Are you finally ready to tackle that home improvement project that’s been on your mind? Are tiling that floor or painting that garage a little out of your league? Or perhaps you don’t have the time or energy to finish it yourself. If so, then you’re probably wondering how to find a good contractor.
As you can see, Investor “B” has more than double the amount of Investor “A” simply by reinvesting the profits of the investment. Imagine for just a moment how dramatic the difference would be if the return were only slightly improved to 18% – 20%. The effects can be staggering.
Also, check carefully to see if you have the right amount of coverage. If you are not well covered, the amount of cash you can get a disability may be severely limited. In some cases you may not get anything if it is not the right situation. In this case, you may need supplemental disability insurance. This can help you get the right amount of insurance you need in case of a problem. Find a good provider that can help you get the supplemental disability insurance you need. Work with them closely to get the right coverage you need and even the small extra expense will be worth it. If you get into an accident, you’ll be very glad you took care of this now.
Many investors put off starting their retirement plans simply because they’re confused and overwhelmed by the options. Just figuring out the abbreviations of the many available retirement plans can be a challenge. You might be able to invest through an IRA, Roth IRA, SEP IRA, SIMPLE IRA, 401(k), 403(b), or other type of plan, depending on a number of factors, including your income, whether or not you’re becoming self employed, and whether or not you can participate in a retirement plan sponsored by your employer.
If you’re not willing to supervise, then you’ll need to know how to read contractor’s ads. You can find these ads in the yellow pages, the classified section of your newspaper, online on sites such as Craig’s List, and at lumber yards or home improvement stores. (Lumber yards and stores will usually decline to recommend a contractor to you. They don’t want to be held responsible for your results. But they often allow contractors to post business cards.) Keep in mind that the people who place these ads may be too new to the business and inexperienced to live up to the promises of their ads.
Children with their own investment income may be able to receive their parent’s tax rates when filing a return. Again, check Publication 929 from the IRS for more information.
To find out more on how to reduce your tax dollars, check out the IRS website or call the toll free number listed both in the phone book and on their website.