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Worcester accountant

How to pay off debt the smart way

August 5, 2014 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA…

Between mortgages, car loans, credit cards, and student loans, most people are in debt to one degree or another. While everybody would like to be debt-free, for most people it’s a matter of managing debt better since you are likely to have some type of debt most of your life—particularly if you own a home. Yet most people don’t know how to manage debt so they can actually reduce their debt to eventually be close to debt-free.

“You don’t need to shell out your hard-earned money because of exorbitant interest rates or always feel like you’re on the verge of bankruptcy,” said Paul Dion, a Millbury, MA-based CPA who works with individuals and small business on tax strategies. “It is possible to pay off your debt while at the same time saving money so you can pay that debt off even faster.”

Dion recommends first assessing the depth of your debt. Write it down using pencil and paper or use a spreadsheet like Microsoft Excel. You can also use a bookkeeping program such as Quicken. Include every instance you can think of where a company has given you something in advance of payment, including your mortgage, car payment(s), credit cards, tax liens, student loans, and payments on electronics or other household items through a store.

Record the day the debt began and when it will end (if possible), the interest rate you’re paying, and what your payments typically are. Next, add it all up–as painful as that might be. Try not to be discouraged! Remember, you’re going to break this down into manageable chunks while finding extra money to help pay it down.

“It’s really a matter of identifying and addressing the high-cost debts first. That usually means credit cards. You don’t need to cut those up, just don’t use them,” said Dion. “Then you want identify the card with the highest interest and pay off as much as you can every month. Pay minimums on the others. When that one’s paid off, work on the card with the next highest rate.”

Dion recommends doing whatever you can to retire debt. That includes taking on a second job and using that income only for higher payments on your financial obligations. Or substituting free family activities for high-cost ones and selling high-value items that you can live without (e.g. Do you really need the 800-channel cable option or that satellite dish on your roof? You’ll be surprised at what you don’t miss.

“As you save and make payments you are not only retiring your debt, but building a stellar credit rating. If you ever move or buy another car, you’ll want to get the lowest rate possible. A blemish-free payment record will help with that,” said Dion. “One thing you never want to do is miss a payment, especially when you are paying off credit cards. Credit card companies can be quick to raise interest rates because of one late payment. A completely missed one is even more serious.”

For more information and guidance on retiring debt, you can call Dion for a complimentary initial consultation at 508-853-3292.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

How to pay off debt the smart wayRead More

Category: Client NewsTag: Worcester accountant, Worcester CPA

How agents can get burned in a hot real estate market

June 27, 2014 //  by admin

Paul Dion, CPA CTC.
Paul Dion, CPA CTC.

MILLBURY, MA…

The recent upsurge in the real estate market has left plenty of realtors with smiles on their faces and more dollars in their pocket. For real estate agents who don’t plan their finances appropriately, the hot market can burn through large commissions in the form of a larger tax bill than previous years.

“It’s been about eight or nine years since the salad days of the early 2000s and I’m sure there are many real estate agents who are either new to the business now or forgot how quickly the golden goose stopped laying eggs,” Paul Dion, a Millbury, MA CPA and author of The Ten Most Expensive Tax Mistakes…that cost Real Estate Agents Thousands. “By taking advantage of some basic tax strategies available to self-employed individuals, real estate agents can ride the current hot market and protect themselves from possible slowdowns in the market down the road.”

Some of the strategies Dion employs for real estate agent clients include:

  • Selecting the correct business entity for your business – should you be a sole proprietor or does an LLC offer more benefits and protection?
  • Choosing the appropriate retirement plan – how much of your recent commissions should go into your plan and what offers the best return?
  • Employing family members – hiring your children to help out with the business can shift some of your income on to them, which would be taxed at a lower rate
  • Deducting your health insurance as an adjustment to your income on your tax return
  • Properly deducting your home office
  • Maximizing auto expenses, as well as meals and entertainment expenses

Dion, with three decades of experience providing tax and business advice, notes, “There’s a distinct difference between sales and running a business. Many real estate agents are great sales people and can move properties, but might not be as skilled as small business owners. That can come back to haunt you in good times and bad if you are not working with capable tax and financial professionals.”

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

How agents can get burned in a hot real estate marketRead More

Category: Client NewsTag: Worcester accountant

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