News and insights From Reynolds + Rowella
The rules for withdrawing from a 529 college savings plan
After years of putting money in your 529 college savings plan, you’re ready to start taking withdrawals to pay tuition bills.Do you know the rules for keeping the withdrawals tax-free?Here’s an overview of three types of 529 plan distributions.• Qualified withdrawals. When you take money from the account to pay for college education expenses such […]
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4 Steps to Prepare for an IRS Audit
Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]
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What is Fair Market Value (FMV) Anyway? Tips to defend in case of an IRS Audit
So what is fair market value (FMV)? According to the IRS, it’s the price that property would sell for on the open market. This is the price that would be agreed on between a willing buyer and a willing seller. Neither would be required to act, and both would have reasonable knowledge of the relevant […]
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6 Receipts You Need to Keep for your Taxes
When it comes to taking qualified deductions on your federal tax return, three things must happen: -Recognize that an expense might be deductible on your tax return. -Keep a record of the expense in an organized fashion. -Obtain the proper (and timely) documentation to support your deduction. This might be obvious to most people, but […]
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Thinking of structuring your cash transactions?DON’T!
If people manipulate cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. In an effort to identify questionable illegal transactions, financial institutions are required to report any monetary amounts over $10,000 to the Treasury Department. If someone knowingly structures transactions to avoid this reporting, the Bank […]
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Haven’t checked your credit score lately?Here’s why you should.
If you haven’t checked your credit report lately, this may be the time. Wrong or old information on your report can affect your credit score – and not in a good way. Your credit score helps lenders determine your credit-worthiness and can impact the interest rate you pay on loans, or even whether you can […]
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The Problem with “The 5-Year Exit Plan”
Most business owners who are asked about their exit plans will reply that they want to exit their business ‘in about 5 years’. Often times, 5 years later, the same owner will give the same answer to the same question. In reality, the 5-year window is a subconscious resistance to beginning the process of planning […]
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Preparing to Adopt?
Preparing to Adopt? You may qualify for a special break on your income tax return. If you are preparing to adopt a child, you know your life will change for the better. And, you may have also experienced the financial commitment adoption requires. However, take note, because as an adoptive parent, you may qualify for […]
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thinking of selling your home?
Thinking of selling your home? 10 Ways to improve your power of curb appeal If you want to improve your home’s market value, curb appeal matters. The condition of your front yard, entry area, driveway, and sidewalks will color the impression of everything else a potential buyer sees during a visit. Homes with great curb […]
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Single? Don’t overlook financial planning.
Whether you are a lifelong single person or you found yourself single through divorce or the death of your spouse, you have your own financial considerations and complications. Unfortunately, many single people overlook financial planning. Don’t make this costly mistake. Financial and estate planning help you protect your earnings and your property. For single people […]
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FOR IMMEDIATE RELEASE – REYNOLDS & ROWELLA, LLP
Jessica Smith, CPA from Reynolds & Rowella, LLP Selected as one of only 38 to AICPA’s 2017 Leadership Academy AICPA Leadership Academy to be held in October in Durham, N.C. Ridgefield, CT (July 19, 2017) Jessica Smith, CPA was one of only 38 CPAs honored by the American Institute of CPAs (AICPA) as a member […]
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Disability insurance
Disability insurance can be an important part of your financial plan – here is what you need to know. Say “insurance” to most people and auto, health, home, and life are the variants that spring to mind. But what if an illness or accident were to deprive you of your income? Even a temporary setback […]
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Considering paying for your child’s college education?
Here are some tips to help you decide what to do. Should you pay for your child’s college education? Or should your child find the financing? There are compelling arguments for both sides, but ultimately, your family needs to do what’s best for your financial situation. Most families find that a combination of both works […]
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How to Build Your Business Credit
Steps to get started so your company will have the funds it needs. Whether your firm has been operating for years, or you decided over last night’s coffee to start a new venture, you’re sure to face the need for business credit. Entrepreneurs often ask friends and family to invest in their start-up businesses, and […]
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Your Taxes Are Filed….but
Your Taxes Are Filed, But You Still Have Questions? Here are answers to the 4 most common questions you may have. Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common. How can I check the status of my […]
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