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AVOID OVERSPENDING THROUGH SAVVY SHOPPING
As the year comes to a close, now is a great time for business owners and individuals to set year-end tax resolutions. Taking proactive steps now can help maximize tax savings, ensure financial health, and start the new year on a strong note. Here are a few resolutions to consider for a tax-smart end of the year. Review income and expenses. For business owners, reviewing income and expenses is important to identify potential deductions and manage taxable income. Look for any outstanding payments from clients or customers and consider invoicing them in the new year to defer income if you use cash-basis accounting. Also, check for expenses that can be paid in advance or purchases that can be accelerated to reduce taxable income this year. Plan, Prepar Year-End Tax Resolutions for P
Marketers are magicians at luring shoppers to buy more than they intend. Whether you are shopping online or in a store, vendors use a variety of tactics to heighten the allure of their products, helping drive total
U.S. household debt to a record $17.3 trillion. To help combat this, here are four financial tips to keep your budget intact and your debt under control.
Maximize retirement contributions. Both business owners and individuals can benefit from contributing to retirement accounts. For employees, maximizing contributions to 401(k) or IRA accounts can offer significant tax deductions while building a financial cushion for the future. Business owners may consider setting up a SEP IRA, SIMPLE IRA, or 401(k) for themselves and their employees, offering both tax advantages and retention benefits.
Be wary of ‘buy now, pay later’ offers. These short-term, interest- free loans with fixed payments don’t require a credit check and are quick
and easy to obtain. Not surprisingly, they tend to be most popular among consumers already in debt and strapped for cash. The Consumer Financial Protection Board says this puts consumers at greater risk of piling up more debt than they can afford. Also, returning items purchased this way may not always result in a refund. Don’t apply for every credit card offered. Agreeing to apply for a store credit card seems like a no-brainer when you are offered 20% off for doing so at checkout. What’s not to like about that? It dings your credit score, for one thing. Applying for a credit card results in a hard pull on your credit report. Signing up for loyalty programs can also be self-defeating because they can maneuver you into excess spending to get more points and perks. Also, loyalty programs can discourage comparison shopping, which could otherwise save you money over time. Don’t focus on monthly payments alone. When making an installment purchase, car salespeople, real estate agents, and other marketers of big-ticket items will often ask you how big a monthly payment you can afford, then stretch the payments out over the maximum period of time to entice you into a larger purchase. But consider the whole cost and how much the interest adds to that total. It may shock you. Also, notice price-anchoring ploys. Retailers often claim a $76 shirt is on sale for $38 — when they never intended to sell it for anything but $38. Abstain from retail therapy! Shopping for fun is a major factor driving consumer debt to a record high. Make a list before you shop, and avoid browsing or shopping with friends. Turning shopping into recreation can easily lead to impulse purchases and spending more than you intended!
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