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While your financial advisor is probably the last person you are thinking about during those romantic holidays, you may want to reconsider and here’s why …
You share the same financial goals.
Whether the topic of conversation is on your personal finances or your business’s financial wellbeing, your financial advisor genuinely cares about your current and future economic security. That’s why they are always looking for ways to save you money – not just during tax season, all year long. Read “Don’t Miss Your Chance to Secure Tax-Free Wealth” to learn about five tax savings strategies you may have missed.
They are not afraid to ask for help.
Because they want your future to be financially sound, your financial advisor is not only happy to call in outside reinforcements and other industry experts to weigh in on key financial decisions, they insist on it. It’s just not realistic for one person to have all the answers, especially in business matters, which is why your financial advisor likely has a contact list full of bankers, lawyers, real estate brokers, city officials and many other industry leaders and business experts. Read “Getting by with A Little Help from Your Friends” for tips to help you identify the right advisors to help you overcome your unique challenges.
They have your back.
From helping you identify ways to protect your business against fraud to helping you avoid spending more money than is necessary during large negotiations, your financial advisor is always looking out for your best interest. Are you looking for ways to prevent occupational fraud in your business or do you need to know the true value of a property you are interested in purchasing? Either way, your financial advisor has the expertise and experience needed to keep you from being taken advantage of. Check out the article “Are Your Employees Skimming from the Top?” and “How to Make Your Building Work for You with a Cost Segregation Study” for more insight into these topics.
They always have good advice.
It should go without saying that your financial advisor has worked with their fair share of business owners. So, when it comes to knowing the ins and outs of running a business, they have a lot of good advice and can give you some great insight into techniques that have worked as well as warning you about others that may have fallen short of meeting expectations. Your financial advisor may not always provide you with the answer you were looking for, but if you bring them into the conversation they will always be there to give you the sound advice you need. Listen to episode 18 of unsuitable on Rea Radio to hear a veteran financial advisor talk about the positive psychology of having hard conversations.”
Help is always right around the corner.
If you have a personal finance question or are in need of expert business advice, email Rea & Associates to speak with one of our expert financial advisors today.
By Denell Skelton, CPA (Coshocton office)
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Summer is an exciting time for families. It’s a time to get outside and have fun hanging out by the pool or to catch fireflies in a jar at the end of a long day. For many parents though, the summer holiday is overshadowed by the need to find affordable childcare during your work hours. The good news is that your opportunity to claim the Child and Dependent Care Tax Credit doesn’t end at the last day of school. In fact, you may be able to claim a variety of summertime childcare expenses when tax season rolls around again. Check out the list below to familiarize yourself with this credit.
8 Tips To Help You Claim The Child Care Tax Credit
- Child care must have been provided so that you (and your spouse if filing jointly) can work or actively look for work. Your spouse must also meet this obligation during any month in which the child was a full-time student or was physically and/or mentally incapable of self-care.
- You must have earned income. Earned income includes earnings such as wages and self-employment. If you are married filing jointly, your spouse must also have earned income. There’s an exception to this rule for a spouse who is a full-time student or who is physically and/or mentally incapable of self-care.
- Care must have been provided for dependent(s) younger than 13 years old. Your spouse or another dependent qualifies if they lived with you for more than have the year and are physically and/or mentally incapable of self-care.
- Qualifying child care expenses include those that are used to secure enrollment at a daycare facility outside the home or at a day camp. Expenses for overnight camps or summer school tutoring do not qualify. NOTE: If you pay someone to come to your home to care for your child or children, you may be a household employer. For more information, see IRS Household Employer’s Tax Guide.
- If your employer provides dependent care benefits, special rules apply. See Form 2441, Child and Dependent Care Expenses.
- The credit is a percentage of the qualified expenses you pay for the care of a qualifying person and can be up to 35 percent of your expenses, depending on your income.
- You can claim up to $3,000 of your total unreimbursed expenses you pay in a year for one qualifying person or $6,000 for two or more qualifying persons.
- Keep your receipts and records to use when you file your 2015 tax return next year. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your return.
Email Rea & Associates to learn more about the Child and Dependent Care Tax Credit or other tax incentives you may qualify for.
By Denell Skelton, CPA (Coshocton office)