Are you a small business owner with tax questions? The IRS offers a great resource to answer all of your inquires and help take the confusion out of starting a business, filing your taxes, adding employees, and much more. They even offer webinars on a variety of business related topics. Check it out today here: Small Business and Self-Employed Tax Center
Author: Debra Watkins
Savings Goals
According to Ann Carrns for the New York Times Money, Summer is a great time to review your savings goals and adjust as needed. She offers advice from a variety of market professionals as well as best practices to help you successfully reach those goals, even if you’ve fallen behind or failed to start. One simple tip is to print all account statements and highlight frivolous expenses. She also discusses paycheck withholdings, instructions on how to view an online credit card statement, and ways to save more money during the summer on purchases. Read more, Why It’s Smart to Revisit New Year’s Savings Goals Now
Gig Economy Tax Need to Know
What is the definition of gig economy work?
“The term “gig” is a slang word for a job that lasts a specified period of time.” Even though your income is from many smaller jobs, this work is taxable and you should be aware of what you owe at tax time. For more information, reference this article from the IRS website, Gig Economy Tax Center.
Tax Planning Year Round
In this blog post, the IRS recommends ways to keep up with your taxes throughout the year so that when tax time approaches you’ll be prepared and not stressed. A few of the suggestions include, organizing tax records, adjusting check withholding, and saving for retirement. Read more here and start planning for next year’s tax season today. Tax planning doesn’t stop after a taxpayer files a tax return
Financial Challenges of Unmarried Couples
Unmarried and living together? Erik Carter for Forbes walks through the various financial realities of residing with a partner vs. a spouse. From basic money management to estate planning, employee benefits, and tax implications for unmarried couples living in the same home. He compares the monetary pros and cons of domestic partnership and marriage. Unmarried And Living Together? Be Aware Of These Financial Challenges.
What is Changing With FAFSA
It’s college season. Students eagerly await their acceptance letters and are completing scholarship forms to help pay for their schooling. FAFSA (Free Application for Federal Student Aid) forms are required of any student seeking monetary assistance from the federal government for their higher education. In the past, many have complained the application is confusing and frustrating. This year the forms have been simplified but more has changed. Read the details here, How is the FAFSA going to change? How it’ll mean less financial aid for some.
Digital Asset Reporting
Do you have questions about reporting your digital assets? Or if you even need to report them? Martha Waggoner for The Tax Advisor reviews and breaks down the latest instructions from the IRS in her article, Taxpayers reminded about digital asset question and income reporting. She begins by defining digital assets and then offers clear, point by point tips to consider when completing your tax forms.
Creative Ways to Spend Your FSA
As year end approaches, many people are looking for ways to use the last of their FSA (Flexible Spending Account) money. Two options that employers may offer include an extended period of up to two months into the new year to utilize funds or a rollover credit of up to $570. Check with HR to find out if your company offers these perks. Did you know that there are actually many, “fun” and needed products you can purchase as well? Sunscreen, high-end brands included, light therapy treatments, heating pads, allergy medicine, and prescription sunglasses all make the list of eligible items. Check out, Fun ways to spend your FSA before the end of 2022 to learn more and enjoy your shopping trip.
Bigger, Cheaper?
As two of the US largest grocery store chains prepare to merge in the name of big business and promised savings to customers, Benjamin Lorr for the LA Times ponders whether this historic model is actually sustainable. With a quick review of grocery market history, Lorr highlights the logistical issues of a constant growth scenario. He questions company’s practices in the name of savings and feels that bigger does not always mean better for shoppers.
Op-Ed: The grocery chain wars prove that the modern supermarket model isn’t sustainable
Growing Credit Card Debt
Some families were able to pay down credit card debt during the pandemic but in the last two years, with rising food and fuel prices many have had to return to credit card use. One family who had reached financial stability in 2020 has already maxed out two new cards for food and rent. Late fees, rising interest rates, global turmoil, and widespread job losses could add to the financial burden that may families experience in the coming months.
More debt, higher fees: Credit card borrowers face mounting burdens