Personal Finance | AccountingWEB

Personal Finance


Tax Deductions for Accounting Professionals

It’s the end of March. Have you filed your tax return yet? In the rush to prepare tax returns for clients, accountants and members of the accounting firm staff, sometimes forget they need to file their own tax returns.

7 Tips for protecting yourself from the health hazards of air travel

Flying is hazardous. It not just the one in thousands or one in millions chances of crashes or terrorism, it’s physical effects of travel that are far more common and potentially just as serious. Whether traveling on business or pleasure, here are some tips from Harvard Men’s Health Watch for reducing the health hazards of flying: Air pressure: Prevent sinus and ear problems by chewing gum and swallowing often.
Practice Management

The Good Guys Finish First

Institutional Investor has announced its picks for best U.S.

TurboTax Wants to Help Taxpayers Spend Their Refunds

Intuit’s TurboTax has added a new incentive for taxpayers to purchase their tax return preparation software, the chance to participate in the TurboTax refund bonus program.

E-Filing A Hit with Taxpayers From Individuals to Large Corporations

E-filing is a hit across the board. The Internal Revenue Service (IRS) reports that more than 39.5 million individual taxpayers, representing 73 percent of the total returns filed, had e-filed by early March. More than 450 of the nation’s largest corporation have electronically filled taxes in advance of the March 15 filing date, as well.

Debit Card Fraud Jumps

Thieves are finding new ways to steal from us. In stealing account information, they have made an end run around the PIN code system and started producing counterfeit ATM cards to steal money directly from related accounts.

Tax Cheats Beware: Compliance Support at All-Time High

The 2005 IRS Oversight Board Taxpayer Attitude Survey, released in late February, revealed that 88 percent, or nearly nine out of ten Americans, feel that it is “not at all” acceptable to cheat on your income taxes. This is the highest level of support since the Internal Revenue Service (IRS) Oversight Board began tracking attitudes towards tax cheating in 1999.

Women and Money – A Match Made in Heaven

Women face special challenges when it comes to managing their money. Stereotypes abound that perpetuate the myth that women aren’t any better at financial management than they are at operating motor vehicles. Janice Kimball, a CPA in Corpus Christi, TX, has worked with clients who have fallen into that clichéd trap. “I still have clients where the woman in the relationship still does not have a clue about any of their finances,” Kimball said.

Warm Weather Lures Shoppers to Spend; Housing Still Weak

Factories responded to an increase in consumer spending in January, by cranking up production in February.

Coalition Urges Retirement Solutions for All Americans

In a letter sent to Secretary of Labor Elaine Chao as she prepares to open the final SAVER Summit, members of Americans for Secure Retirement, a coalition of 34 organizations representing a broad cross section of interests, urged Chao and Summit attendees to explore solutions addressing often-overlooked elements of the retirement security debate.Advertisement

Energy Credit Guidance for Home Owners & Builders

The Treasury Department and Internal Revenue Service (IRS) have issued guidance on the certification the homeowners may rely on when claiming credits for purchases that make their home more energy efficient and the energy efficient homes credit available to eligible contractors constructing qualified new energy efficient homes, including manufactured homes constructed in accordance with the Federal Manufactured Homes Construction and Safety Standards.

Health Spending Increases

The Centers for Medicare and Medicaid Services (CMS) reports that total health care spending will grow from its current 16.2 percent of the economy to 20 percent by 2015. This translates to each person spending $12,320 annually, according to USA Today. Nationally projected, we will spend more than $4 trillion on health care by 2015.

Hurricane Victims Get More Time to Claim Losses, File Taxes

The Internal Revenue Service (IRS) is postponing taxpayer filing and payment deadlines to August 28, 2006, for affected taxpayers hit hardest by Hurricane Katrina.

Sole Proprietors Likely to Be Focus of IRS Audits

The Internal Revenue Service (IRS) released data last week based on random audits of 46,000 tax returns for 2001 that showed a tax gap of about $354 billion a year. IRS Commissioner Mark Everson said, according to, that most of the noncompliance occurs in businesses where there isn’t automatic reporting of information to the IRS, such as sole proprietors who report income and deductions on Schedule C.

Tax Consequences for Record Jackpot Winner

The holder of a single ticket, sold in Lincoln, Nebraska, is the winner of the nation’s largest lottery jackpot ($365 million), according to the Associated Press.
Education & Careers

Tweens Savvy About Savings

The next generation is learning financial prudence, according to a survey of American “tweenagers” conducted by Weekly Reader Research and the American Institute of Certified Public Accountants (AICPA). When asked what they would do with a gift of $100, 59 percent of children between the ages of 9 and 12 indicated they would save at least $50.The announcement of the survey results, coincide with the launch of a special “Budget Buzz” program.

The Marriage Effect on Wealth

“If you really want to increase your wealth, get married and stay married,” says Jay Zagorsky, a research scientist at Ohio State University’s Center for Human Resource Research and author of a new nationwide study on the effect of marriage and divorce on a person’s wealth. “On the other hand, divorce can devastate your wealth.”The study, which used data from 13 of the National Longitudinal Surveys of Youth conducted between 1985 and 2000, found that single people experienced a slow, steady increase of wealth.

10 Financial Questions to Ask Before Saying “I Do”

If thoughts of marriage are filling your head this Valentine’s Day, it may be time to take a good look at your finances…and those of the one you love. Financial problems are often among the greatest challenges facing couples. With many people facing increasing levels of debt and more stringent bankruptcy laws making it more difficult to eliminate even crippling levels of debt, being on the same general financial page is more important than ever.The issue is especially important for those under 35.

Family Limited Partnerships Being Probed by the IRS

Family limited partnerships (FLPs) are the target of increased scrutiny by the Internal Revenue Service (IRS). These vehicles are apparently a popular technique for reducing estate and gift taxes. The IRS is increasing the number of audits it performs, focusing on those taxpayers with incomes of $100,000 or greater, according to the Wall Street Journal.The IRS is concerned FLPs are being set up for other than legitimate business purposes. Audit interviews are focusing on how these partnerships are set up and run, according to the Wall Street Journal.

Looking For Love

Commitment is the most desirable characteristic women look for in a potential long-term mate. Appearance, or looks, come in fourth when considering characteristics of long-term mates although it is the most preferred characteristic in short-term mates, according to a study conducted by David Geary, professor of psychology at the University of Missouri – Columbia, and pending publication in the journal Human Nature.These results seem to defy conventional wisdom which holds that women are primarily concerned with status and financial resources when looking for a long-term mate.


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