Similar to physical health, financial health is fundamental for a successful and happy life. Being unable to pay your bills, having little or no savings, and being stuck with a low credit score can significantly impact your quality of life. [Read more...]

With the beginning of the school year right around the corner, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2024 when they file their federal income tax return in 2025. If filing a joint tax return and both taxpayers are educators, you can each claim up to $300 in expenses for a total of $600. [Read more...]

If you're one of the millions of self-employed people who have to pay for your own health insurance for yourself and your family, you might be entitled to a special tax deduction.

Self-employed people who qualify are allowed to deduct 100% of their health insurance premiums (including dental and long-term care coverage) for themselves, their spouses, their dependents, and any nondependent children aged 26 or younger at the end of the year. It's important to understand, however, that this isn't a business deduction, it's a special personal deduction for the self-employed. [Read more...]

Whether you are a new parent wondering what to do with your baby’s monetary gifts or have older children in desperate need of a savings plan, the time may be right to open a savings account for your offspring.

Children can benefit greatly from becoming familiar with savings accounts and banking at an early age. Not only can they learn how interest can help grow their money, but it can give them firsthand insight into the importance of saving and budgeting. [Read more...]

Mistakes happen, even on income tax returns. This is why the IRS allows taxpayers to correct their tax returns if they discover an error on a return that's already been filed. Thankfully, whether the mistake is in your favor or not, filing an amended tax return can be the next best step. Following are some tips on how and when to file an amended tax return. [Read more...]

While most older adults hope to age in place in their own homes or communities, changes in their health and physical abilities often bring health care and housing service alternatives into play. Following is a list that provides a brief description of these alternatives.

In-home care - With in-home care, paid caregivers come into the home to assist with activities of daily living, including grocery shopping, grooming, light housekeeping and meal preparation. Some also provide help with personal care, such as bathing and toileting.
Caregivers who provide these services usually are referred to as home health aides. They do not perform medical duties, although they can do basic health care tasks such as checking clients’ vital signs and monitoring their mental and physical condition. [Read more...]

During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you’ve paid over the past few months might qualify for tax credits or deductions come tax time. If you organize your tax records now, you’ll make tax filing easier and faster when you do them next year.
Following are some tips on tax record keeping. [Read more...]

Whether you’re starting a new job or it’s open enrollment season at your current one, it’s important to make sure you're getting everything you can from your health insurance plan. Even if you’re planning to stay on the same plan, you should still take time to review a few things before re-signing. [Read more...]