Could your business bounce back if a disaster occurred? A minimum of 25 percent of small to midsize businesses that close temporarily due to a natural or other disaster ultimately never open their doors again, according to the Institute for Business and Home Safety. It is possible to weather any type of business interruption, however, only if you’re properly prepared. The Minnesota Society of CPAs (MNCPA) offers these tips to ensure you’re ready for anything.
About 40 percent of U.S. households — nearly 50 million — own individual retirement accounts, which provide tax-advantaged options for saving for your retirement years. The Minnesota Society of CPAs offers the following tips on how to avoid some common mistakes people make when managing IRAs.
As you get ready to go away to college for the first time, it is a good time to expand your knowledge of day-to-day money management, including smart budgeting and debt management steps. The Minnesota Society of CPAs offers these tips to students who want to get through college with the right financial footing.
You’re ready to sign up for a new credit card that seems to promise a host of appealing rewards. But, are you really sure of what the card has to offer or how it compares with other options? Many people are not, according to a J.D. Power survey, which found that only 59 percent of credit card customers feel they “completely” understand how they earn rewards. Another one-third knew nothing about the benefits related to their credit card.
Are you planning to take a family vacation this summer? If so, it could become a pricey proposition. For those Americans with summer vacation plans, 41 percent expect to pay an average of $3,000 for transportation, lodging, meals, activities, entertainment and pet care, according to a new telephone survey conducted for the American Institute of Certified Public Accountants. The Minnesota Society of CPAs offers some tips on how you can set a budget for and hold down the cost of a family trip while still having an enjoyable break.
Can you have a memorable wedding day without breaking the bank? Absolutely. Even though the average wedding costs nearly $30,000, according to TheKnot.com, many happy couples have joyous celebrations for far less money. If you’re planning your own nuptials, the Minnesota Society of CPAs offers this advice on how to be frugal and still have a festive occasion.
About 36 million people, or 11.7 percent of Americans, moved between 2012 and 2013, according to the U.S. Census Bureau. If you’re in the process of moving, you’re probably juggling a lot of tasks, including worrying about the potentially high costs. The Minnesota Society of CPAs offers these five tips for saving when relocating.
Approximately 10,000 baby boomers will turn 65 every day until around 2030. If you’re part of that group, or if you’re planning ahead for a comfortable retirement, the Minnesota Society of Certified Public Accountants offers this advice for securing your financial future.
As technology continues to challenge the traditional paradigm of employees and “the office,” many businesses and individuals find calculating taxes for work done outside company office space to be confusing. According to statistics from the U.S. Census Bureau’s American Community Survey, there are now an estimated 3.2 million full-time employees who telecommute for at least half the workweek, up 79 percent since 2005.
What do going to church or participating in sailing races have in common? They can affect your ‘snowbird’ tax status. (submitted photo)
Determining residency for tax purposes often proves challenging for Minnesota’s population of “snowbirds” -- retired individuals who head south each winter.
Last year, Gov. Mark Dayton made a well-publicized attempt to enact a “snowbird tax,” expanding the number of people required to pay Minnesota income taxes.