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Kristine McKinley - EzineArticles.com Expert Author  

Kristine McKinley is a CPA, Certified Financial Planner and small business owner. She offers financial and tax planning on an hourly, fee-only basis. She helps her clients with investing, saving for college, planning for retirement, and income tax planning.

[View Kristine McKinley's Extended Author Bio]

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  • Business Record Keeping - The Importance of Keeping Good Records
    [Business:Accounting] Poor financial records are the reason why many small businesses fail. Keeping accurate and timely records for your business is important for many reasons. Probably the most important reason to keep good business records is so that you'll know how your business is doing.


  • Holiday Spending Tips - Ten Ways to Keep From Having a Holiday Spending Hangover
    [Finance:Personal-Finance] Ah the holidays... a time for parties, over eating, and over spending. Americans routinely overspend during the holidays, often resulting in increasing credit card debt to go along with that increasing waistline from too much pumpkin pie. Here are ten tips to help you save time, money and stress this shopping season.


  • How to Value Your eBay Inventory For Tax Purposes
    [Finance:Taxes] One of the questions I hear most often from eBay sellers is how to value inventory, especially if it was purchased at a garage sale, or if you used the item before you sold it on eBay. For new items that you purchase for inventory, make sure you keep all of your receipts. In addition, you might want to keep a spreadsheet with a description of the item purchased, date, and the purchase price, including shipping costs.


  • Top 5 Missed Tax Deductions
    [Finance:Taxes] How many times have you done your taxes, and a week or a month later realized you forgot a deduction? The tax law is very complicated, so it's easy to miss a deduction or two. In my experience, these are the top 5 missed deductions.


  • Do You Have to Pay Taxes on Your Online Income?
    [Finance:Taxes-Income] Q: I just started my home based business this year and expect to just break even this year. Do I still need to report my income, even if I don't actually make a profit?


  • Tax Issues For eBay Sellers and Online Businesses
    [Finance:Taxes] If you sell on eBay, or if you have an online business, listen up. There are several tax issues in the news right now that could have a huge impact on the way you do business.


  • 10 Ways to Get The Most Out of Your Rebate Check
    [Finance:Taxes-Income] By now you've heard about the tax rebate check that will be mailed out beginning in May. While the purpose of the rebate is to get people to spend and to stimulate the economy, many people are planning on using this "found money" to pay down debts or to save.


  • How to Get Your Free Annual Credit Report
    [Finance:Credit] Unfortunately the holiday season usually brings an increase in credit card fraud and identity theft, so right after the holidays is a great time to check your credit report. Following is why, when and how to check your credit report.


  • Is Your eBay Activity a Business Or a Hobby?
    [Finance:Taxes] Many eBay sellers start out as a hobby, or just to clean out their closets. Many times, this hobby can lead to a profitable business. A hobby is an activity that you do simply because you love doing it, but it may also earn you some income. That income must be reported on your tax return, even if it is just a hobby.


  • How Are Social Security Benefits Calculated?
    [Health-and-Fitness:Healthcare-Systems] A popular question that I hear from baby boomers getting ready to retire is "how are my Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years, or other aspects of your retirement plan.


  • Are Social Security Benefits Taxable?
    [Finance:Taxes] Basically, if your only income is from Social Security, then you're not going to owe any taxes on your benefits. However, if you have earned income from a job, or if you have substantial investment income, part of your benefits could be taxable.


  • Five Tips to Minimize Your Family's Tax Burden
    [Finance:Taxes] Hiring your children if you own your own business is a great tax planning strategy, but it's more than just a tax deduction. Here are a few ways you can save taxes by hiring your children in your small business:


  • Child Entrepreneurs - Don't Forget About Taxes
    [Finance:Taxes] Most kids who start their own business do so because they want to make some extra money, maybe so they can buy a car or save for college or just for some extra spending money. Regardless of why they start their own business, I'm guessing that most of them don't think about the taxes they will owe on their profits.


  • Social Security Survivor Benefits - What Happens to Your Social Security Income When One Spouse Dies
    [Investing:Retirement-Planning] Unfortunately, it is inevitable that many husbands and wives will find themselves widowed during their retirement. This is not only a huge loss emotionally, but can be a huge loss financially as well, especially since the survivor will lose the income earned by the spouse that has passed away. The Social Security survivor benefit was created to ensure that the surviving spouse wouldn't lose all of their income when the first spouse passes. Basically, the survivor benefit is 100% of the spouse's benefit before he or she passed.


  • Social Security Divorce Benefits - Did You Know You Could Collect Based on Your Ex's Earnings?
    [Relationships:Post-Divorce] While most people are aware that they can collect Social Security benefits based on their current spouse's earnings, many are not aware that they may be able to collect based on an ex-spouse's earnings. Here's how Social Security divorce benefits work...


  • Why Women Need to Know About Social Security Spouse and Survivor Benefits
    [Investing:Retirement-Planning] When Social Security was established back in 1935 it was typical for women to stay home to raise the family. In most families the husband was the higher earner or the only earner in the family. In addition, women statistically outlive men, especially if the wife is younger than the husband. The combination of lower or no earnings and a longer life span meant many women found themselves in poverty when their husbands passed away. The Social Security Board recognized the challenges that women face and have implemented several changes to the system over the years to account for these needs.


  • What You Need to Know About Social Security Spouse Benefits
    [Investing:Retirement-Planning] When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect spousal or survivor benefits at some point in their life.


  • Is Your Child Required to File a Tax Return?
    [Finance:Taxes] As kids get older, it is inevitable that they will want more money to buy things like clothes, music, their first car, etc. This will prompt many kids to get a job or even start their own business to earn money for all the extra "stuff" they want. For most kids, the last thing they are thinking about when they get a job or start a business is whether they will need to file a tax return or owe taxes on the income they earn.


  • Social Security COLA Could Be 0% For Next Few Years
    [Investing:Retirement-Planning] Last year, retirees collecting Social Security benefits received one of the highest cost of living adjustment (COLA) increases seen since the 1980s. Unfortunately, that increase may be the last one they see for a few years.


  • Five Social Security Questions Baby Boomers Should Ask Before They Retire
    [Investing:Retirement-Planning] Baby boomers will be retiring by the millions over the next few decades, which leaves many of them asking questions about Social Security (and if they're not asking questions, they should be). Boomers are wondering: Will Social Security still be around when it's my turn to retire? How much will my benefits be? When should I apply for Social Security? And more...


  • Year End Tax Tips For Home Businesses
    [Finance:Taxes] The best thing you can do is to think about taxes before the year ends. Most people wait until the tax filing deadline before they ask how they can reduce their income taxes. Unfortunately, once 2008 ends, there's very little you can do to minimize your taxes for 2008.


  • Top 7 Ways to Minimize Your Income Taxes
    [Finance:Taxes-Income] Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:


  • 1099 Rules - How to Report 1099 Income
    [Finance:Taxes] With the increase in bloggers, affiliate marketers, eBay sellers and other online business owners, the topic of reporting miscellaneous income and 1099 forms has been coming up a lot lately. While most people are aware they must report wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don't realize that they must also report other income.


  • Do You Need to Make Estimated Tax Payments?
    [Finance:Taxes] The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income throughout the year.


  • How Can Hiring Your Kids Help You Save on Income Taxes?
    [Finance:Taxes] Did you know you can hire your children in your business? In addition to teaching your kids about business and money, you can save taxes. Here's how...


  • Christmas on a Budget - How to Save Money This Holiday Season
    [Finance:Budgeting] I'm putting Christmas on a budget this year. As I write this it's only the first week of November. Normally I don't even think about doing my holiday shopping this early, but I want to save money on gifts and other typical holiday expenses, so I'm getting a jump start on my holiday planning this year.


  • When the Road to Investing Gets Bumpy
    [Investing] Investing in the stock market is a lot like driving on a long road trip. At some point, you're going to run into pot holes and rough patches. When that happens, you should definitely drive with more caution, but you have to keep on going if you want to reach your destination.


  • Keeping Your Money Safe
    [Finance:Personal-Finance] With everything going on in the financial world lately - the Treasury taking over Fannie Mae and Freddie Mac, the collapse of Lehman Brothers and IndyMac Bank, and the government bailout of AIG - it's no surprise that investors are wondering if their money is safe. Thankfully, there are safety measures in place for various types of accounts and investments. Here is a rundown of the different safetynets in place for each type of account or investment you may have.


  • Smart Money Moves to Make in Tough Times
    [Finance:Personal-Finance] The recent financial news - banks failing, the Treasury taking over Fannie Mae and Freddie Mac, the stock market dropping several hundred points in one day - may have you feeling a bit helpless when it comes to your finances. While you may not be able to make the market go back up or keep banks from failing, there are steps you can take to make your finances as strong as possible in these tough times:


  • The Fastest Way to Pay Off Debt
    [Finance:Debt-Relief] There's some debate among financial planners as to the best way to pay down debt. Some say paying the highest interest rate debt first is the best way; others say paying the smallest balance first is the best way. Both methods have advantages and disadvantages, so we'll take a look at both, and help you decide which method is best for you.


  • How to Find Money to Pay Off Debt
    [Finance:Debt-Relief] One of the biggest challenges that many people face when trying to pay off debt is finding money to apply towards their debts. In order to pay off your debt, you have to pay more than the minimum payment, but this can be hard to do when you're having trouble just making ends meet each month. So where can you find additional money to apply to your credit card debts each month? Here are several ideas.


  • How to Keep Your 'Get Out of Debt' Resolutions This Year
    [Finance:Debt-Relief] Getting out of debt is one of the top New Years resolutions made every year. Unfortunately, it's also one of the most broken resolutions. Here are some tips to help you keep your 'get out of debt' resolution this year.


  • What Taxes You Are Responsible for as an eBay Seller
    [Finance:Taxes] There are three types of tax that you will be responsible for when you start your eBay business. They are 1) sales and use tax, 2) payroll tax and 3) income tax.


  • Are You Required to Report Your eBay Earnings?
    [Internet-and-Businesses-Online:Auctions] Many people ask me if they are required to report the profits they earn on items they sell on eBay. The answer is "yes". If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It doesn't matter if it's just a hobby or if you are trying to build a business.


  • Maximize Your Cash Flow
    [Finance:Personal-Finance] You’ve heard it a million times – cash flow can make or break a business. The same can be said of your personal finances. Without adequate cash flow, you may not be able to pay your bills, do the things that bring you the most joy and satisfaction, or reach important financial goals you’ve set.


  • Women Need Retirement Plans Too
    [Home-and-Family:Retirement] Although the income gap between men and women is shrinking, there is still a sizeable gap in how well women are prepared for retirement compared to men. This retirement gap is a result of a number of reasons:


  • Top 10 Ways to Cut Spending
    [Finance:Personal-Finance] Do you run out of money before you run out of month? Do you wonder where your money goes each month? Do you struggle to find money to invest for retirement, emergencies and other financial goals? Here are 10 tips to cut your spending and stretch your dollar to the max.


  • Cash Flow Planning for Solo Entrepreneurs
    [Business:Entrepreneurialism] Lack of cash flow planning is the reason why many businesses fail. In fact, many PROFITABLE businesses fail because of cash flow issues. Without adequate cash flow, you can't pay your bills and you can't make plans for your business.


  • Juggling Retirement and College Savings
    [Home-and-Family:Retirement] Most parents want to pay for their children's college education, or at the very least help pay for college. Paying for both college and retirement will be challenging for most parents. Here are some suggestions to help you to achieve both goals:


  • Retirement Plans for Solo Entrepreneurs
    [Home-and-Family:Retirement] Saving for retirement is even more important for solo-entrepreneurs because you don’t have a company sponsored pension plan or matching 401K contributions to rely on. There are many retirement plans available to self employed individuals and small businesses. Which one is right for you?


  • Five Steps to a Comfortable Retirement - Without Winning the Lottery!
    [Home-and-Family:Retirement] A survey by the Consumer Federation of America shows that 27% of Americans believe that their best chance to gain $500,000 in their lifetime is to win a sweepstakes or lottery. Fortunately, building a comfortable retirement nest egg is easier than you think. Here are five steps to help you build a comfortable retirement:


  • Roth IRA or 401K - Which is Better?
    [Investing:IRA-401k] Q: I am trying to decide if opening and contributing to a Roth IRA would be a better option than contributing over and above what my company matches in my 401K. A: Ideally, it’s best to max out both your 401K and Roth IRA accounts; the more you can save for retirement the better. However, for many people this is not possible, so the question then becomes which account should I invest in first?




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