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Do you keep track of all the money you spend each month? Tracking your expenses will help you take control of your financial life.

SPENDING TRAPS

By tracking your monthly expenses, you can identify negative spending habits that you can change to make your money work better for you. You might find you’re paying for services you don’t use, like a streaming service or app you forgot to cancel before the free trial period expired.

FOCUS ON GOALS

If you’re planning to buy a house someday or looking to increase your retirement savings, tracking your expenses will help you reach those goals. You’ll be able to see if your expenses can be lowered or if your spending remains in line with your priorities.

ADDITIONAL BENEFITS

When you start tracking your expenses, you may worry less about money. Since you’ll know where every dollar is going, you won’t be anxious wondering if you’ll have enough money at the end of the month. You’ll feel more confident, and because you’re keeping track of your spending, you’ll be less likely to make impulse buys.

The general business consensus is that happy employees are more productive. So, are most of today’s employees satisfied with their employment? A Conference Board study conducted in late 2023 seems to give a resounding “yes.”

A CLOSER LOOK

The survey found that 63% of workers are satisfied overall, the highest job satisfaction rating since the survey began in 1987. But this bright report has some dark spots. One is the significant gap in satisfaction between men and women, particularly related to the financial benefits of work, such as wages, benefits, and bonuses.

The survey also noted a never-before discrepancy. Satisfaction decreased across the first 26 questions compared to 2022. Those declines indicate that future job satisfaction overall may be at risk despite the record rating in 2023.

KEEP PACE

While wages and key benefits remain vital to job satisfaction and productivity, respondents focused more on positive work culture and experience than in previous years. This suggests you should prioritize and emphasize factors such as the quality of leadership, career paths, work/life balance, work-from-home and flex options, and workplace culture to drive employee retention, productivity, and job satisfaction. Also, be alert to areas of low satisfaction, such as mental health programs, education/job training, recognition, and workload, and address the gaps in male/female and short tenure/longer tenure satisfaction.

Women remained less satisfied than men in general. This suggests that employers should bolster efforts to provide benefits that better support working women.

Summer Tax Planning for Small Businesses – tax planning isn’t limited to year-end and your review at the start of the year.

Data Breach and Identity Theft Losses – the average cost of data breaches globally in 2023 was $4.5 million.

IRA Missteps You Can’t Afford – your retirement security can’t afford you making mistakes with your IRA.

July 2024 Client Profile

Avoid Passing Debt to Loved Ones – nearly half of Americans are concerned about passing on debt to loved ones.

Bereavement Leave Policy Considerations for Employers – a written company bereavement policy can help when an employee loses a loved one.

July 2024 Question and Answer

Warding Off Capital Gains Tax Fears – everyone wants to minimize taxes owed but that’s not the only consideration.

The IRS Enforcement Spotlight May Be On You – the IRS has launched a sweeping, historic effort to “restore fairness in tax compliance” by focusing more on high-income earners, partnerships and corporations.

Safety Deposit Boxes – are safe deposit boxes 20th century ready?

Stay On The Comfortable Retirement Track – there’s no better time than the beginning of the year to review your retirement plan.

Healthy Money Habits – your relationship with money may have its roots in your childhood.

January 2024 Client Profile

Passing On Family Heirlooms and Keepsakes – personally meaningful items are often overlooked when creating an estate plan.

January 2024 Questions and Answers

Don’t Forfeit Your Solo 401(k) – a solo plan is an excellent way for sole proprietors to pack away retirement funds.

A Surprising Employee Flight-Risk – about 30% of employees leave their jobs within a month of their first promotion.

Year-End Tax Planning – the more your business minimizes its tax liability, the better your bottom line.

Minimize Taxes – Boost Retirement Funds – max out your annual contribution to your 401(k) retirement plan.

Is It Time for That Talk – if you haven’t had that talk or it’s been a while, there’s not time like the present to discuss expectations.

October 2023 Client Profile

Beware the Wash Sale Rule – sell securities in which you have a tax loss, claim the loss and repurchase the assets.

IRS Upgrades for Small Businesses – no need for a crystal ball to discern what small businesses may see ahead from the IRS.

October 2023 Question and Answer

A Look at Social Media Advertising Statistics

Let’s take a closer look at the states with the highest and lowest sales tax.

5 HIGHEST RATES BY STATE

Louisana – 9.55%
Tennessee – 9.547%
Arkansas – 9.48%
Washington – 9.29%
Alabama – 9.22%

5 LOWEST RATES BY STATE

Alaska – 1.76%
Hawaii – 4.44%
Wyoming – 5.43%
Wisconsin – 5.43%
Maine – 5.50%

2023 Tax Updates – tax updates for businesses and individuals.

Generation-Skipping Transfer Tax Basics – another transfer tax akin to the gift and estate tax.

What to Consider When Purchasing Life Insurance – choosing the right life insurance policy.

What Do Diversity and Inclusion Mean in Business – a company’s mission, strategies and policies designed to encourage an inclusive workplace that attracts a diverse pool of talent.

Tax Return Extensions – you are entitled to a six-month extension but you must let the IRS know.

March 2023 Client Profile

March 2023 Question and Answer

Number of 2020 Returns Processed by the IRS – statistics on returns processed.

Sales Tax Rates by State – states with the highest and lowest sales tax rates.

There’s still time for last-minute tax savings if you act before January 1.

DEFER INCOME TO 2023

Some tax thresholds for 2023 will see larger than usual increases due to 2022’s inflation. (See Q&A article for more information on how inflation impacts your tax bill.) The 2023 standard deduction will increase significantly. If you don’t itemize deductions, consider deferring some of your 2022 income into 2023 to take advantage of a larger standard deduction. While it might not be possible to put off your wages, you may be able to delay an expected year-end bonus until 2023.

TAKE RMDs ON TIME

If you reach age 72 in 2022, this is the first year you must take minimum distributions (RMD) from most of your tax-deferred retirement accounts. RMDs must be taken by December 31 each year. But if it’s your first year taking RMDs, you have a grace period until April 1, 2023, to take your first distribution. Failing to withdraw the required minimum amount each year comes with hefty penalties.

There is an alternative if you don’t need the funds. Instead, you can make a qualified charitable distribution (QCD). Have your account custodian distribute the money directly to your specified charity to avoid tax consequences on your personal tax return.

SPEND ALL YOUR FUNDS

Remember to use all the funds you have in your flexible spending account before the end of the year. If your plan is structured as “use it or lose it,” any unused balance is forfeited, and your employer keeps the money. But some programs allow a short rollover period. If you’re unsure, ask your human resources officer, so you don’t lose out.