If you have recently graduated from college, you are probably finding that there is much to learn that was not included in your coursework. Financial planning is one of those skill sets that most people have to acquire on their own. If you already have your first post-college job, you are probably earning more than you have ever earned before. In order to get the most out of that new paycheck, Boelman Shaw Tax & Financial Planning in Des Moines offers the following tips to guide you as you’re just starting out in your career.
Money is a leading source of household stress. Feeling a lack of control over one’s finances can make the present seem chaotic and the future uncertain. The first step in taking control of your financial situation is to create a household budget. It clarifies what resources you have coming in, where they are going, and how you can better manage them. The financial planning professionals at Boelman Shaw Tax & Financial Planning in Des Moines share the following tips to help you start the new year right by taking this first essential step toward a sound financial future.
Boelman Shaw Tax & Financial Planning in Des Moines wants to help you avoid unnecessary tax issues this year. Steer clear of these common tax mistakes when preparing your return.
Whether you should enlist professional tax services for the preparation of your tax return or prepare the forms yourself depends largely upon the complexity of your return and the amount of time you are willing to dedicate to completing the task yourself. Consider the factors below when deciding whether hiring a professional is the best choice for you. If you decide to go with a professional in Des Moines, consider Boelman Shaw Tax & Financial Planning. Dave Boelman and Jason Shaw are CPAs with over 20 years of experience. We provide professional tax planning, preparation, and IRS representation.
Smart business owners know the value of a retirement plan. It’s a strategic tool to help you and your employees put more money toward your future. It can help you attract and retain top-quality employees who can help make your business successful. Boelman Shaw Tax & Financial Planning has the 401(k) offerings and experience to design a retirement plan that best suits you and your business.
Once you have evaluated your goals and developed a strategy to reach them, it is vitally important that you exercise the discipline to adhere to the strategy that you’ve put in place. Investing can be an emotional business, and the temptation to deviate from your plan can be strong. When emotion creeps into your investment decision-making, remember that you have arrived at your plan through sound reasoning and that sticking to it is the best way to ensure that you meet your investment goals.
There are two basic ways you can increase the return on investment (ROI). You can find a winning strategy to increase your returns, and you can reduce the amount that is paid out of your funds. Market performance is unpredictable, but the costs of investing are knowable and within your control. Controlling the known variable of investment cost just makes sense. To keep your costs down, look carefully not only at the fees associated with your investments but also at the tax liability to which they expose you.
How you allocate the assets in your investment portfolio is the primary determiner of its return and volatility over time. All investments involve risk. The goal of asset allocation and diversification is to balance risk and potential gain across the portfolio. While aggressive investment in stocks exposes you to a greater risk of loss, investing too conservatively carries the risk of underperformance and failure to outpace inflation. Read on to learn about how you can appropriately allocate and diversify the assets in your portfolio to fit your savings goals.
The first step in shaping your investment strategy is to outline your goals. Are you saving for a new car, a home, your retirement, or your child’s college education? Perhaps you have multiple investment goals. It is more important than you may think to begin the investment process by clarifying your goals. How much money you want to have saved, in what time frame, and for what purpose can significantly influence what constitutes a sound investment plan for you.
If you are nearing retirement, you have a lot to think about. Maybe you have put off retirement planning until now. Perhaps you have put some money away and are unsure that it will be enough. Or maybe you have saved considerable funds and want to ensure that you make the most of them after you retire. Wherever you are in your retirement planning process, the retirement services professionals at Boelman Shaw Tax & Financial Planning in Des Moines can help.