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Monthly Archives: March 2013

Are You Spending Your Money Wisely?

As a financial advisor, I advise all sorts of people how to spend and save more wisely and it’s surprising what people spend way too much on. This article on CNNMoney highlights the top 12 money wasters, but here are my favorite five that I can relate to:

  1. Leaving Your Stuff in a Storage Unit could be costing you $480-$1800 a year. I recommend going through all that stuff and making decisions to lighten your load and put cash in your pocket book!
  2. Leaving Rewards, Points, and Miles Unused could be costing you over $200 a year. A cool site called Points.com lets you manage all your points and rewards in one place.
  3. Weekly Visits to the Dry Cleaners could be costing you over $475 a year. It could be worth some investment of time to see how to get out that coffee stain or remove smelly odors on your own.
  4. Failing to Program Your Thermostat could be costing you $180 a year. Taking just a few minutes to set up your device could help you save.
  5. Scattering Your Insurance Policies could be costing you $300 a year. By bundling your home, auto, and life insurance, you could save up to 25% a year.

By simply avoiding these five money wasters, you could save close to $2,000 a year. Now that’s savings!

For more advice on how to reach financial freedom, please contact me at dmcmurryiic@msn.com or visit my website: http://www.integratedinsuranceconcepts.com/index.html.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona

 

Cover the Basics to Ensure a Good Tax Return

Yes, it’s that time of year again! For some of you, tax season is a good thing and for others, it’s one you dread. Filing your 2012 tax return can leave a lot of unanswered questions, leaving you fearful of an audit. But whether you’re filing personal or for your business, there are a few basics to keep in mind:

–        Don’t Be Tardy: By filing and paying your taxes on time, you will avoid late fees and be at less chance of getting audited. Tardiness is a red flag to the government.

–        Too Much Return Could Be A Bad Thing: If you receive a big refund each year, you’re having too much money withheld from your paycheck. This is similar to giving the government an interest-free loan.

–        Determine Your Tax Bracket: Your tax bracket is the percent at which the highest portion of your income is taxed. By knowing this, you can save money, investing in things that ensure a high return.

–        Understand Tax Documents And Their Purpose:

  • W-2 Forms- reports how much money you made at your job and how much tax you paid for the year.
  • 1099-G- reports unemployment compensation or state tax refunds.
  • 1099-R- reports retirement-plan income.
  • 1099-MISC- reports income if you’re an independent contractor, collected rent, or received royalties.
  • Other 1099s, such as the 1099-B, 1099-DIV, and 1099-INT- report income from financial transactions.

With over 40 years of experience in the insurance and financial services business, we can teach you methods that may help minimize taxes now and in the future. Please contact me at dmcmurryiic@msn.com for more information or visit my website: http://www.integratedinsuranceconcepts.com/index.html.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona

Maximize Your Social Security: Working While Collecting

Retirement is a time of excitement for a whole new chapter in life, but it’s also a time of research to ensure you’re maximizing you social security benefits…

My last post, “Maximize Your Social Security: Will Not Getting a Paycheck for Multiple Years Reduce Your Social Security Benefits” talked about how to plan ahead for retirement while this post is diving into those details right before you reach the ripe old age of retirement.

You most likely already know that you can collect social security during the year of your 66th birthday…even if you’re still working. What you may not realize is that if you are still working, you could lose out on a lot of money if you’re not careful. This is one year where you don’t want to make a lot of money until your 66th birthday. If you have a January birthday, you don’t have to worry as much as someone who has a birthday in November and is planning to work that full year.

With these variables come a lot of questions and ones you really need to take the time to answer. For example, you may be better off retiring sooner than you thought or would be smart to wait a few more months. Our government doesn’t make it easy on our soon to be retirees, but there is help out there if you need someone to walk through the details with. Contact me at dmcmurryiic@msn.com for more information or visit my website: http://www.integratedinsuranceconcepts.com/index.html.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona