Author: DKSCPA

3 Realistic Financial New Year’s Resolutions

As we enter the new year, it’s prime time for deciding (and sometimes publicly declaring) all kinds of New Year’s resolutions, including about finances. While deciding to make smart financial decisions and increase your financial health is important, New Year’s resolutions tend to be unrealistic or fizzle out because people take on too much. We have compiled a list of manageable and realistic financial New Year’s resolutions so you can be successful in achieving them! 1. Cut Small Amounts of Spending Declaring you will stop all eating out or unnecessary Amazon purchases is likely not a sustainable life choice–at...

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4 Questions To Ask To Know If You Are Ready To Buy a House

If you’ve got your sights on owning a home, you may be wondering how you know if you are financially ready to buy a house. A house is likely the largest purchase you will ever make in your life, so it’s important to get yourself in a position where you are financially ready to take on such an expense. There are several aspects of purchasing a house that you need to consider, the most obvious being the down payment, the monthly mortgage payments, and real estate taxes. These numbers are somewhat variable depending on where you buy, how much...

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Five Common Credit Mistakes And How To Avoid Them

You may not think about your credit score much, but there are times when your credit score becomes extremely important–such as when you want to take out a loan from the bank. Your credit score is kind of like a report card on how financially responsible you are, which is why you want to make sure your credit score is within an acceptable range. One mistake can negatively influence your credit score, so you’ll want to avoid these common credit mistakes and keep your score healthy. 1. Make a Late Payment You may think that one late payment on...

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What Do You Do With Your 401(K) When You Leave a Job?

During the pandemic, there have been many layoffs, and many people have had to leave their jobs due to their children being home from school for months on end. Even in non-Covid times, job turnover is nothing new. One of the benefits of a job is having a 401k, which is a type of retirement account that your employer may contribute to in a matching program. Many people with 401ks use pre-tax dollars to contribute to their account, thereby reducing their taxable income for that year. What happens, however, when you leave your job? Whether through a layoff or...

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What is the Difference Between a 401(k) and an IRA?

You may have heard of a 401(k) account being something employers offer. Your employer may even offer it. But have you heard of an IRA? Both 401(k)s and IRAs are retirement accounts, and you should likely be contributing to one or both of them to plan for your retirement. There are many similarities between these two kinds of accounts, but many important differences, as well. Here we’ll break down for you the unique attributes of both kinds of accounts so you can make educated choices about where you want to place your money. What is a 401(k)? A 401(k)...

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