When creating a budget, it is helpful to assign percentages to major categories. This article lists typical family budget percentages.
Creating a budget should allow you to see precisely where your money is spent each month. The basic steps include recording all of your income, and then divide your expenses into mandatory and discretionary. For more guidance on creating a budget, read this C.P.A. Insight.
In a little over 40 days, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 takes full effect. This act alters how credit card issuers market, advertise and manage consumer credit cards. For more information on the changes and what your options are as a consumer, read this Financial Strategy.
About 75% of the businesses in our country are structured as sole proprietorships, unincorporated businesses that consist of one individual owner. This business structure is the simplest and least expensive to form and dissolve; however, it opens the owner to unlimited personal liability and debts of the business are debts of the owner. For more information on sole proprietorships, read this C.P.A. Insight.
Hedge funds are investment funds that are free to invest in almost any investment opportunity, utilizing a broad array of investment strategies. Initially, hedge funds were designed to hedge against market risk, and while some still do, others take on excess risk in hopes of outsized gains. For more information on hedge funds, read this Investment Whys.
Capital gains can have a serious impact on your tax situation. It is advisable to plan ahead, as present law provides different tax rates for different types of property with rules provided by a complex tax code. For more information on capital gains and their treatment, read this C.P.A. Insight.
Debit cards work like cash—when you use one, money is automatically deducted from your checking account. While this may save you from having to carry cash in your wallet, owning a debit card does come with risks. For a list of pros and cons of owning a debit card, as well as some security tips, read this Financial Strategy.
Purchasing stocks as investments is often easier than selling because of most investors’ fears of capital gains. However there are several circumstances where it is beneficial to sell a stock and recognize the capital gain. For more information on when to take capital gains and losses, read this Financial Tip.
You may not be thinking of buying a house during the holidays, but as the new year rolls around, your home purchase may still qualify for the first-time homebuyer tax credit. This credit was recently extended, and not only first-time buyers qualify. For more information on the new qualifications for this tax credit, read this C.P.A. Insight.