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…Details
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Our financial articles are presented by Honeck O’Toole certified public accountants based in Portland, Maine.
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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…Details
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…Details
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 company,…Details
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.…Details
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…Details
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 can be unclear and easily misinterpreted by workers and companies.…Details
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…Details
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 change their work, spending, travel and…Details
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…Details