Be Prepared For These Pandemic-Related Tax Surprises

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were…

Additional COVID Relief Explained

You could soon see, or already have, another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this $900 billion piece…

Get Rid of Your Kids’ Summertime Blues

Have some family fun with these activities (while social distancing, of course!) Let’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of…

Ideas to Help Pay Bills During Tough Times

You’re not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. Millions of American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills. Here are 6 ways to get cash to help pay for your monthly expenses. Apply for state unemployment benefits. Recent federal legislation expands…

Avoid Timeshare Resale Fraud

Are you considering selling your timeshare property? Maybe you’re tired of the annual maintenance fees, or you hope to use proceeds from the sale for a down payment on a new property. Whatever the reason, be aware that scammers are ready and waiting. The scam A timeshare resale scam often starts with a phone call.…

More give in the gift tax

The Tax Cuts and Jobs Act of 2017 increased the federal estate tax exemption to $11.18 million for 2018. That’s per person, so the combined exemption for a married couple can be as much as $22,360,000 worth of assets this year. The same ceilings apply to the federal gift tax, which offsets the estate tax.…

Deducting employee business expenses 

If you work for a business, you might incur certain expenses that are related to your job. In some cases, those expenses can be substantial. As of this writing, in late 2017, Congress is considering legislation that would eliminate miscellaneous itemized deductions, but it appears that they will be available on 2017 returns. That said,…

Weighing the risks of bond funds

Most portfolio allocations call for a mix of stocks (equities) and bonds (fixed income). The underlying theory is that stocks may deliver substantial results over the long term, whereas bonds contribute interest income and lower volatility. As we’ve seen in recent years, stocks can be extremely risky but have recovered from periodic setbacks. Bonds offer…