Basic money management isnt taught in school. So, it falls on parents to teach kids about money. Use these tips to help your kids learn the value of money. NO MONEY TREES Teach your kids that money doesnt grow on treesits earned. Likewise, teach them to earn and save up money for things they want. … Read more
On October 26th, 2020, the IRS issued the inflation adjustments and tax rate tables for 2021 (Rev. Proc. 220-45). These adjustments and tax rates will apply to individual, estate, and trust returns for tax year 2021. What Do You Need to Know? The standard deduction has been increased to the following for each filing status: … Read more
A Brief History Everything is bigger in Texas, even bankruptcy protections! A substantial number of Americans who settled in Texas back in the oldays did so because they were heavily indebted and hoped to escape their creditors by moving to what was at that time a different country. Texas accommodated its new residents by enacting … Read more
AUDIT DECLINE The IRS is auditing fewer returns. In 2019, it audited only 0.4% of individual returns. Thats about one out of 250 returns. The bulk of all IRS audits are done by mail and focus on narrow issues. In 2019, taxpayers claiming the earned income tax credit saw increased audit rates. About 1.2% of … Read more
QUESTION: I have an older car that I am considering donating. Can I get a tax deduction for the donation? ANSWER: It depends. You first must donate the car to a qualifying charity. Donating it to a family member wont qualify for a deduction. You also must itemize deductions on Schedule A to do it. … Read more
Purse snatching is a crime of opportunity, but you can take steps to help protect yourself. Start by leaving these items at home: Social Security Card – Your name and social security number are all a thief needs to steal your identity. Spare Keys – Since your drivers license has your address, a thief now … Read more
If it isn’t bad enough owing back taxes and receiving notices of the ever-growing interest and penalties but, to make things worse, the Internal Revenue Service (IRS) has collection methods that can wreak havoc on your daily life. In the arsenal of collection methods exploited by the IRS are Federal tax liens, a levy on … Read more
The COVID-19 pandemic disrupted everything from education to business as we know it. Here are some considerations as you continue to run your small business during these challenging times. VIRTUAL VS. IN-PERSON With stay at home orders, lockdowns and temporary closures, your employees had to work remotely to keep business running relatively smoothly. Now that … Read more
Unfortunately, some parents believe that if they died prematurely guardians for their child(ren) would automatically be the Godparents. This may be their wishes, but unless they properly draft legal documents, the court will decide what happens to the childrenand your assets. SET UP A TRUST While you can name a guardian in your will, you … Read more
As these last few months have shown us, the world is indeed changing and with it, we may need to change the way we exchange our money. Similar to how the credit card changed the way our money is exchanged, cash apps such as Zelle, Venmo, and Square are here to do the same. As … Read more