Laura J. Hanlon
CPA
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New Strategy Posts for your Finances

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Laura J Hanlon’s Financial Goals By Age

Making your money last long enough is a lifetime’s work. And there are some basic “rules” that we can all follow, depending on what stage of life in which we find ourselves.

Which is why we are here — to help you determine if you are breaking these rules WISELY … or if, perhaps, a refocusing of priorities should be in order.

Regardless, I offer you these financial goals everyone should consider:

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Four Key Recordkeeping Principles For Conway Families To Protect You In The Case Of An Audit

With the election brewing around us, Congress isn’t doing *anything* right now about tax legislation … so, as usual, there will be some last-minute treats for us by the end of the year in the tax code. But the very good news for you (and all of our Conway tax preparation clients) is that we pay close attention to these things so you don’t have to.

And it’s a good thing we do pay attention. Many of our clients have never received that dreadful notice from the IRS, initiating an audit — or, much worse, the KNOCK on the door! If you never have, you probably don’t keep much financial documentation.

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Laura J Hanlon CPA’s Key To Raising Rich Kids

Teach them this: Wealth is what you save, not what you spend.

Most of the younger generation is under the false impression that wealth is based on the luck of a big salary. Nothing could be further from the truth. According to the now-classic book The Millionaire Next Door by Thomas J. Stanley, the affluent tend to answer ‘yes’ to these three questions:

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Seven Free Tips For Identity Theft Protection For Conway Individuals & Families

Yes, commonly-advertised identity theft protection services for regular Conway families can seem like an easy button. But the problem is that many of these products are unnecessary or ineffective, or they duplicate things you can do yourself — for free.

Here are some basic things you can set into place right now, which will cover you in the vast majority of circumstances:

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Laura J Hanlon CPA’s Tax Planning Strategy For 2016

Believe it or not, now is the time to start making sure that you’ll be ready for a few months from now, when 2016 tax time is upon us.

Generally speaking, you should keep any and all documents that may have an impact on your federal tax return. Individual Conway taxpayers should usually keep the following records and supporting items on their tax returns for at least three years:

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An Overview Of Student Tax Credits, Benefits & Deductions By Randall Hancock

One of the harbingers of fall is the beginning of school. Parents everywhere are rejoicing (with a healthy seasoning of the bittersweet in realizing again that the kids keep getting older!), and the school buses are starting to get busy around here.

And perhaps naturally, the federal and state governments are interested in our citizenry becoming more educated, and there are a variety of resources and regulations out there that I wanted to let you know about.

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Common Sense Online Security for Conway Families

I’ll spare you the horror stories about the terrible things that can happen if you’re not careful online (but there are plenty if you want to google them).

We tax professionals recently received a notice from the IRS about how we are an increasingly ripe target for identity thieves and scammers. In New York state alone, the tax department has stopped more than 330,000 suspicious personal income tax refunds, catching nearly $500 million in attempted tax refund fraud.

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Teaching Conway Kids About Money

While it is impossible to completely shield kids from all the hard things that go on around them, I happen to believe money worries are one of those things we shouldn’t share with kids.

Whether you have many digits in your bank accounts, or you are still scraping by, money can (obviously) form a subject of dysfunction and tension, if we allow it.

So there are a number of ways to help our children move past this — some very specific, and some more subtle.

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Laura J Hanlon CPA Identifies 5 Money Habits That Are Financially Crippling You

As I mentioned, I’m going to risk being a bit blunt here.

That said, I’ll apologize ahead of time for those of you in truly tragic financial circumstances. I’m referring to events, completely out of control, which wreck your balance sheets. Like a medical emergency, not covered by insurance — and which no reasonable person could have expected.

But for the rest of you, call this your early intervention.

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How Comprehensive Travel Insurance Can Help Conway Families Avoid Vacation Nightmares

So begins “vacation season”. June is here and school is pretty much out, and many Conway families have already planned for their time away.

But when following your vacation itinerary, the last thing you want to do is worry about any financial loss that might occur as a result of a missed flight, an injury or illness, lost baggage, or any other unforeseen incident. To “insure” [;)] your peace of mind while away from home, many companies provide several different types of traveler’s protection plans to help ease the burden.

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The Complexity of Social Security Benefits For Conway Retirees

Like most government law, Social Security is not a simple piece of legislation. Since the Social Security Act became law in 1935, hundreds of amendments have been piled onto it, and have thereby added to the complexity. So to make the best decision about how to file for it, you’ll need to consider four things: 1) health, 2) income before retirement and 3) income during retirement, and 4) taxes.

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Laura J Hanlon CPA’s Four Reasons For Monthly Financial Reports With Your Partner

Do you get a knot in your gut when your spouse asks you how the finances are looking? Do you practice a policy of “Don’t ask, Don’t tell”?

One of the best tools I’ve seen to keep your spouse or partner in the loop about your finances is the simple concept of the monthly financial report. If you find it useful, and once you’ve established the format, you can also do it twice a month to take a look at how you’re meeting your goals

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