NEW

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

The Worst Ways to Spend Your Tax Refund

Reading Time: 2 minutes

If you haven’t gotten your tax refund yet, it’s not too late to put together a smart plan for spending (or better yet, saving) that money.  If the thought of trying to decide how to put that cash to a good use has you overwhelmed, however, start by getting familiar with the ways you shouldn’t spend the funds.  Each item on this list of no-no’s is more common than you think.

Gambling

If you are not the type to faithfully take a large percentage of each week’s paycheck and bet it all on black, it would be out of character to do the same with your annual refund check.  If risk is your cup of tea, look up a certified financial planner that can guide you toward some investments with potentially higher returns.  Do not, however, head to the slots.  (It won’t take as long to burn through $1,000 in quarters as you think.)

casino

Source: Markus Ortner, Flickr.

Loans

Even riskier than the poorly-played poker hand is the handout to a friend or relative.  There is a reason that small claims courts and reality TV cases exist, and that reason is usually personal loans.  Forget for a moment that you may never get the money back, loaning out money can cause undue stress on your existing relationships.  Unless you can call the money a “gift” and expect to never see it again (and be OK with that), keep your cash to yourself.

Risky Investing

With many still reeling from the stock market’s last plunges, many tax payers are eyeballing the option of taking their investing matters into their own hands.  If handled well, it is possible to earn money by buying into a start-up or franchise.  If not properly researched and done with care, however, you could find yourself owning one half of a bleeding business, complete with legal troubles and difficult-to-dump inventory.  Assuming that you’re dead set on getting into a ground floor business opportunity, check around and never make the decision overnight. (And for Pete’s sake, NEVER announce that you have money to invest.  Shady opportunities just happen to pop up whenever this happens.  Make sure you search out all possibilities for yourself.)

Down Payments for Items You Can’t Afford

Every “Buy Here, Pay Here” car lot is drooling over this year’s crop of tax refunds.  They know that cash in hand drives people to buy things they rarely need, and most likely can’t afford.  If you need a vehicle to get to work, a new sofa to enjoy your family room, or a set of snow tires for your ride, we understand.  A tax return can get you there quickly, and there are many sales going on right now to help your refund go a bit further.

If you are easily tempted, however, aren’t sure that you need anything new in your life, and are just window-shopping for the heck of it, BEWARE!  You may find yourself talked into a purchase you won’t just regret, you also may not be able to keep making payments on.  Be practical with any major purchase you make with your return, and stay away from businesses that try to “help” you get a better bargain than what you feel you’re entitled to.

Originally posted and shared from: http://bit.ly/1n7ISks, Linsey Knerl

 

Previous

Next