Does Your Child Need to File an Income Tax Return?
As parents, we encourage our children to work so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn?
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The Five Basics of Financial Literacy
Understanding the ways credit and debt work for and against you are some of the first steps toward understanding personal finance. While it’s not useful to be scared of credit and debt and avoid it entirely, there are some things to look out for.
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A Decision Not Made is Still a Decision
Investment inaction is played out in many ways, often silently, invisibly and with potential consequence to an individual’s future financial security.
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Emergency Funds: How Much is Enough?
If saving several months of income seems an unreasonable goal, don’t despair. Start with a more modest target, such as saving $1,000. Build your savings at regular intervals, a bit at a time. It may help to treat the transaction like a bill you pay each month.
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Assess Life Insurance Needs
If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a study conducted by LIMRA, which closely follows life insurance trends, less than half of U.S. households say they have individual life insurance coverage, and 40% of Americans say they need more coverage.
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Building the ultimate budget tracker!
Did you know that every year, nearly 150 million households file their federal tax returns? Typically, the process involves digging through shoe boxes or folders full of receipts, unorganized! It also involves gathering mortgage, retirement and investment account statements! In 2017, most people rely on computer software to take advantage of every tax break the code permits. While you're digging through your financials, why would you not start the reorganization process?
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5 Things That Seasoned Travelers Are Doing
Traveling: some of us travel a lot, and some of us travel very little. For some of us, traveling is a job. According to the Air Transport Action Group, nearly 63 million people are employed, worldwide, in air travel and related industries. There’s bound to be travel wisdom among their ranks. Let's dig a little deeper, shall we?
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What if you get audited?
“Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. In 2017, the IRS audited 0.5% of all individual tax returns. Here's what you can do to reduce to chances of an audit!
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Planning for the Expected
The challenges seniors have met throughout their lives have made them wiser and stronger, preparing them for the unique challenges that come with aging. As we age, the potential for cognitive decline increases, ranging from simple forgetfulness to dementia.
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Managing Stress and Debt
If you are experiencing debt-related stress, you should consider attacking the root of the problem. Generally, it takes time to work down debt, but that doesn’t mean you can’t manage the stress during the interim period. Developing a strategy to eliminate your debt is the first step to lowering stress, since the sense of control that a strategy gives you might furnish you with hope and optimism.
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