should ideally be aiming for.

 

Consider Every Angle

 

When it comes to trying to get more money into your life, there are so many ways that you can do that. You need to remember this, and to try and consider it from every angle so that you can hope to have a much better time of making it happen.

 

There are so many things to think about that might help you to gain some more money, whether it’s changing jobs, working on a secondary passive income of some kind, VA disability claims or whatever else might be relevant for your situation. The best thing to do is to not simply assume the worst, but to try and grab everything that you think you might be entitled to.

 

Hire Some Help

 

Finally, if you want to really get to grips with your finances in a big way, you will find that it is much easier to do so by hiring an accountant or a financial advisor of some kind. Having this kind of help on your side is often the difference between a prosperous life and a poor one, so it’s something that you will certainly want to consider.

 

You might find that they have some great ideas about how you can improve your income and finances generally, or they might just be able to help you make the most of what you have. All in all, it’s a great way to gain more solidity.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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IRAs–What You Need to Know

Saving for retirement is one of those problems that everyone seems to worry about, yet put off for too long at the same time. As anyone can tell you, the sooner you start saving, the happier you’ll be in the long run.

 

Choosing the right retirement account for you can be intimidating, no doubt. While most people leave the headaches to their employers who handle the mess for them, it will better serve you to educate yourself on other viable options. One of those options we’ll discuss in-depth today is IRAs or Individual Retirement Accounts.

 

The two types of IRAs most people are familiar with are traditional IRAs and Roth IRAs. Traditional IRAs provide tax-deferral benefits, whereas Roth IRAs provide tax exemption benefits. The reason Roth IRAs enjoy tax exemption status is that they are generally geared towards lower-income brackets. You need to meet specific income requirements to open a Roth IRA.

 

Any money put into a traditional IRA is tax-deductible. Moreover, all taxes on savings put into traditional IRAs are deferred until the first withdrawal upon retirement. Savings put into Roth IRAs, on the other hand, will never be taxed again, because you contribute after-tax dollars.

 

The benefits of these IRAs don’t stop here, though; read on to learn more about which IRA can help you build the nest egg of your dreams.

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