You can reduce your taxes and make the most of your money with these free financial articles.

Our financial articles are presented by Honeck O'Toole certified public accountants based in Portland, Maine.

• Our articles cover a wide range of topics prompted by common questions we receive from our clients, as well as the latest industry updates on tax regulations, business-finance changes and ways to save money
• Check back often to see our latest articles as we report on Federal and Maine tax law updates and much more.
• If you have a tax question or money issue that we haven't covered here, email us with your question and we'll post an article for all to see!

If you're interested in scheduling a personal tax or financial planning consultation, call us to get started at 207-774-0882, or email us at info@honeckotoole.com.

4 Reasons Why This Could Be Your Best Year Yet - 10/2011 You can reduce your taxes and make the most of your money with these free financial articles It's all in how you look at the economy and tackle the things you CAN control If you're like many people who have ridden the economic roller coaster with a white-knuckled grip, we imagine you're probably glad to say goodbye to last year and look forward to a new year full of promise. The good...

Financial Disaster Plan: Keeping Your Records Safe and Accessible - 04/2010 In 2010, we featured tips on keeping your financial information safe, and we provided tips to protect your passwords and records through backup and other measures. This information hit home with a wallop here at Honeck O’Toole, just days before we emailed that advice. On Thursday night, February 25, 2010, the roof blew off our 4-story Portland waterfront office building during a N...

How We Keep Your Financial Information Safe - 03/2010 If you’re like most of us, your financial information is no longer just tucked away in a home desk drawer or in a small safe. You probably trust a wide variety of organizations and professionals with your financial information through activities such as online banking and bill-paying, making online purchases, storing data, communicating via email and fax, and yes, sending your inf...

Economic Rescue: How to Take Charge of Your Finances Now - 04/2009 Knowledge is power when it comes to taking take control of any situation. When you arm yourself with clear information, it’s much easier to map out a smart plan to deal with whatever is happening … including the ups and downs of today’s economy. That’s what this article is all about: giving you ideas to protect yourself and take control of your financial situat...

Take Control of Your Credit - 10/2008 A sound strategy can get you through today’s credit climate.  With the recent credit crisis, it’s important to consider how a sound strategy can help you navigate through turbulent times. We’ve collected the following tips from the AICPA (American Institute of Certified Public Accountants), to help you assess your current financial condition and start rethinking y...

Document Those Tax Deductions! - 10/2008 Taking certain deductions is your right as a taxpayer… as long as you have the records to substantiate them. Here’s a helpful guide to make sure all your tax deductions are easily and properly documented for your maximum benefit (and to pass IRS guidelines). The simple deductions Some tax deductions are simple to report because they’re already documented with &ld...

Yes - It’s a Great Time to Start a Business or Ramp Up Your Career - 07/2008 Yes - It’s a Great Time to Start a Business or Ramp Up Your Career Who says it’s all bad news regarding the economy? It may be the perfect time to start a new business or boost your career. It seems that current market conditions have created all kinds of unique opportunities for new businesses, existing businesses and service professionals. Here’s why. As people c...

10 Tips for Recession Protection: How to Hang On To Your Money - 04/2008 Yes – we may be in a recession and the media will certainly let you know it on a daily basis. But your trusted Honeck-O’Toole team is here to calm your fears, help you look at the bright side, and give you some practical tips on how to take charge and be proactive so you can protect your money. MORE >> 1.     Don’t panic! While the ...

IRS Form Requires an Answer to the Question-Employee or Independent Contractor? - 01/2008 IRS Form Requires an Answer to the Question—Employee or Independent Contractor? Freelancers, consultants, “work for hire” specialists, home-based and other workers are sometimes confused about whether the IRS sees them as an employee or an independent contractor when it comes to the arrangements they made with the companies paying them for their work. The IRS rules ca...

Deduction or No Deduction? - 10/2007 Test your knowledge about deducting expenses on your individual or business tax return. Your prize if you know the correct answers? You might pay fewer taxes! As you keep track of your various tax deductions throughout the year, you really want to be sure which items are allowable…and at what percentage or amount? You may be surprised and what you don’t know could cost ...

5 Tips for Getting Ahead Next Tax Season - 04/2007 These simple steps can save you time and energy each tax season, and maybe even help you avoid some unpleasant surprises. 1.     Organize now to reduce work and stress down the road. We know it’s not always fun to pull together your tax information for us each year. So here’s an idea that may help. Make this the year you FINALLY set up a stream...

A Brief History of the IRS: The government agency you love to hate - 04/2007 You might be fascinated by the following information about the IRS. Yes…fascinated! The roots of the Internal Revenue Service (IRS) go back to the Civil War when President Lincoln and Congress, in 1862, created the position of commissioner of Internal Revenue and enacted an income tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income ...

Making Sense of Retirement Planning - 01/2007 Our clients often ask us—“What’s the best way for me to save for retirement?” and, “How can I ever afford to retire?” With careful planning and a financial commitment, you really can build enough wealth for your retirement years. We understand that choosing the right retirement plan(s) can be daunting—whether you’re employed by a compan...

25 Smart Ways to Save on Taxes Now and Next Year! - 10/2006 We’re always looking for ways to help you save money. That’s why we compiled 25 tax-saving tips to help you reduce your tax burden and begin your planning for next year. The following list includes ideas for individuals and small-business owners, so be sure to read the entire list (#28 is our favorite for self-employed clients). If you have questions about how these tips ...

How to Protect Yourself from Security Breaches - 07/2006 Each year, major security breaches affect millions of people throughout the nation, including here in Maine. For example, a lost computer tape that contains their personal information possibly affected about 188,000 student loan customers nationwide of Nelnet, Inc. At Ohio University, the Chief Information Officer resigned and its director of computing and network services was suspended...

Financial Insights on Giving to Charities - 01/2005 Who said, “We make a living by what we get, we make a life by what we give”? If you knew it was Sir Winston Churchill, pat yourself on the back. His message is still quite relevant today as many of us question how we can help others in need. And whether you’d like to help a local organization provide home heating assistance or contribute to the global tsunami relief ef...

Beyond IRAs: Planning for Financial Health in the Retirement Years - 01/2003 Whether you’re a Baby Boomer close to retirement, are already retired, are just starting to plan ahead for retirement, or you’re helping a retired parent deal with money issues, consider this a friendly wake-up call: your financial comfort during the senior years depends on careful planning and consideration of your total financial picture now. Savings are just ...