According to the U.S. Small Business Administration, when you spend $100 at a small business, $48 stays in the community. Spend the same $100 at a national retailer and only $14 stays.
It’s true — everything changes when you become a parent, including your finances. Besides facing a slew of new expenses, you’re charged with the financial well-being and future of another…
It’s easy for taxes to get lost in the shuffle of life during a normal year. This past year, that shuffle was intensified by the stresses of a pandemic. Thankfully,…
Of all the intriguing things about the home Dan Howson and Bo Bean share, the front door gets the most compliments. The door — white with a round knob and…
GoFundMe estimates that an American has started a COVID-related fundraiser on its site every two minutes since March 2020. But donors shouldn't assume their contributions are tax-deductible.
Hot on the heels of Hilton Amex’s recent round of generous Amex Offers for existing cardholders, comes an even richer new customer offer in two parts. Now, there’s a bonus reward opportunity beyond the upfront points bonanzas, which you can score by meeting minimum spending requirements. The new introductory welcome bonuses on two of the […]
5 simple steps to start filling in your budgeting gaps with Kimberly Palmer, Personal Finance Expert with Nerd Wallet.
Income-hungry investors often seek unconventional opportunities for higher yields. A lesser-known type of investment called a business development company (BDC) may help satiate their appetite. BDCs tend to offer outsized dividend yields—often 5% to 14% or more. Some outperforming BDCs may occasionally offer dividend increases, too, making them attractive investments for income seekers and retirees, […]
As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.
However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.
IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...
The 10-year Treasury gets more press than any other government security and is frequently what people refer to when they talk of Treasuries and Treasury yields. Investors pay keen attention to movements in 10-year notes because they serve as a benchmark for other borrowing rates, such as mortgage rates. When the 10-year yield fluctuates it […]
Identity theft continues to plague credit card holders, and purchasing data increasingly becomes valuable tools for advertisers to target consumers. Virtual card numbers provide extra peace of mind, without compromising ability to make payments and earn rewards. They also provide compelling enhancements to individuals and businesses who need to make payments to merchants. Virtual card […]
Credit unions, credit counseling and even credit cards helped — but so did their resolve to ask questions and put in the hard work.
Once upon a time, being called a millionaire meant you were wealthy. Today, millionaire sounds almost quaint. The term of art for wealth now is high-net-worth individual, or HWNI. This clinical-sounding acronym is thrown around frequently in the financial industry to denote a person or a household with a substantial amount of wealth. What Is […]
Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings.
There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe.
First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primary criteria are that they must be a relative, you must be providing over half of their support, and their gross 2020 income must be less than $4,300.
The definition of relatives includes stepparents and in-laws. They do not...
President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly […]
Applying for a credit card? Not so fast. For first-time card seekers, there are a few things worth knowing, like how credit really works, what to do without good credit history and what to look out for when choosing a card. Here are the most important things to be aware of before you hit that […]
According to 2019 data (released in 2020) from the U.S. Bureau of Labor Statistics, here's a list of the highest-paying jobs that require a ba…
President Joe Biden announced in a speech before a joint session of Congress that he wanted to raise taxes on the richest Americans—by a lot. Jacking up the obligation to Uncle Sam on the top 1% of earners is politically popular, and will ostensibly be part of Biden’s plan to spend more money to help […]
When you use your car for both personal and business reasons and you are not fully reimbursed through your employer for the business expenses, you can deduct those costs from your taxes. How do you go about claiming these deductions? Assuming that you itemize, you have two general paths:
- Standard Mileage Method – The IRS prints flat rates of reimbursement per mile driven for each calendar year. For business use of your vehicle in tax year 2020, the standard mileage rate is 57.5 cents per mile, down from the 2019 value of 58 cents per mile.
- Actual Expense Method – Rather than calculate an average based on miles, you can calculate the actual expenses related to the non-personal use including gas, oil, maintenance costs, depreciation, tolls, parking fees, insurance, and other applicable exp...