Don’t overlook these shocking tax deductions for the next tax season. No one wants to watch money go down the drain unnecessarily. Here are 5 of the most surprising tax deductions to keep in mind for next year. Out-of-pocket Charitable Donations Everyone writes off the large sums of money & donations for charitable events, but don’t forget about all the …
Updates with the extension for student loan relief.
The new deadline for student loan relief is now January 31st, 2022. Due to the events of last year and the Cares Act, federal student loans payments were suspended to help those having difficulty making ends meet amidst the pandemic. The original end date was supposed to be September 30th and now has been extended for an extra 4 months. …
Reviewing the IRS online accounts.
If you thought calling the IRS and getting someone on the phone was difficult, the online account system has many challenges as well. Along with the difficulty of creating the account and getting verified, there are many glitches that need to be worked out. According to Michelle Singletary from the Washington Post, “You might end up getting locked out. Then …
Setting Up Yourself For Success: 401(k)
For young adults, it is extremely important to start their 401(k) early to build up that savings for later on in life. Saving a million dollars sounds like close to impossible, but in reality it is more attainable than we originally thought. There are 4 major questions everyone must answer, especially when starting a 401(k). Should I take full advantage …
Handling debt owed this upcoming National Tax Day
National Tax Day is quickly approaching, and many Americans are not surprised by that inevitable taxes they pay each year to the IRS. For those who owe money but can’t afford to pay, deciding how to handle the debt could settle your nerves or put you on a very expensive and anxious path. This weeks blog, we are happy to …
Post-Pandemic Scams Happening To Businesses & Consumers
Identity thieves and scams are increasing as desperation and financial struggles continue. Having billions of dollars in relief money sent out to Americans makes them a target for these corona-virus related scams. Being aware of what these fraudulent messages look like and knowing how to report them is key for all individuals and businesses. The Federal Trade and Commission received …
Kickstarting the economy means more spending, but keep perspective of personal finances.
Throughout the last year, it was pretty much close to impossible to spend an exorbitant amount of money on personal wants such as shopping retail stores, restaurants, and other social activities. Although the economy has much recovering to do, the effects of the pandemic resulted in an increase in Americans saving. Without the temptations due to closure and staying home, …
Important reminders to account for before filing 2020 taxes
2020 has been a very unpredictable year for all of us, especially those running businesses. With tax season among us, it is very important to consider these guidelines before filing. Unemployment Compensation Millions of people, many for the first time, have experienced receiving taxable unemployment compensation. This compensation is taxable and must be included as gross income. Some have opted …
An inside scoop on your next stimulus payment and PPP loan updates
With the hopes of a second stimulus in the air for months, we are finally seeing progress. Congress passed the $900 billion pandemic relief bill which will provide a second stimulus payment of $600 to individuals earning less than $75,000 and $1200 for couples filing jointly earning $150,000 or less. Families with children under the age of 17 may also …
Preparation for the holidays; a few things to consider while shopping
As the increasing cases of the coronavirus keeps appearing in the news, many families have turned to purchasing gifts for loved ones online. We all know people love to give gifts, and sometimes spending can get away from the best of us. We suggest creating a budget for what you can comfortably spend while maintaining your regular spending on necessities. …