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...]
Nancy J. Winter, CPA – Staying on Track With Your Monthly Budget
Now that you’ve made that budget, how do you stick with it? It can be hard at first, but the longer you do it, the easier it gets. You need to be consistent, but a few tricks will help you achieve some of those goals. [Read more...]
Nancy J. Winter, CPA – Basic Budgeting Tips You Should Know
Budgeting lies at the foundation of every financial plan. It doesn’t matter if you’re living paycheck to paycheck or earning six figures a year, you need to know where your money is going if you want to have a handle on your finances. Budgeting is about understanding how much money you have, where it goes and then planning how to allocate those funds best. [Read more...]
Nancy J. Winter, CPA – What is a Life Insurance Death Benefit?
A death benefit is a sum of money paid out to the beneficiary or beneficiaries of a life insurance policy, as long as the insured died while the policy was in effect. The death benefit is the primary purpose of buying life insurance coverage; it’s what your premium payments cover throughout the life of your policy. [Read more...]
Nancy J. Winter, CPA – 2021 Advanced Child Tax Credit Payments
For tax year 2021, there is a bigger and better child tax credit. In addition to higher credit amounts, families can receive part of the credit in advance through monthly payments from July to December, 2021.
For this year only, the credit amount is increased from $2,000 per child to $3,000, ($3,600 for children under age six), 17-year-olds now qualify, and the credit is fully refundable. [Read more...]
Nancy J. Winter, CPA – Why You Need a Will and A Power of Attorney
When you hear, ‘estate planning’ what is the first thing that comes to mind? For most of us, it includes how our physical assets will be dispersed upon our death. While this indeed does apply, estate planning also determines how a person’s assets will be managed and distributed before their death if they become impaired. It also includes who will care for our children before they are of an age to manage things themselves. This is why it is never too early to begin the planning process. [Read more...]
Nancy J. Winter, CPA – Child and Dependent Care Credit for 2021
Paying for child care or adult dependent care is one of the steepest monthly expenses many families face. But without care, parents may not be able to leave home to earn a living or go to school. With the passage of the American Rescue Plan Act (ARPA) in March 2021, qualifying taxpayers could see significant tax benefits when they file their 2021 income tax returns. [Read more...]
Nancy J. Winter, CPA – Should I Purchase Umbrella Insurance?
You probably already buy a variety of insurance policies to protect your assets and your loved ones. But beyond the standard auto, homeowners or life insurance policies, you may have overlooked an important and affordable type of insurance: umbrella insurance. That's largely because the financial protection it provides comes into play only under certain—but often vital—circumstances. [Read more...]