| Your savings: college tuition or retirement? Editorial by Ellen Z. Elwell  My father was all about college. A son of European immigrants, he worked 4-5 jobs simultaneously and attended a city night college. After 10 tough years, he graduated with a Bachelor’s degree in business. He dreamed of sending me and my brothers to school. Accordingly, expectations of me and my brothers were high. I never considered not going to college. In high school, I studied all the time. I also worked as a waitress in my family’s restaurant from the age of 13. I saved tips and every paycheck – under my mother’s watchful eye! Sigh. When I was accepted at the University of Michigan, I was not surprised. And while money was always tight, both my parents worked seemingly endless days and hours to help me and my brothers with the expenses. The blessing was that unlike most kids today, I could graduate with no school debt. And since John had worked two jobs at-a-time every summer (night and day shifts in Detroit car factories), he had no school debt either. So we began our marriage with real luck and opportunity. But this story is almost impossible to imagine in today’s economy. And possibly it shouldn’t be. Because parents and grandparents absolutely must save for their own retirement – not tuition. Does this sound harsh? Then consider this: people must work about 30 years to earn 50 years' worth of salary: 30 for living expenses before retirement …and to meet at least 20 years' worth of retirement expenses. So what a person earns today has to keep on working for an entire lifetime! The benefit for their children: they’ll have parents who are independent in retirement! The good news is that kids who are motivated can go to college economically. In the Dallas area, we have several low-cost (or almost no-cost) 2-year community colleges that are “feeders” to the University of Texas. We also have several local branches of the University of Texas that require regular, in-state tuition but permit kids to save money by living at home. It really pays to explore every local option available. And they’re all excellent schools. I’d love to hear your comments and tips for getting kids through school without “breaking the family piggy bank”! Please Comment or email me at: eelwell@elwellinc.com. |
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| REMINDERS: Our new office address is: 14643 Dallas Parkway (building next to Lawry's Prime Rib). Our updated website is ElwellInc. Tax Season is here! Please get your information - for your return or extension - into us as soon as possible! | |
Monday, January 23, 2012
Monday, October 31, 2011
8 Ways to Save Money at the Holidays
by Ellen Elwell
Halloween is almost history, shoved quickly aside by retailers ready to get on with the big-dollar Holiday shopping season. But (alas!), the longer the shopping season, the more we spend. So here are 8 tried-and-true ways to help you save real money in the Holiday jungle!
1. Set a budget.
This may sound obvious, but it’s the first “rule” that holiday shoppers break! The average shopper spends $365 on Black Friday alone! Even though we all know the pain of post-Holiday bills – ones which can take a year or more to pay off - we also want to give gifts to loved ones and friends. Don't go there! The biggest gift you can give to yourself and your family is to get through the season without extra debt!
2. Make a list and stick to it!
Studies show that the more you plan for purchases, the more likely you are to stay within your budget. And “plan” means making a “list.” It will be your gift-buying “roadmap” which tells you:
There are lots of ways to make sure you get “steals and deals" for each item on your list:
For me, there is no such thing as “full price” for anything I buy online. And I almost never pay shipping. If you get to Cart Checkout without a discount code, stop! Then go to one of these sites to find one:
Retailmenot.com (my favorite!)
Savings.com
CouponCabin.com
BeyondTheRack.com
ShoppersResource.com
5. Buy gift cards only from large, reliable retailers unless you know & trust a particular establishment.
Small retailers generally put limits on gift cards, including close-in expiration or value reduction dates. Large retailers – like Barnes & Noble, Macy’s, Starbucks, Walmart, Nordstrom or Target – tend to issue cards that keep their value indefinitely. So be sure that you know the “conditions” of any gift card you buy and pass the information on to recipients.
6. If you’re shipping, keep it small and light.
Shipping costs on very large or heavy items can add a lot to your total Holiday expenses. A good option: Priority U.S. Postal which has free boxes range from small to midsize with flat rates ranging from $5.20 to $11. This USPS service – advertised as “if it fits it ships” – permits contents weight to be up to 70 pounds! To use the service , either go online to order free supplies from USPS. Or you can stop by your local post office. Either way, it’s free, quick and easy. Plus, you can give the boxes to your postman and avoid long Holiday mailing lines.
7. Use the internet to sign up for free or special offers from retailers.
True, nobody wants junk. However, many retailers have exclusive offers that they’ll email and/or post on facebook. If the mail bothers you, set up a new email account – and use a different password – just for shopping purposes. And if you have a smartphone, find and download checkout codes from free apps offered by retailers. Example: ScanLife.com.
8. Shop alone.
Studies show that you’ll buy less when you shop without friends and kids. Your mind will be more clear – so you’ll be less likely to stray from your list. With nobody to point out (or whine for) items on display, you’ll be less likely to make an impulse purchase.
Comments or feedback please!
We love hearing from our clients and subscribers. You can visit our blog site or website to leave a comment. Or just send a note to the Editor at: eelwell@elwellinc.com.
Thank you for referrals!
Our clients' generous referrals have been the backbone of our business for over 20 years. We are very appreciative and hope you will continue to show your confidence in our services!
Announcing!
Our new website - Elwellinc.com -
by Ellen Elwell
Halloween is almost history, shoved quickly aside by retailers ready to get on with the big-dollar Holiday shopping season. But (alas!), the longer the shopping season, the more we spend. So here are 8 tried-and-true ways to help you save real money in the Holiday jungle!1. Set a budget.
This may sound obvious, but it’s the first “rule” that holiday shoppers break! The average shopper spends $365 on Black Friday alone! Even though we all know the pain of post-Holiday bills – ones which can take a year or more to pay off - we also want to give gifts to loved ones and friends. Don't go there! The biggest gift you can give to yourself and your family is to get through the season without extra debt!
2. Make a list and stick to it!
Studies show that the more you plan for purchases, the more likely you are to stay within your budget. And “plan” means making a “list.” It will be your gift-buying “roadmap” which tells you:
- Gift recipients
- The amount you plan to spend on each
- Ideas of what you’ll buy (by name) – along with notes on possible stores, sales, discounts and coupons for each item
“If you don’t know where you’re going, you’re likely to end up somewhere else!” – Yogi Berra
3. For stores you plan to visit: do your homework before heading out!There are lots of ways to make sure you get “steals and deals" for each item on your list:
- Buy a Sunday copy of the Dallas Morning News for store ads and coupons
- Visit each store’s website to check out sales, specials and - of course - coupons
- Visit Salelocator.com
- Visit wow-coupons.com
For me, there is no such thing as “full price” for anything I buy online. And I almost never pay shipping. If you get to Cart Checkout without a discount code, stop! Then go to one of these sites to find one:
Retailmenot.com (my favorite!)
Savings.com
CouponCabin.com
BeyondTheRack.com
ShoppersResource.com
5. Buy gift cards only from large, reliable retailers unless you know & trust a particular establishment.
Small retailers generally put limits on gift cards, including close-in expiration or value reduction dates. Large retailers – like Barnes & Noble, Macy’s, Starbucks, Walmart, Nordstrom or Target – tend to issue cards that keep their value indefinitely. So be sure that you know the “conditions” of any gift card you buy and pass the information on to recipients.
6. If you’re shipping, keep it small and light.
Shipping costs on very large or heavy items can add a lot to your total Holiday expenses. A good option: Priority U.S. Postal which has free boxes range from small to midsize with flat rates ranging from $5.20 to $11. This USPS service – advertised as “if it fits it ships” – permits contents weight to be up to 70 pounds! To use the service , either go online to order free supplies from USPS. Or you can stop by your local post office. Either way, it’s free, quick and easy. Plus, you can give the boxes to your postman and avoid long Holiday mailing lines.
7. Use the internet to sign up for free or special offers from retailers.
True, nobody wants junk. However, many retailers have exclusive offers that they’ll email and/or post on facebook. If the mail bothers you, set up a new email account – and use a different password – just for shopping purposes. And if you have a smartphone, find and download checkout codes from free apps offered by retailers. Example: ScanLife.com.
8. Shop alone.
Studies show that you’ll buy less when you shop without friends and kids. Your mind will be more clear – so you’ll be less likely to stray from your list. With nobody to point out (or whine for) items on display, you’ll be less likely to make an impulse purchase.
Comments or feedback please!
We love hearing from our clients and subscribers. You can visit our blog site or website to leave a comment. Or just send a note to the Editor at: eelwell@elwellinc.com.
Thank you for referrals!
Our clients' generous referrals have been the backbone of our business for over 20 years. We are very appreciative and hope you will continue to show your confidence in our services!
Announcing!
Our new website - Elwellinc.com -
Wednesday, October 12, 2011
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Wednesday, September 21, 2011
6 Key Online Security Tips
For nearly a decade, my marketing agency has handled a high volume of online programs for our clients. My computer is my "castle" and I love it. But I’m also aware that my little treasure can also “turn” on me and ruin my life. Like my house, it's vulnerable to break-ins. And that’s why I believe in taking firm control of what I “put out there” for the world to see (and steal!). So here are a few of my favorite tips for keeping things safe.
1. Use (and update) security software.
In a recent Consumer Reports survey, one-third of respondents said their computers were infected with malware in the previous year. Malware is software created by clever “cybercriminals.” It’s designed to infect your computer to the point that it can’t function normally. Last year, consumers spent $2.3 billion on the fallout, including replacing 1.3 million computers. Malware is defined as “software designed to interfere with a computer’s normal functioning.”
The best way to protect yourself from a malware invasion is to download security software. The two most popular paid-for security software suites are Norton Internet Security 2012 and McAfee Anti-Virus. Or, you can download the free Avira Antivir Personal suite or AVG Anti-Virus Free Edition 2011 software.
2. Set your spam filters.
Email can carry all kinds of “bugs” onto your hard drive. And your best defense is Security Software (above) – is a first step toward virus protection.
Next, every email service has settings that can help you filter out the majority of “spam”. However, you can go even further by downloading this extra free software: Spamfighter.
Finally, exercise extreme caution as to what mail you open. The old adage, “Better safe than sorry” applies. I don’t open letters with suspicious Subject Lines, jokes, chain letters or random sales offers.
3. Be wary of “official” letters.
If you pay your bills online, you will recognize the Subject Lines and know the protocols. Otherwise, take care! Banks don’t send “official” notices to non-subscribers…nor does the IRS, Social Security, Medicare, Medicaid or others. If in doubt, pick up the phone and call.
4. Never give out your Social Security Number online.
This one is self-explanatory. Once the wrong person has this piece of ID, they can easily become you. It’s the single most important piece of personal information that “hackers” try to get.
5. Don’t store passwords online.
There are a couple of reputable online password storage offerings. But why risk it? You can get an alphabetical Password Directory online or at Container Store. Or, buy a cheap Address Book and make your own directory
.
6. Frequently change passwords for heavily-used accounts.
Do you frequently visit several sites? Twitter? Facebook? eBay? Paypal? A game? A brokerage account? Your bank account? A department store? It’s a hassle, but DO take a few moments to change your passwords frequently. Be sure to write down each change and date it.
In future newsletters, I'll present more ways to keep your information secure. If you have any questions that you’d like answered now, email me directly at: eelwell@elwellinc.com.
Comments or feedback please!
We love hearing from our clients and subscribers. You can visit our blog site or website to leave a comment. Or just send a note to the Editor at: eelwell@elwellinc.com.
Thank you for referrals!
Our clients' generous referrals have been the backbone of our business for over 20 years. We are very appreciative and hope you will continue to show your confidence in our services!
Please watch for...
Our new website - Elwellinc.com - will launch in October 2011. Please stay tuned!
1. Use (and update) security software.
In a recent Consumer Reports survey, one-third of respondents said their computers were infected with malware in the previous year. Malware is software created by clever “cybercriminals.” It’s designed to infect your computer to the point that it can’t function normally. Last year, consumers spent $2.3 billion on the fallout, including replacing 1.3 million computers. Malware is defined as “software designed to interfere with a computer’s normal functioning.”
The best way to protect yourself from a malware invasion is to download security software. The two most popular paid-for security software suites are Norton Internet Security 2012 and McAfee Anti-Virus. Or, you can download the free Avira Antivir Personal suite or AVG Anti-Virus Free Edition 2011 software.
2. Set your spam filters.
Email can carry all kinds of “bugs” onto your hard drive. And your best defense is Security Software (above) – is a first step toward virus protection.
Next, every email service has settings that can help you filter out the majority of “spam”. However, you can go even further by downloading this extra free software: Spamfighter.
Finally, exercise extreme caution as to what mail you open. The old adage, “Better safe than sorry” applies. I don’t open letters with suspicious Subject Lines, jokes, chain letters or random sales offers.
3. Be wary of “official” letters.
If you pay your bills online, you will recognize the Subject Lines and know the protocols. Otherwise, take care! Banks don’t send “official” notices to non-subscribers…nor does the IRS, Social Security, Medicare, Medicaid or others. If in doubt, pick up the phone and call.
4. Never give out your Social Security Number online.
This one is self-explanatory. Once the wrong person has this piece of ID, they can easily become you. It’s the single most important piece of personal information that “hackers” try to get.
5. Don’t store passwords online.
There are a couple of reputable online password storage offerings. But why risk it? You can get an alphabetical Password Directory online or at Container Store. Or, buy a cheap Address Book and make your own directory
.
6. Frequently change passwords for heavily-used accounts.
Do you frequently visit several sites? Twitter? Facebook? eBay? Paypal? A game? A brokerage account? Your bank account? A department store? It’s a hassle, but DO take a few moments to change your passwords frequently. Be sure to write down each change and date it.
In future newsletters, I'll present more ways to keep your information secure. If you have any questions that you’d like answered now, email me directly at: eelwell@elwellinc.com.
Comments or feedback please!
We love hearing from our clients and subscribers. You can visit our blog site or website to leave a comment. Or just send a note to the Editor at: eelwell@elwellinc.com.
Thank you for referrals!
Our clients' generous referrals have been the backbone of our business for over 20 years. We are very appreciative and hope you will continue to show your confidence in our services!
Please watch for...
Our new website - Elwellinc.com - will launch in October 2011. Please stay tuned!
Thursday, August 11, 2011
Who is the IRS Targeting?
Elwell Money Minder
Ideas for Making & Saving Money
August 11, 2010
Common IRS Audit Triggers John Elwell If you’ve never been audited, consider yourself fortunate. When the IRS conducts an audit, they have one single goal: to collect the Taxpayer's money. At the minimum: an audit is stressful. At the maximum: it can be very expensive and time-consuming.  The Primary Areas of IRS Scrutiny Many audits are random. However, the following types of Taxpayers are more likely to be selected for a close examination. Small Businesses The IRS holds the position that small business owners are the biggest tax cheaters. They also make the most errors in calculating their own returns. Those who are in business for the first time are looked at more closely. Any error in a return’s entries or calculations will trigger an audit. Self-Employed Individuals Those who report income on Schedule C or E are prime targets for audit. The first reason is the high number of expenses claimed as deductions. The second reason is that so many of these Taxpayers report net losses. Cash Businesses & Services The IRS knows which types of retail establishments and service providers who traditionally take in a lot of cash income...and they look for signs that it has not been declared on the return. Private Transactions Taxpayers who sell real estate or investment property are highly vulnerable to audits. The IRS almost knows that this type of income is frequently under-reported – and they want their share. My Advice (Overview) As most of my clients know, I am both a CPA and an Attorney. My entire career has been in Tax. While I work closely with the IRS to defend my clients during audits and tax-related problems, I truly believe that preparing tax returns "right" the first time prevents most audits. So here are my basic tips on avoiding an audit:
The economy is stressful enough by itself. Don’t add to your stress with an unwelcome audit. There are so many ways to get legitimate tax credits and deductions legally - so don’t take risks. I will always get your tax liabilities to a minimum; I do believe that deduction “risks” must comply with a good interpretation of the current tax codes. Have a great end-of-summer! |
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Comments please: eelwell@elwellinc.com or (214) 739-7100
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