For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed parent might still live in his or her own home, but you pay the rent and substantial medical costs. [Read more...]
Nancy J. Winter, CPA – Should I Name My Child as a Life Insurance Beneficiary?
Many people take out a life insurance policy for the purpose of providing for their children should they pass away. Ensuring that your children benefit from your life insurance doesn’t necessarily mean they need to be listed as the beneficiary, but if you choose to make a child the beneficiary, there are some important things to remember. [Read more...]
Nancy J. Winter, CPA – Reviewing Your Savings and Financial Strategies
When are you most likely to do a reality check on your overall financial health? Is it when your investments are doing well? Or is it when the markets are down and you're nervous? Chances are, it's the latter, which may not be the optimal time to make investment decisions. That's why taking the time to do an annual review of your investments and other financial matters makes sense. Here are 5 questions to ask when you do a financial review. [Read more...]
Nancy J. Winter, CPA – Summer Activities That Can Affect Your Taxes
If you started a summer/seasonal job, sent the kids to summer camp, or got married, you may qualify for tax credits. The Internal Revenue Service also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season if your job or marriage status has changed. [Read more...]
Nancy J. Winter, CPA – How to Prevent Medical Identity Theft
Medical identity theft is a type of fraud you might not think of often, but it can have serious financial and even health consequences. Preventing medical identity theft can require keeping your information safe and quickly correcting mistakes in your medical records. As with other forms of identity theft, dealing with medical identity theft can be a headache. [Read more...]
Nancy J. Winter, CPA – Waiting on Your Unemployment Tax Refund?
If you received unemployment benefits last year and filed your 2020 tax return relatively early, you may find a check in your mailbox soon or a deposit in your bank account if you haven’t already. The Internal Revenue Service is issuing another 1.5 million taxpayers refunds as it continues to adjust 2020 unemployment compensation because of the American Rescue Plan. Refunds by direct deposit began July 28 and refunds by paper check began July 30. [Read more...]
Nancy J. Winter, CPA – Are You a Victim of Unemployment Fraud?
Many states have experienced a surge in fraudulent unemployment claims filed by criminals using stolen identities. Using data stolen from prior data breaches, the criminal makes a claim using someone else’s identity to access an increased pool of benefits. [Read more...]
Nancy J. Winter, CPA – What is Passive Income?
Passive income is money you earn without actively working for it — as opposed to earned income from a job. In general, passive income comes from putting something you own — property, money, expertise that you share to work. The revenue you collect are all forms of passive income. Of course, passive income doesn't materialize on its own; it requires an up-front investment of money and time, but it can reap many benefits. [Read more...]