Financial Advice for Recent Graduates

May and June are the months to celebrate graduations – to some, the beginning of adulthood. Whether you are graduating from high school or college, there are certain money tips recent grads should follow to get started on the right food – and avoid debt and other financial problems. Here are our top five picks: Be smart with credit cards – Always try to pay … Continue reading Financial Advice for Recent Graduates

Tax Filing Tips

Are you overwhelmed or confused about filing your taxes? Don’t fret – you still have time! And we have compiled a list of tax filing tips, along with irs.gov, for your use! Take these tips into consideration when filing your taxes this year:

  • Consider filing electronically. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as little as 10 days. If you are filing a paper return, be sure to carefully check all numbers.
  • Double check identification numbers. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund
  • Check all figures. If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due. Continue reading “Tax Filing Tips”

Turn Unexpected Income into Savings for your Future

Tax rates have changed this year, and many people will see a slightly smaller tax bill due to this temporary reduction in Social Security taxes. This translates into an increase in your take-home pay. Instead of spending this money, start (or increase contributions to) a retirement plan. You can also always begin a savings plan. This is a great opportunity to do something for your … Continue reading Turn Unexpected Income into Savings for your Future

Year-End Tax Tips

As reported on abcnews.com, here are some tips on savings for the upcoming tax season: Invest in a retirement fund – most tax experts suggest this because it is an easy deduction. Taxpayers may invest in an IRA account until April 15 or a 401k plan until December 31. Charitable giving – this is good for your taxes and society. Taxpayers can deduct most charitable … Continue reading Year-End Tax Tips

Last Minute Tax Filing Tips

Are you still working on your tax return? With the deadline very close at hand don’t fret, but take these tips that the IRS offers into consideration while finishing your tax returns.

  • Consider filing electronically. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as little as 10 days. If you are filing a paper return, be sure to carefully check all numbers.
  • Double check identification numbers. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund
  • Check all figures. If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due. Continue reading “Last Minute Tax Filing Tips”

Reasons to Contribute to your 401(k): Week 4 of 4

Last week we discussed why tax breaks are a great motivation to contribute to a 401(k). In this fourth and final week, we will discuss our last reason why you should contribute.

Reason number 4: Your money can go with you, job to job – If you change jobs, you can put your money into your new employer’s 401(k) plan, or roll the money into what is known as a Roth IRA. You have 60 days to rollover the money; after that time you have to pay taxes on that money and a 10% penalty if under the age of 59 1/2. Continue reading “Reasons to Contribute to your 401(k): Week 4 of 4”