Tag: money

Need Help Managing Your Money? Try These Top 10 Budgeting Apps

It’s said that no one likes making a budget, they only like having a budget. If that’s true, then there are at least 10 apps to help make it much easier for you to not only have a budget but also to follow it. Although each of these 10 budgeting apps features slightly different characteristics, all of them have two important goals:  1) To help you understand where your money goes and 2) To keep you from spending more than you have. With these goals in mind, let’s take a closer look at each of these top 10 budgeting apps that just may help you stretch your dollars.

 

  1. Mint – Nearly all reviews of budgeting apps include Mint on their lists for one primary reason: It tracks everything when it comes to your money. Bill alerts, account balances, investments, loans, bank fees, credit cards, even cash transactions are all accounted for in Mint. Based on these and other factors, Mint configures your budget and instantly calculates your net worth.

 

Need Help Managing Your Money? Try These Top 10 Budgeting Apps
Nearly all reviews of budgeting apps include Mint on their lists for one primary reason: It tracks everything when it comes to your money.

 

  1. YNAB – “You Need a Budget,” thus the acronym. Rule #1 in YNAB is to “give every dollar a job.” Assigning your income dollars to expenses shows how much you have left for discretionary spending, saving, or getting out of debt.

 

  1. Wally – Wally is more than a budgeting tool. It’s a personal finance app. Wally performs all the budgeting functions while also helping you keep track of – and stay abreast of – your progress toward your financial goals.

 

Need Help Managing Your Money? Try These Top 10 Budgeting Apps
Wally is more than a budgeting tool. It’s a personal finance app.

 

  1. Simple – Just as its name implies, easy-to-use Simple tracks expenses through your bank accounts. You can set and track savings goals as well as instantly check your “safe-to-spend” amount, which keeps you from overspending. Note: Just so you don’t confuse other apps for this one, Simple is called “Simple – Better Banking” in your favorite app store.

 

  1. Pocketguard – Instantly providing you with the “big picture” of your finances, Pocketguard also uses a pie chart to help you keep aware of spending against your budget while reminding you of your “in my pocket” balance – the amount you have to spend minus your bills. Pocketguard helps you set and track savings goals, as well.

 

Need Help Managing Your Money? Try These Top 10 Budgeting Apps
Pocketguard helps you set and track savings goals, as well.

 

  1. GoodBudget – Remember when budgeting meant labeling envelopes and filling them with cash to pay your bills? GoodBudget uses the same idea but in a virtual budget program. You can track your “envelope” balances on your way to reaching your most important financial goals.

 

  1. Mvelopes – Using the same concept as GoodBudget regarding virtual envelopes, Mvelopes adds additional levels of service (for a fee) up to and including having the help of a personal finance trainer. Choose from three levels of subscription budgeting service: Basic, Plus, or Complete.

 

  1. Albert – The Albert personal finance app – and Albert Genius, an additional service – carry out similar savings, spending, and tracking functions as other budgeting apps but with the added twist of offering a team of financial experts whom you can text with specific questions about your personal finances and spending.

 

  1. Trim – If your focus is mostly looking for ways to save money, then Trim is the app for you. Connect your accounts, and Trim will analyze your spending to find money-saving opportunities for you. Additionally, Trim offers automated tips to lower your monthly expenses based on your transactions.

 

Need Help Managing Your Money? Try These Top 10 Budgeting Apps
Trim offers automated tips to lower your monthly expenses based on your transactions.

 

  1. Everydollar – By simplifying the budgeting process, Everydollar can develop your personalized budget in 10 minutes or less, based on your account and expense input. Charitable giving and emergency fund savings are included as part of your overall plan.

 

Because handling money – and money matters – go beyond having a budget, Donohoo Accounting can help you. We are a professional accounting services provider, dedicated to helping our clients overcome the challenges and burdens that individuals and small businesses face. Call us today at 513-528-3982 for a free consultation.

 

What Should You Bring to Your Accountant When You File?

Although it’s technically possible to file your own tax return by using software, this can leave you exposed to a wide range of issues. If you want to ensure that everything with your tax return is handled by an experienced professional, working with a reputable accountant is an investment that should always pay off by unlocking extra savings and helping you avoid mistakes.

 

If you’re planning on enlisting an accountant’s help this year and are wondering what to expect during your appointment, here are some helpful tips on what to bring along with you:

 

Social Security Cards

 

The accountant you work with will want to verify your identity prior to submitting your filing. And if you are claiming any dependents, it’s a good idea to bring their card along as well. Although social security numbers seem like an easy enough thing to manage, SSN mistakes result in 100,000s of tax returns being sent back by the IRS every year. Since that’s guaranteed to increase how long it takes to get your refund, bring along your cards so your accountant will be able to double check the accuracy of these numbers.

 

Last Year’s Tax Return

 

Even if your financial situation has changed quite a bit over the last year, it’s still helpful for an accountant to have your previous year’s return as a reference point. This will allow the professional you work with to identify which deductions and credits you previously claimed, then quickly see if you’re eligible for them again.

 

W-2 and Any Other Income Forms

 

If you work as a traditional employee at a company, your employer should have already provided you with a W-2 form this year. This document has a lot of important information your accountant will need, so be sure to bring it along. For freelancers, the most common form to receive is a 1099-Misc. And if you have any investments or other activities that produced income, you’ll want to bring all of those forms along for the accountant to review.

 

Expense Documentation

 

Did you make some charitable donations over the course of last year? Maybe you do some selling online and drove around a lot to source inventory. Regardless of the specific donation or expense, an accountant is going to want to see documentation before claiming it for you. While it may take some time for you to get organized prior to your appointment, it will be well worth the effort.

 

If you’re ready to file your tax return and want to work with a great Cincinnati accountant, Donohoo Accounting Services is here to help. Call us today at (513) 528-3982 to schedule an appointment

4 Actionable Tips for Using Your Tax Refund This Year

Even though getting your tax refund can feel like hitting a mini lottery, it’s important to remember that this payment is your money. As a result, the last thing you want is to let it flow out of your bank account just as quickly as it arrives. If you’ve had that experience in the past, the good news is you can do things differently this year. To help you make the most of every dollar that you receive, here are 4 actionable tips for using your tax refund this year.

  1. Make Payments Towards Debt

People from all walks of life struggle with managing debt. What often starts off as a small amount can spiral into a snowball that just keeps rolling in the wrong direction. What makes debt so problematic is that you’re not just dealing with the initial amount. Instead, interest is what really gets people in bad situations.

Because debt can choke someone’s personal finances, using your tax refund to pay off some or all of your debt is an amazing choice. If you’re trying to decide the specific debt to pay towards, the one with the highest interest rate is almost always the best choice.

  1. Prepare for An Emergency

Whether you have been able to stay out of debt or used previous tax refunds to pay it off, anyone who doesn’t have this burden can intelligently use their refund in a number of ways. A great option is to build up your personal or family emergency fund. Having a meaningful amount of money that’s easily accessible but off limits except for an emergency can give you a lot of peace of mind.

  1. Improve Your Home

Let’s say you’re already debt-free and have a comfortable emergency fund built up. One option to consider for your refund is improving your home. As long as you do your research and choose a project with a strong ROI, you’ll be adding to the long-term value of what is likely your largest asset.

  1. Other Investments

The other really good option that’s available for leveraging your tax refund is investing the money. Just keep in mind that even though highly speculative investments like cryptocurrency can seem enticing, they come with an incredible amount of downside risk. Investing your money in a more conservative option and letting it grow for the foreseeable future will likely yield the best return.

If you want to get your tax return filed so that you can get your refund and put it to good use, Donohoo Accounting Services can take of this process for you. All you need to do is call us at (513) 528-3982 to set up an appointment.

What To Bring To Your Accountant When You File Taxes

Although it’s technically possible to file your own tax return by using software, this can leave you exposed to a wide range of issues. If you want to ensure that everything with your tax return is handled by an experienced professional, working with a reputable accountant is an investment that should always pay off by unlocking extra savings and helping you avoid mistakes.

If you’re planning on enlisting an accountant’s help this year and are wondering what to expect during your appointment, here are some helpful tips on what to bring to your accountant when you file taxes:

Social Security Cards

The accountant you work with will want to verify your identity prior to submitting your filing. And if you are claiming any dependents, it’s a good idea to bring their card along as well. Although social security numbers seem like an easy enough thing to manage, SSN mistakes result in 100,000s of tax returns being sent back by the IRS every year. Since that’s guaranteed to increase how long it takes to get your refund, bring along your cards so your accountant will be able to double check the accuracy of these numbers.

Last Year’s Tax Return

Even if your financial situation has changed quite a bit over the last year, it’s still helpful for an accountant to have your previous year’s return as a reference point. This will allow the professional you work with to identify which deductions and credits you previously claimed, then quickly see if you’re eligible for them again.

W-2 and Any Other Income Forms

If you work as a traditional employee at a company, your employer should have already provided you with a W-2 form this year. This document has a lot of important information your accountant will need, so be sure to bring it along. For freelancers, the most common form to receive is a 1099-Misc. And if you have any investments or other activities that produced income, you’ll want to bring all of those forms along for the accountant to review.

Expense Documentation

Did you make some charitable donations over the course of last year? Maybe you do some selling online and drove around a lot to source inventory. Regardless of the specific donation or expense, an accountant is going to want to see documentation before claiming it for you. While it may take some time for you to get organized prior to your appointment, it will be well worth the effort.

If you’re ready to file your tax return and want to work with a great Cincinnati accountant, Donohoo Accounting Services is here to help. Call us today at (513) 528-3982 to schedule an appointment.