The federal government now approaches two weeks of the partial government shutdown. Government shutdown impacts tax refunds The IRS is only providing partial services.  The IRS will not at this time process tax refunds, process 1040x – amended tax returns and halt examinations and audits.  However, keep in mind, the IRS is still processing tax returns, payments and criminal investigations will continue as planned. With tax season starting January 29th, this is a big deal.  Taxpayers who may rely on their tax refunds (if the government shutdown continues) will more than likely experience delays.  Also, certain agencies will not be
The federal government goes into its second week of a partial government shutdown. President Trump and leaders have come to a halt concerning the funding for a border wall among Mexico borders. The shutdown began shortly before Christmas and White House chief of staff indicated it can “go on for a while.” What agencies are impacted? According to the Wall Street Journal, nine federal agencies are impacted. These include federal agencies such as those that provide museum services, passports and zoos are closed during this time. In addition, some agencies such as Small Business Administration and Federal Housing Administration, who
Here are a few tax deductions that will disappear in the New Year! Personal exemptions Prior to 2018, individuals were able to claim an exemption equivalent to $4,050 per person. This exemption included amounts for individuals, dependents and also spouses included on the tax return. However, this will no longer be the case. Beginning in 2018, individuals will no longer be able to take a personal or dependency exemption. Casualty and theft losses Prior to 2018, individuals were able to take a casualty and theft deduction for losses. For instance, if a person lost property due to a flood or
We are just days away from Christmas! And if you have yet to complete your shopping list, here are a few great gifts that will not break the bank. And more importantly, they are all from local businesses! UglyBettyBoyCrush.com I am in love with UglyBettyBoyCrush stackable bracelets! Also, these bracelets are priced at or near $15 each and can be customized to your preference! Pile them on for a fashionable look and personalized them for your style! Yadig Who doesn’t love a great t-shirt! More importantly, what better way to represent your city? These t-shirts are great for anyone on
Debt can be daunting.  According to Finder.com, millions of Americans take on debt from a current or past relationship totally roughly $250 billion dollars.  The study found that one out of every three individuals surveyed owed a debt from a close relationship (past or even present). And even more eye-opening, the amount of debt averages about $11,000 per individual! But if you find yourself owing money because of someone else, here are a few things you can do now: #1 – Take it as a deduction If someone owes you money, whether it is a friend, former spouse or colleague,
According to MarketWatch, the median (the middle point where half of all households fall) net worth is approximately $97k per household. And while this number, of course, may vary depending on your personal financial status, today we have a few tips to increase your net worth. First, what is net worth? I often like to say “Income is great, but net worth is better!” This just means that your net worth is determined by your assets (real estate, investments, savings, and other assets) minus your liabilities (credit card debt, student loans, mortgages and more). While income can help build wealth,
We are now approaching one of the most significant shopping weekends of the year! The National Retail Federation estimates that more than 164 million people plan to shop this weekend. Not just Black Friday, but consumers are expected to shop from Thanksgiving Day to CyberMonday. Here are a few ways to get the most out of Black Friday Weekend! Before you head out this weekend, make certain to check out this app – Thank God Its Black Friday App! This is a great app because it allows you to search through all the great deals in one place.  You can also create
As we approach the end of the year, this is a good time to consider a few good money moves that will make a difference in your finances. 1. Check Your Tax Withholdings Take a few moments and utilize a tax calculator to estimate your expected taxes for the year.  With the changes to the tax code, individuals may be in for a surprise.   The Internal Revenue Service (IRS) has a withholding calculator that can quickly estimate your expected tax liability. Using information from your last paycheck, projected profits from self-employment and rental activities, current deductions and much more, you can
Here are a few great budget apps to help you stretch your dollar! Transportation – #1 SpotHero This is one of my favorite apps!  This parking app allows you to search for parking garages, valet, and other parking areas to locate the best price.  The great thing about this app is that you can choose the times you desire and the lots that are close to you.  It searches all nearby parking options and provides you with options to park at a cheap rate.  And the best thing is that the prices are often cheaper than what is offered by the
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  The midterm elections brought about many changes across the United States.  With the recent changes, there could be some impact on your finances. Your Taxes Within the last two years, we witnessed one of the biggest changes to the tax code through the Tax Cuts and Jobs Act.  This measure easily passed both the House and Senate before making its way to the President’s desk.  While the tax reform act has made several changes to the Code, individuals can expect to see a major change in the following areas: Standard Deduction – Many individuals will no longer have a need to
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