September 14, 2017
If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and the last six digits of your social security number to use this tool.
Unfortunately, hacks like this one are likely to happen again, so it’s vital to prepare by protecting your digital information as much as possible. Here are some steps you can take to begin the process:
The Equifax hack is one more reminder of how critical it is to regularly monitor your financial and personal information for potential theft and misuse. If you do suspect that your information has been compromised, contact one of the credit reporting agencies mentioned above and the FTC Identity Theft Hotline at (877) IDTHEFT (438-4338).
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Since the Tax Cuts and Jobs Act (TCJA) passed into law, the deduction for personal exemptions is suspended for tax years 2018 through 2025.
Although the exemption dollar amount is zero, eligibility to claim an exemption may make you eligible for other tax benefits.
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
It could be that QuickBooks is still the best choice for you. It’s an excellent product and many owners use it successfully.
But it’s definitely worth a conversation with your accountant. Ask what other solutions on the market might better align with your business structure.