Finances and money

Money_managing_basics


Title:

Money managing basics

Word Count:

547

Summary:

Human beings are scaling new heights in almost all the spheres of life. The work that used to consume good amount of time earlier can now be comfortably finished within a few seconds

Keywords:

finance, software, introduction, features, investment

Article Body:

Human beings are scaling new heights in almost all the spheres of life. The work that used to consume good amount of time earlier can now be comfortably finished within a few seconds. There are several parameters to evaluate human progress, money management through software being one amongst these.

The software has more than a dozen advantages. The easy and instant record maintenance of the cash inflow and outflow, error free, user friendly, and convenient to operate even for those who have petite knowledge of accounts etc. to name a few. Keeping the innumerable merits and significance of money management software in today’s lives, there are different packages available in the market. But you get only what you spend for. For instance if you just aim at a checkbook operator, your package will be confined to maintaining or updating your checkbooks and nothing else. While if you desire the added functions like investment planning and retirement solutions, you ought to pay some more. So there are different features that vary with the cost of the package. However, some of the simple packages may not be attuned to various banking and financial planning websites.

The needs and so the kind of software package to go for varies from individual to individual. Some of the significant and widely used packages or features in high demand are listed below:

• Budgeting- is perhaps the foremost and most basic requirement of all the consumers especially those who cannot afford to hire an accountant. This feature keeps a track of all your savings and outlays and can help you with the details any time you log on to it. The financial planning software turns out to be a blessing for many. The reason being it keeps a record of all your small and large expenses which one most often forgets in the hurly burly of life.

• Investment Planning and Retirement Solutions- this organizes the passage of your money such as how much to spend in your kids’ education and how much to set aside for your old age. The Intuit Inc.’s Quicken and the Microsoft Money are the two most widely used packages in this context. They will judiciously plan investments and retirement plans. Allocation of funds becomes a child’s play due to their aid.

• Tax preparation is another feature largely used and conspicuous feature of the financial planning software. The tax preparation software has made it immensely easy to deal with taxes.

• Mortgage and real estate software features act as a guide when it comes tasks to estate planning and the like. This saves many of your precious dollars that you would have diffidently spent on attorneys and agents.

• The package that aids in allotment of assets and preparing of wills is also in great use. The expense on this package is significantly less than the consistent payments made to the attorney.

• Purchasing and selling stocks- this feature exempts you from the huge brokerage that you pay every time in buying and selling your stocks. This makes it much comfortable for people to sit at home, have a view of the market rates and sale and purchase stocks.

Apart from these there are many other relevant features that are not mentioned here but that certainly add to our convenience.

Not_To_Late_To_Make_2005_IRA_Contribution


Title:

Not To Late To Make 2005 IRA Contribution

Word Count:

387

Summary:

Many Americans make annual contributions to individual retirement accounts. If you haven’t done so for the 2005 tax year, you still can.

Keywords:

IRA, Roth, individual retirement account, IRAs, contribution, tax deductions, retirement

Article Body:

Many Americans make annual contributions to individual retirement accounts. If you haven’t done so for the 2005 tax year, you still can.

Not To Late To Make 2005 IRA Contribution

Contributing to individual retirement accounts just makes sense. Most don’t believe social security is going to survive for long. Even if it does, one has to wonder how small the distributions are going to be. With the baby boomer generation about to put significant strain on the system, distributions in ten or twenty years are going to be paltry.

If you failed to contribute to your individual retirement account in 2005, you have until April 15, 2006 to do so. This is also true if you contributed during 2005, but failed to deposit the maximum amount allowed under law.

The contribution limits for individual retirement accounts went up in 2005. You can generally contribute up to $4,000. If you are older than 50 years of age, the limit bumps up another $500 to $4,500. When making contributions, just make sure you note on the deposit slip that it is for the 2005 year, not 2006.

Although there are variations, individual retirement accounts come in two general forms. The traditional independent retirement account is a pre-tax contribution vehicle. If you meet salary and filing requirements, the money you contribute from your earning is excluded from your adjusted gross tax calculations. If you are looking for extra deductions for 2005, catching up on your individual retirement account contribution can create a healthy reduction of your reported earnings. The downside, of course, is distributions from traditional IRAs are taxable when you hit the relevant age limit.

The Roth IRA represents a different approach to the individual retirement savings conundrum. Essentially, the Roth IRA shifts the tax burden to the beginning of the savings cycle. In human terms, this means you get no deduction for contributing to a Roth IRA. If you don’t get a deduction, why would you use a Roth? The huge advantage to the Roth is found in the distributions. Simply put, distributions are tax-free when you reach the appropriate retirement age. If you are young, say under 40, Roth IRAs typically present a better return than traditional IRAs. This is because the money invested has more time to compound and grow.

Regardless of your choice, socking away money for retirement makes sense. Fortunately, you can still do so for 2005.