Blog – Page 10

News and insights From Reynolds + Rowella

Designate beneficiaries to avoid unintended consequences

After your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like. Here are items to consider.Be specific and stay current. When you name a beneficiary, […]

Returning to your childhood home to
live with your parents?

Are you thinking of returning to your childhood home to live with your parents? Although heading home after graduation or a divorce may feel like a setback, a temporary return to living with your parents can present opportunities to improve your financial situation. For example, living with your parents means you can share the cost […]

Do you usually reach for your debit card?
There is a difference from a credit card.

When you pay for clothes in a store or dinner at a restaurant, you might use either a credit card or a debit card. In your mind, they may be the same. But there are differences to be aware of. For example, with a credit card, the money is not immediately withdrawn from your bank […]

Work-related education costs may be deductible

Are you going to school this fall to earn an advanced degree or to brush up on your work skills? If so, you might be able to deduct what you pay for tuition, books, and other supplies. If you’re self-employed or working for someone else, you may be able to claim a deduction for out-of-pocket […]

Accountable plans are a win-win business idea

Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business? Consider an accountable plan. These arrangements let you reimburse your employees for expenses incurred on behalf of your company, such as driving to the post office or office supply store. With a properly administered plan, […]

Take these steps to help prevent fraud
in your business

How can you prevent employee fraud in your business? Here are four suggestions. ● Screen job applicants. Check work references, criminal records, and professional recommendations. By instituting a screening policy, you may save a lot of cash and grief. Just remember to treat every applicant equally, and get written permission for background checks. ● Reconcile […]

Good debt, bad debt: What’s the difference?

Here are two questions to ask before incurring debt. 1. What are the benefits of taking on this debt? Avoiding all debt seems like good advice. But good debt can enhance your financial situation. For instance, loans that fund a college or graduate degree may result in a higher salary. That’s debt with a lasting, […]

Don’t be forced out of a 401(k) from your former job

When you change jobs and abandon vested amounts in your 401(k), your former employer has to follow IRS rules and plan provisions for dealing with your account balance. Pursuant to these guidelines, the 401(k) plan may have a “force-out” provision. That means when your vested balance is less than $5,000, you can be forced to […]

The 19th Annual Mystery Trip

The 19th Annual Mystery Trip – Reynolds & Rowella’s most popular staff event, took place on Friday, June 17th. For those not in the know, each year the staff board a coach bus and take to the roads completely unaware of where they will end up for a great team building experience. The planning effort, […]

Report of Foreign Bank and Financial Accounts
(FBAR) Due June 30, 2016

If you maintain bank or financial accounts outside the United States you may be required to file an FBAR (now known as FinCEN Form 114) by June 30th. If the maximum value of one or more of your foreign accounts exceeded $10,000 in the aggregate during 2015, you should complete and file this form or […]

Follow these suggestions for better
pricing decisions

The prices you set for your products and services affect every aspect of your business, including long-term viability, short-term profits, market share, and customer loyalty. While the guidebook or financial guru who can provide the perfect answer to this important decision doesn’t exist, tried-and-true principles can help. Here are three suggestions to arrive at reasonable […]

Financial tips to follow when you lose a loved one

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you’re vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks ● Wait to make major decisions. Put off selling your house, moving in with your grown children, […]

Is this insurance missing from your financial plan?

If what springs to mind when you hear “insurance?” Most likely, you think about auto, health, home, and life. But what if an illness or accident were to deprive you of your income? Even a temporary setback could create havoc with your finances. And statistics show that your chances of being disabled for three months […]

Exit Planning is a Path to Diversification of Wealth

Most owners of privately-held businesses have the majority of their wealth trapped in their illiquid business. What this means is that without a path to turn the value in your business into cash, your overall wealth will continue to stay concentrated in your ownership of your business. So the fact that your business provides for […]

Dreams of AirBNB’ing that extra room?
Keep track of summer rental income.

Are you thinking of signing up with one of those websites that link travelers to property owners with space to spare? If you plan to offer for rent all or part of your main home, establishing sound recordkeeping procedures from day one is a good idea. In addition to a bookkeeping system to track the […]

News and insights From Reynolds + Rowella

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