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Tax Planning for Retirement: Efficient Strategies for a Secure Financial Future

Planning for retirement involves several financial considerations, including aligning your long-term tax strategy with your retirement goals. Efficient tax planning for retirement can minimize your tax burden and maximize your savings, ensuring a stable and comfortable future.

Let’s explore crucial retirement tax planning strategies. We’ll cover using tax-advantaged accounts, managing income sources, and understanding tax implications, especially related to Social Security benefits. We’ll also highlight the advantages of working with Practical Taxes, a professional tax service in Billings, MT, offering personalized guidance for your retirement planning journey.

Practical Taxes is dedicated to helping Billings residents create comprehensive retirement tax plans. We incorporate strategic tax-saving techniques and provide personalized support to achieve your financial objectives. Keep reading to discover valuable retirement tax planning strategies and how Practical Taxes can secure your financial stability.

Utilizing Tax-Advantaged Accounts for Retirement Savings

One of the most effective tax planning strategies for retirement involves utilizing tax-advantaged accounts to grow your retirement savings. Investing in accounts such as 401(k)s, IRAs, and Roth IRAs allows you to take advantage of various tax benefits that can significantly impact your long-term financial success. Consider the following options:

Traditional 401(k) and IRA: Contributions to these accounts are tax-deductible in the year they are made, and earnings within the account grow tax-deferred until withdrawn during retirement. Distributions during retirement are then taxed as ordinary income.

Roth 401(k) and Roth IRA: Contributions to these accounts are made with after-tax dollars, but earnings grow tax-free, and qualified withdrawals during retirement are not subject to taxation. Roth accounts can be particularly beneficial for individuals anticipating higher retirement tax rates.

Proactively contributing to these accounts and understanding the tax implications of each can help you maximize your retirement savings and minimize your long-term tax liabilities.

Managing Income Sources to Optimize Tax Efficiency

Another essential strategy to minimize your tax burden during retirement is to manage your income sources efficiently. Different types of income may be taxed at different rates, so managing withdrawals and the timing of income strategically can lead to significant tax savings.

Taxable Accounts: Withdrawals from taxable accounts, such as brokerage accounts, may be subject to capital gains taxes. However, long-term capital gains rates are lower than ordinary income tax rates, offering potential tax savings.

Required Minimum Distributions (RMDs): Traditional 401(k)s and IRAs have required minimum distributions starting at age 7These withdrawals are taxed as ordinary income, and careful RMD management is essential to avoid unintentionally pushing you into a higher tax bracket.

Social Security Benefits: Depending on your income level, a portion of your Social Security benefits may be taxable. Efficiently managing the timing of these benefits and coordinating them with other income sources can help minimize taxation.

Consulting with a tax professional can help you create a strategic plan for managing your income sources during retirement, optimizing your tax efficiency, and preserving your wealth.

Understanding the Tax Implications of Social Security Benefits

Social Security benefits play a crucial role in many retirees’ income plans, so it’s critical to understand the tax implications associated with these benefits. Depending on your taxable income, a portion of your Social Security benefits may be subject to federal income tax.

Thresholds for Taxation: Social Security benefits are tax-free for those earning below certain income thresholds ($25,000 for individuals and $32,000 for couples filing jointly). Once those thresholds are exceeded, benefits become partially taxable up to 50% or 85% based on different income levels.

Manage Taxable Income: To minimize the taxation of Social Security benefits, manage your taxable income by strategically timing withdrawals from retirement accounts, taking capital gains, and adjusting your income sources.

State Taxes on Social Security: Some states also tax Social Security benefits, while others do not. Research your state’s rules or consult a tax professional to understand state tax implications.

Working with a tax professional can help you navigate the complex tax rules associated with Social Security benefits, ensuring you minimize your tax burden and maximize your retirement income.

The Benefits of Partnering with a Professional Tax Service for Retirement Planning

Working with a professional tax service like Practical Taxes can provide valuable benefits for individuals planning for retirement, including:

Personalized Tax Planning: Obtain expert guidance on creating a tailored tax plan that aligns with your specific retirement goals, ensuring tax efficiency and long-term financial success.

Ongoing Support: Receive ongoing support and advice as your retirement plan changes, helping you adapt your tax strategies as needed.

Tax Return Preparation: Ensure your tax returns are accurate and compliant throughout your retirement by partnering with skilled tax professionals specializing in retirement tax planning.

Building a Secure Financial Future with Strategic Tax Planning for Retirement

Effective tax planning is critical to creating a secure and comfortable retirement. By utilizing tax-advantaged accounts, managing income sources, understanding the tax implications of Social Security benefits, and partnering with a professional tax service like Practical Taxes, you can build a solid financial foundation for your future.

Contact our team of experienced tax professionals in Billings, MT, today to learn more about our comprehensive tax services for retirement and discover how we can help you achieve your financial goals by strategically managing your retirement tax obligations.

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Questions You Must Ask to Find a Reliable Tax Preparer

If you’re looking for a good tax preparer, how can you be sure you’re making the proper decision? Referrals are an excellent place to start, but you should still do your homework. You want to not only ask the proper questions, but you also want to look for the correct answers.

Here are some questions to ask a tax professional before hiring one:

What Does Your Tax Preparation Look Like?

This is where you and your tax professional agree on how you will communicate during the tax-filing process. Do you want to set up a meeting or two and do everything in person, or do you prefer to share over email? Making phone calls may work for the two of you.

Whatever you want the tax preparation process to look like, it’s critical to establish those expectations early on and select an advisor who will work with your schedule and preferences.

What Are the Common Challenges You’ve Encountered?

Their level of expertise, as well as their ability to overcome obstacles, are all critical considerations.

Preparing taxes for an individual differs from preparing taxes for a corporation or a foreign client, so it’s essential to know if they’ve dealt with the specific issues they’ll face on the job — and if they’re adaptive.

Is Your Experience Good for My Situation?

If you know your tax situation is unusual, ensure that the professional you employ has completed returns like yours.

Working with a tax preparer experienced in your industry can mean the difference between claiming all your allowable deductions and losing money.

Suppose your taxes are more complicated than usual such as being self-employed, owning a rental or business property, living in one state but working in another, receiving an inheritance, or working abroad. In that case, your tax preparer should be familiar with these situations.

Do You Know the Requirements of the Localities and States?

Federal income taxes have no borders; the laws do not differ from one state to the next. However, this is different when it comes to states and municipalities. Your state or city may have unusual filing requirements, particularly for business owners.

It could be more apparent if you’ve moved from one state to another during the year or live in one state but work in another. You may require additional assistance if you own real estate or business in a state other than yours or are the trust beneficiary or estate in another state.

Ascertain that your preparer is aware of – and capable of meeting – all of the filing requirements.

What Drew You To Tax Preparation?

Suppose you’re looking for someone who has the potential to improve your team or advance to a leadership position within your organization. In that case, it’s essential to understand their hobbies and passions.

Tax preparation might offer a consistent salary and a flexible schedule, but does your candidate find true joy in their work? Do they go beyond duty to further their knowledge and skill set?

A genuine interest in finance, accounting, or issues connected to these fields is advantageous. Attendance at industry conferences, for example, demonstrates that the candidate is committed to furthering their career.

Conclusion

Finding a reliable tax preparer requires asking the right questions and thoroughly evaluating their qualifications. By asking these critical questions, you can make an informed decision and find a trustworthy tax preparer who will effectively meet your tax needs and help you navigate the tax system.

Take control of your tax needs with Practical Taxes! We specialize in providing practical tax solutions for businesses and individuals in Billings, MT. Whether you require payroll services, bookkeeping assistance, tax preparation, or comprehensive tax services, our team has covered you. Contact us now!

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Free Tax: 5 Reasons to Hire a Professional

Tax season can be one of the most dreaded times of the year for many individuals and business owners. The process of filing taxes can be complicated, time-consuming, and stressful. If you’re considering whether to do your own taxes or hire a professional, it’s essential to weigh the pros and cons.

Today, we’ll discuss a couple of benefits of having a professional file your taxes for you:

  1. Saves Time and Reduces Stress

One of the most significant benefits of hiring a professional to file your taxes is that it saves you time. The process of gathering the necessary documentation, understanding the tax laws, and filling out the forms can be time-consuming and overwhelming. A professional tax preparer has the expertise and knowledge to quickly and accurately complete your tax return, freeing up your time to focus on other important tasks or simply enjoy life.

Additionally, hiring a tax professional can significantly reduce your stress level during tax season. You won’t have to worry about making mistakes, missing deadlines, or dealing with the IRS. Instead, you can have peace of mind knowing that your taxes are in the hands of an expert.

  1. Maximizes Deductions and Credits

Tax professionals have extensive knowledge of the tax code and are skilled at identifying all the deductions and credits that you qualify for. While tax software may catch some deductions, it might not find all the available credits, especially if your situation is complicated or unique. A tax professional will be able to ensure that you take advantage of all the deductions and credits you’re entitled to, potentially saving you thousands of dollars on your tax bill.

  1. Reduces the Risk of Errors

Filing your taxes can be complicated, and it’s easy to make mistakes that can cost you money or lead to an audit. A professional tax preparer will be well-versed in the tax code and have experience handling a wide range of tax situations, reducing the likelihood of errors on your return. If an error does occur, most tax professionals offer guarantees that they will correct the mistake and pay any resulting penalties or interest.

  1. Provides Year-Round Support

When you hire a professional to file your taxes, you’re not just getting help during tax season. Rather, you’re gaining a financial expert who can provide guidance and support all year long. Tax professionals can help you with tax planning throughout the year, ensuring that you make the best decisions to minimize your tax liability. Additionally, if you receive any notices or have questions about your taxes after they’ve been filed, your tax professional will be there to assist you.

  1. Helps with Audits and Tax Disputes

Lastly, in the event of an audit or tax dispute, having a professional on your side can be invaluable. Tax professionals are knowledgeable about the audit process and can help you gather the necessary documentation, communicate with the IRS, and navigate the situation. Having a tax professional represent you during an audit can significantly reduce the stress and anxiety that often accompanies these situations.

Conclusion

While it may be tempting to save money by filing your taxes yourself, the benefits of hiring a professional far outweigh the costs. As you can see, a professional tax preparer can save you time, reduce stress, and so much more. So, this tax season, consider investing in the expertise of a tax professional to ensure that your taxes are filed accurately and efficiently!

Practical Taxes offers tax assistance for both businesses and individuals, including payroll, bookkeeping, tax preparation, and other tax-related services in Billings, MT. If you are looking for an affordable tax accountant, reach out to us today!

 

 

 

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Tax Implications of Selling Your House

 

A great way to build wealth is to own a house. Now keep in mind that buying a house ajust because you think it’s the perfect investment is actually not the way to go. A house is a good investment, but there are better ways to invest that will earn a bigger return.

But what happens when you want to sell your house? Suppose you want something bigger, or maybe smaller. Perhaps you’re sick of maintaining your home and you want to move into a rental. Or you have been transferred out of state for your job. No matter what the reason for selling, there are tax implications of selling your house that you need to be aware of (don’t worry, your accountant in Billings, Montana will know the specifics; you just need to be aware).

Avoiding Taxes when Selling Your House

In 1997 the Taxpayer Relief Act was passed. This law provided a big relief to those who were selling their home and making a bit of a profit on it. Before the law was passed you had to reinvest those profits into another home (a bigger home) within a certain time period. Now you get a big break.

2 of the last 5 – The law states that if you have lived in the house, as your primary residence, for at least two of the last five years, then you can claim the capital gains exclusion when selling your house.

$250,000 to $500,000 – If you file your taxes as single, then you can profit $250,000 on the sale of your house and not have to pay taxes on the gains. If you are married, then you can profit up to $500,000 on the sale of your house.

Age is Just a Number – You can claim the capital gains exclusion no matter how old you are. You don’t have to be over 55 to get this.

Before 1997 it was pretty hard to sell a house, make a profit, and get away without paying the taxes. Now it is pretty easy to sell a house, make a profit, and not have to worry about paying taxes on the gains. But there are times when you still might owe.

When do You Pay Taxes when Selling Your House?

Not everyone can get away without paying taxes on the sale of their house. But you almost have to try hard to pay those taxes.

If you profit more than the exclusion allows, then you will owe taxes when selling your house. But the good news is that you don’t owe taxes on the full amount. For instance, if you are married, and you sold your house and made a profit of $500,100, you would only have to pay taxes on the $100 over the exclusion amount. There is more though. If you make over $200,000 per year, there is a Medicare tax imposed on the gains over and above the exclusion.

Keep in mind that you can only claim the exclusion for one house at a time. So if you sell your primary residence, you can claim the exclusion. But then if you sell your vacation home, you cannot claim the exclusion (because you weren’t living there for 2 of the last 5 years).

Taxes when Selling Your House

Still have questions about the tax implications when selling your house? Contact Practical Taxes today!

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The Curse of the Lottery Winner

People dream of winning the lottery. They make big plans on what they would do if they were to win millions of dollars, and they talk about how many people they would help. Of course they complain that the government would take approximately half of their winnings in the form of taxes, but overall they would still be happy with the huge surplus of money that they are left with. So how is it that about 70% of those who win the lottery will go bankrupt?

The Curse of the Lottery Winner

Unfortunately a sudden influx of money does nothing to help improve financial sense. So when people suddenly win millions upon millions of dollars, they simply stick with their same foolish spending habits. Only now those habits are at a much larger scale.

Winning the lottery could help someone out tremendously. And the economic impacts of the lottery can’t be argued with. After all, those who win the lottery spend a considerable amount of it right away. They buy new houses, new cars, give to charities and family members, they pick up the tab at a restaurant… for every customer there. Lottery winners seldom have a problem finding ways to spend their money.

However, without a set plan on how to spend the money, most will make foolish money mistakes that ultimately reduce them right back to where they were before they won their millions of dollars. If you don’t believe me that winning the lottery brings some unnecessary hardship, check out these 10 people that couldn’t handle their winnings.

Make a Plan before You Win

There is really no financially sound reason that you should even try to win the lottery in the first place. In fact, the odds of winning are astronomically high. But you can take this advice and apply it to other financial windfalls like receiving an inheritance, getting a large tax refund, or maybe even an unexpected bonus at work.

Before any money actually comes in, make a sound plan to use it appropriately. For instance, you might want to pay off all of your debt, buy a new car, give a little to your family members, and take a vacation. Depending on your situation, that should only take up a few hundred thousand of your winnings. After that, invest the rest in a trust, preferably an irrevocable trust that has detailed information about who can take money out and how much they can access.

Without a plan, we as humans are likely to overspend. Whether it is on ourselves, giving to charities, or all around just wasteful use of money, the lottery winnings will disappear quickly.

If You’re Lucky

If you have been lucky enough to win the lottery, you will want to enlist the help of an accountant in Billings, Montana. With the help of Practical Taxes, you can be sure that your money will be put to the best use, and your taxes will be minimized. Have you seen a sudden influx of money? Did that money disappear a lot faster than you care to admit?

Practical Taxes is a full service accounting firm in Billings, Montana. While tax preparation is a huge part of our business, we also love to help with payroll services. One specialty is online payroll services; no matter what part of the country you live in, we can get your payroll done.

Have you heard of the phone scam where someone calls and pretends to represent the IRS? The scammers inevitably ask for personal information, and, too often, people willingly give out their personal information, such as their social security number to these scammers. The scammers also ask for money. And, unfortunately, people pay it; or they provide their banking account numbers. It’s estimated that over ten thousand people—more everyday—have been affected by these phone scams; estimated that over fifty-four million dollars has been paid to these scammers. But you should know that there should never be a day where an IRS agent simply calls you up, unannounced, and asks personal questions.

The IRS will make initial contact via the good old USPS. If they are requesting money, they will send to you in the mail a bill, requesting payment. The bill will look like any other bill you would receive in the mail; however, it will be from the IRS. There will be directions in the bill as to how to proceed to pay the bill or how to contact the IRS with any questions you may have; it will be simple and to the point. The IRS may notify you of a possible attempt to contact you via telephone—possibly even request a face-to-face meeting—but, when they do call, they won’t request that you tell them all your personal information. Remember, the IRS already has a lot of your personal information, and they won’t ask you for your social security number over the phone; they won’t ask you to tell them your bank routing codes, or your checking account number; they won’t ask you to pay your bill over the phone, and they won’t initially demand a payment—remember that you have rights, too, and one of those rights is to appeal. And they won’t threaten to have you arrested by the local police if you don’t pay.

Call Practical Taxes for all your tax needs.

2016 is officially over, and that means it’s time to prepare for another tax season! Like it or not there’s only a few months left until the April the 18th deadline, and for most of you there’s so much to prepare.

Prepare

For those of you who have a lot of write-offs, those of you with small businesses, etc., January is the time to start getting all of your receipts in order. Make sure that everything is accounted for. If you are missing something, and need to have the filed-proof of something (say an invoice for something work related, etc.) ensure now that you either have appropriately filed away a copy, or, if you have unfortunately lost your copy, you have the time now to find it. This is the time of year to have your vehicle mileage documented orderly if you have yet to do so.

Forms

January the 31st marks the last day at which you should mail your employees W-2 forms. Obviously you will want to mail out any forms on time, because your employees are counting on you for this, but there could also be a penalty charged to your company by the IRS if you do fail to mail out your forms on the 31st of January. Remember, the W-2 form only needs to be postmarked by this date, your employees may not receive it in the mail until a few days after, so, if you are planning to mail the forms at the last minute, it may be wise to explain this to your employees who may be expecting to receive it sooner.

Make a date with you tax preparer

Regardless of how difficult your taxes, your accountant is ready to help you through the process. Try and plan an hour or two for one day in the future (or on several days in some cases) to visit your accountant’s office to prepare your taxes. To ensure that you receive the undivided attention of the accountant you want to see, make a reservation. If you are seeing an accountant for the first time, Practical Taxes is here and ready to help you through the process of your 2016 tax returns.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.

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Tax Day 2016

As most of you already now, tax day is just a week away. For those of you who have yet to file, we understand the stress and the pressure of getting it done soon. However, for those of you under a serious time crunch, there are ways in which you can extend your tax deadlines—however this does not get you out of paying your taxes in a timely manner, it only gives you a little breathing room to get everything in order. Your accountant can help you to file an extension if you are going to need one. You can also find this information on the IRS website. The extension is merely a six-month time leniency in which a person may get together their returns.

tax-filing-deadline

If a person cannot afford to pay their taxes immediately, the IRS does have payment plans. Taxes wont be forgiven when someone participates in this plan, but like most things involving debt, the IRS will accept payment for a predetermined period of time during which the amount owed in tax is entirely paid. These payment plans can extend up to seventy-two months, although if you find yourself having to use these payment plans, you may want to consult with your accountant to prepare a plan for the next year. There is also a plan which the IRS labels the offer-in-compromise, which states that qualified, struggling tax payers may settle their tax debt for less money then they actually owe. This plan is beneficial to some, although it’s only for qualified persons, and your accountant can determine—if this is something in which you’ll need to participate—if you qualify.

Tax day is stressful, and your accountant understands that. If your one of the many who are struggling under either a time constraint or you’re struggling with financial concerns, make sure to call your accountant so that you may benefit from these IRS programs. If you are ready to get your taxes done and you have the time between now and tax day, call your accountant and get your 2015 taxes behind you.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.

5 Quick Ways to Reduce Your Tax Bill

Taxes-300x225I have yet to meet a single person who loves paying taxes. Sure we all love the benefits that we get out of them: emergency services, hospitals, roads without potholes, and a host of other benefits. But when it comes down to it, we all want to reduce our tax bill as much as possible. As an accountant in Billings, Montana, we want to help you keep as much money in your pocket as possible. Here are the 5 easiest ways to keep your tax bill down.

Reduce Taxes: Invest in Yourself

As long as you meet the income requirements (for 2014 you can make as much as $60,000 as a single person, or $96,000 as married filing jointly; if you don’t have access to an employer plan those limits are lifted for single and $181,000 for married filing jointly), you can contribute to a traditional IRA.

A traditional IRA helps those who want to save on their taxes now, but keep in mind that taxes will come due eventually. Suppose you put $5,500 into your IRA (the current limit for those 55 and younger; 55 and older can do $6,500) this year. You can then deduct $5,500 off of this year’s income. However, when you withdraw that money during retirement, you will owe taxes as though the money was earned the year you take it out.

To get your tax bill down for this year, put more into your IRA.

Reduce Taxes: Invest in Others

One of the easiest ways to do good with your money is to donate to charities. There are thousands of worthwhile organizations across the country, but I would suggest you donate to a local group. From churches, to homeless shelters, to community groups, there is surely a charity out there that you would like to support. The good news is that you can give away as much of your money as you would like. Even if that means you donate $100,000 to a group, you can write off the $100,000 from your current income. Be sure to check out charitynavigator.org before you send just anyone money though; you will want to make sure they are legitimate.

Reduce Taxes: Take a Stock Loss

Do you have investments that just aren’t cutting it? You can sell them and write the loss off on your taxes. As hard as it is to invest money and get less money back, it can be an effective tool to reduce your tax bill. Keep in mind though, that selling a stock to capture that loss prevents you from buying back into the same stock for 30 days. If you do, it’s a wash sale and your losses won’t help you.

Reduce Taxes: Contribute to a Health Savings Account

If you have a high deductible health insurance plan, you may be eligible to open a Health Savings Account (HSA). This unique plan allows you to pay for medical expenses with before-tax money. Unlike a flex plan offered through work, the HSA money doesn’t expire at the end of the year. Keep in mind that the money must be used for health related items, but can’t be used for OTC medications.

Reduce Taxes: Hire an Accountant

Yes, it may seem counter intuitive, but one of the best ways to save money is to spend it. An accountant, such as Mike here at A+ Accounting, can actually help you get a bigger refund on your taxes. By legally utilizing the tax laws, an accountant will find every deductible that you qualify for. Many of these you wouldn’t have known about and subsequently would have missed. Not only that, but you will save a whole lot of time by letting someone else prepare your taxes.

Reducing your tax bill is the goal of just about every American. Before 2015 rolls around, take a few minutes to see if you can take advantage of any of these tips to keep your liability as low as possible. When it comes time to file that return, an accountant in Billings, Montana will help you get the biggest refund check possible.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.

Knowing the Benefits of an Emergency Fund

Emergency-Fund-300x199As a financially savvy adult, you likely know about emergency funds. But if you are like most Americans, you have yet to really get started saving into your emergency fund. This little slush fund, that comes in extra handy during the leaner months, is a tool that everyone needs to utilize. In fact, even before you make the commitment to start saving in your IRA, you should be saving into your emergency fund. Any accountant in Billings, Montana, or financial planner will tell you that. So what are the benefits of an emergency fund? Here are just a few.

 

Paying Taxes – As much as we hate to do it, we have to pay our taxes. And as much as most people hate to work, the fact is that one job often doesn’t meet our living expenses. So we pick up a side job, or start a little business on the side (in personal finance blogs across the internet you can see this referred to as a side hustle). While it is tempting to just take that money and not report it as income, if you are going to do the right thing you need to report it.

But adding that to your tax return may suddenly drop you from getting a tax refund, to having to pay in. This can be discouraging for anyone, but it can be even more discouraging if you don’t have a source of funds to dip into to pay those taxes. An emergency fund is designed for this exact occasion.

Unexpected Expenses – There will come a time when your car breaks down. You will get sick or injured and be hit with an unexpected doctor bill. You are going to foolishly leave the turkey in the oven too long and it will start a fire causing you to fry your oven from the inside out and then you will have to go buy a new oven. These things happen, and while we call them “unexpected” we can fairly well rely on them. They really are not that unexpected after all.

When you have an emergency fund set up and properly funded, these expected unexpected expenses are no big deal. You have the money, you saved the money for this reason, and it only takes a few clicks of the mouse to transfer the money from your savings into your checking account.

Opportunities – Many financial professionals won’t call it an emergency fund. Instead, they prefer the term opportunity fund. Because sometimes there are opportunities that come up that you just hate to pass on. But if you don’t have an emergency (opportunity) fund, then you really do have to pass. That can be a great business opportunity, a really sweet deal on a vacation, or your dream car just hit the market. If you want to be able to take advantage of the opportunities that life holds, you need to have an emergency fund.

The list of benefits of an emergency fund goes on and on, but I think you get the point. Without an emergency fund, you are putting yourself in a position that could be devastating to your financial health. Instead of taking that risk, make the commitment for 2015 to start your emergency fund. Just $25 or $50 per month will go a long way to offsetting some of those little surprises that life can throw at you.

A financial planner can help you figure out an emergency fund, and an accountant in Billings, Montana can help you make the most of your taxes so you can adequately fund your opportunity fund.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.