Come out March 8 to PJ’s Coffee Shop Book Signing! If you ever considered getting your important financial documents in one place for loved ones in case of an emergency, check out “My Financial Prep Planner!” This planner provides an opportunity for you to list out your bank accounts, insurance policies, wills, and other information! Hope to see you there!
If you are seeking to save more, here are a few ways to save. Individual retirement accounts An individual retirement account (IRA) is a way to save for retirement. IRAs can be funded with various options – to include stocks, bonds, funds, cash and more. For traditional IRAs, individuals may obtain a tax deduction on their tax returns and the money grows tax-deferred. For Roth IRAs, while individuals are unable to obtain a tax deduction,
While being a ride-share driver, freelancer or artist is a great way to earn extra income, it can also come with many tax deductions. Getting an understanding of what can help you at tax time is essential so that you do not owe Uncle Sam more than what you expected. Home office deduction If you have a small office at home specifically designed for your business, you may want to consider a home office deduction.
Bad debt expense Does someone owe you a bona fide debt? Did you pay a contractor to perform work, but he or she did not? If you tried to get your money back, the Internal Revenue Service (IRS) would allow you to take a nonbusiness bad debt deduction on your tax return. A nonbusiness bad debt is a debt that is not in connection with a taxpayer’s trade or business on the tax return. Educator expense If
Does Uncle Pete owe you money? Deduct it on your tax return! This can get a little sticky, especially if you are expected to see him at the next family reunion. If you tried over and over again to get your money back, the Internal Revenue Service (IRS) will allow you to take a non-business bad debt deduction on your tax return. So, how does it work? Before you go crazy with this deduction and