MONEY matters

You’ve probably read or heard about these tips many times, but it never hurts to remember the basics for smart investing. And in this Vanguard article, Major League Tips for Avoiding Financial Errors, the tips are prefaced by what are known as 'Yogi-isms' after the late, great Yogi Berra. 

Yogi claimed that "we make too many wrong mistakes," but if you stick to a plan, diversify, invest for the long term, and pay attention to costs and taxes, you can help eliminate some costly errors that could keep you from reaching your goals.

Its tax time once again. And unless you’ve switched over to paperless records, you have a lot of receipts and records that backup your income and tax deductions. How long do you keep these records? What can get thrown away, what’s important, how long to keep everything? All good questions. Please check out this article from the New York Times that offers some practical guidance on retaining financial records.

If you own and operate an S corporation, it’s that time of year again when you decide how much salary to draw vs. profit distribution. Be aware, too low a salary and the IRS will be very interested in talking with you.

If you need some guidance, check out this web site http://www.smbiz.com/sbfaq020.html

2010 may prove to be a great time for boomers to create a tax-free income stream for retirement, thanks to the opportunity to complete a ROTH conversion without income limits. 57% of high income boomers are not aware that income limitations on conversions will be eliminated in 2010.

To learn more about the benefits of ROTH IRA conversion, please call or email to schedule an appointment.