Does Hiring My Children Work for A Child Over Age 18?
Does Hiring My Children Work for A Child Over Age 18? If you are paying children (or grandchildren) over the age of 18, the child can still earn up to the amount of the standard deduction $12,200 (2019) before they owe any income tax. That’s because of the IRS’s standard deduction that everyone gets. […]
The Best Approach to Paying off Your Debt Quickly? It’s Unique to You
If you asked 10 different people how they were able to get out from under their debts as quickly as possible, you’d probably get 10 different answers. This is because there truly is no one-size-fits-all approach to proper financial management. Every person’s situation is different, and the best method to pay down student loans might […]
Top 5 Financial Retirement Mistakes to Avoid
According to a Northwestern Mutual study, one in three Americans has less than $5,000 in retirement savings. Another 21% of Americans have no retirement savings at all. While most people know that not saving at all is one of the biggest money mistakes in retirement and personal financial planning, there are plenty of other errors you can […]
Creating an Emergency Fund to Help You Weather a Storm Like COVID-19
For years, experts have been saying that everyone – including average citizens – needs to have some type of emergency fund in place to help them get through any “rainy days” that may lie ahead. The advice usually varies depending on the source, but most recommend having an emergency fund equivalent to at least three […]
How Do the Kiddie Tax Rules Apply to Hiring My Children?
How Do the Kiddie Tax Rules Apply to Hiring My Children? The IRS’ Kiddie Tax Rules only applies to unearned or portfolio income. Paying your children would be earned income, so the Kiddie Tax rules do not apply. What are the Kiddie Tax Rules? The Kiddie Tax is a series of provisions […]
Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances
The coronavirus pandemic has changed our lives in many ways, and whether you’re thinking about the physical and social aspects or the financial aspects, there is no clear end in sight. The American economy has fallen to a dramatic degree, and an astounding number of people have lost their jobs or been furloughed for an […]
10 Things to Know About Credit Scores
Once you get above a certain age, you start hearing about a magical thing called a credit score. You hear that everybody has one and that you need to do everything you can to bolster it. You hear that there are things you can do to hurt your credit score and that once you’ve messed […]
Patient Protection and Affordable Care Act – Large Employer Mandatory Health Coverage
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
We’re Officially in a Recession, So Make These 5 Money Moves Now
It has been more than ten years since the United States’ economy has gone through a recession, and when the National Bureau of Economic Research announced in June that we have officially entered another, it hit many Americans like a body blow. The dark financial times we experienced between December of 2007 and June of 2009 […]
This is What Happens to Your Unpaid Debts If You Pass Away
According to one recent study, consumer debt in the United States was approaching an incredible $14 trillion as of the second quarter of 2019. Mortgage debt alone had increased by about $407 billion from a few years earlier in 2017, and credit cards themselves had crossed the $1 trillion mark during the same period of […]