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When tax season rolls around, all we really want is to see a nice return hit our bank account. It feels like a reward for all the hard work we’ve done that year. And you definitely deserve a reward after going through the hassle of filing your taxes. If you’re tired of not getting as big of a return as you feel you deserve, here are a few tips to get just a little bit more out of your tax return this year.
Running a business by yourself is stressful enough, you don’t need the added stress that tax season brings. Whether you’re a seasoned business owner who has had to file your taxes for years, or if this is the first time you’ve had to handle self employment taxes, the entire task is a headache. It doesn’t matter how you look at it, it’s still an undesirable task. Add in the fact that there are a lot more small things that need to be submitted and accounted for when you own a small business, and it’s no wonder that you’re dreading tax season.
There are plenty of financial benefits for buying a home, as opposed to renting one. On top of being able to build equity off of your mortgage, instead of tossing money at rent every month, there are also plenty of tax benefits that serve as incentives to spur the rate of homeownership in this country. Here are some home-related tax deductions that you might be able take advantage of… Continue Reading →
We are in the midst of tax season (everyone’s favorite time of year, right?). Truth be told, a lot of people find themselves stressed during this time of year. Filing taxes can be a complicated process, and one where individuals are stressed to make sure that they get the most money that they are entitled to from their taxes (or that they aren’t losing more than they have to pay). The key to this time of year is to not make it harder on yourself than it already is. Whether you are filing your taxes yourself or through the assistance of a professional tax preparer, the key to making life easier is to simplify your tax process. Here are some tips on how to do just that… Continue Reading →
Of course you don’t want to be thinking about taxes during the fall months, but did you know that there are many different deductions that you can claim that might happen within the next few months? Below are three things that tend to happen in the fall that are tax deductible. See if you can qualify for any of them. Continue Reading →
With summer in full swing, there are many advertisements for summer camps: ballet camps, acting camps, cooking camps, music summer camps, and more. As you decide what camp to send your kids to, you probably have one question on your mind. With the high cost of summer camps, is anything tax deductible if you send your kids to one (or more)?
Read on to find out. Continue Reading →
It’s summertime! And that means the end of the school year. Your teen is probably looking forward to a summer spent sleeping in as late as humanly possible.
We understand that a summer job isn’t for every teen. Your child might be involved in a rigorous sports program, or prefer to volunteer or do other personal development during the summer. However, for many teens, summer jobs are a great way to get practical experience and plan their future.
Some Tips For Parents Helping Working Teens:
Find options inside their field of interest. Does your child love films and filmmaking? A movie theater might be the most fun for them. Have a teen with a green thumb? They can work in a nursery or flower shop. Have a girl that simply loves shopping? Emphasize the employee discount at her favorite clothing store. For animal lovers, there’s petsitting, dogwalking, and grooming.
Take time to hold their hand. Your kid probably doesn’t have a resume. After all, they’ve never done this before. They’ll need your help and input learning how to apply for jobs, and talk about their strengths during an interview.
Utilize your connections, but don’t be overbearing. Many teens get their first job thanks to a family member or friend. In a competitive market, it’s hard to get a top-choice job without experience. However, if their first choice didn’t hire them, let them know how a more accessible job can be a stepping-stone for the future. On the other hand, teens can feel frustrated being forced to work somwhere they didn’t choose and don’t enjoy. Allow them options.
Encourage investment and savings. Now that they’re earning their own money, they probably have some different ideas about what to do with their paycheck. Illustrate the advantages of compound interest. If you need help explaining, check out Dave Ramsey’s site, and Business Insider. But realize that they’re allowed some freedom with their income. That’s what makes a job rewarding, after all.
Respect their work. Sure, it might be a grunt job, and they might be clocking in a lot less hours than you are. However, menial tasks and customer service are more taxing than you might remember, and your teen is just getting used to it. So respect their hard work and let them know that you’re proud of them.
Does Your Teen’s Job Raise Some Questions About Taxes?
One thing that most parents don’t consider when their teen gets a job is whether or not this will impact their taxes. Will your child have to file? Will there be a difference in your own taxes when you claim them as a dependent? Do you still get that Child Tax Credit?
We can help you sort out any confusion. Additionally, if you managed to talk your child into saving some of those summer wages, talk with us about ways that they can make the most of that investment. We’re eager to see you thrive and to teach the next generation smart money management.
Tax season is upon us once again! There is barely one month left until taxes are due. Did you know that 7 million taxpayers don’t properly file their taxes? Don’t let that be you! Filing late and improperly filing your taxes can bring penalties and more stress down the road (you can end up paying 17% extra on late taxes). The sooner you begin to prepare your taxes, the better. You can even begin to prepare to file your taxes today. Below are three things that every savvy taxpayer does to prepare themselves to file their taxes. Continue Reading →