“Gambling, investing in cryptocurrency or backing a friend’s new venture are among the worst possible ways to spend a tax refund, writes Geoff Williams” in US News and World Report.See; The 5 Worst Ways You Can Spend Your Tax Refund https://money.usnews.com/money/personal-finance/taxes/articles/2018-03-20/the-5-worst-ways-you-can-spend-your-tax-refund Much better options: pay down credit card debt, pay down other debts like car…
Month: March 2018
Change in medical expense federal tax deduction for 2018
The threshold for claiming the medical-expense deduction is 7.5% of adjusted gross income for 2017 and 2018, potentially letting more people qualify. Sarah O’Brien explains A taxpayer with adjusted gross income of $50,000 would need a minimum of $3,750 in medical expenses to reach the temporary 7.5 percent threshold. That compares with $5,000 — $1,250…
Is your college student using federal student loans to finance spring break?
The Squared Away Blog reports: New Use for College Loans: Spring Break! “Yup, more than half of college students are using some of their student loan money to pay for spring break.” See: http://squaredawayblog.bc.edu/squared-away/new-use-for-college-loans-spring-break/Even if college students are paying their own way (with earned income) for fancy week-long get-aways… should they be using funds in…
Looking for savings options that pay more than 1/10th of 1%?
Check out Jean Chatzky’s advice on where to find the best savings options today, “How to grow your savings and reach your short term goals faster,” at: https://www.nbcnews.com/better/business/how-grow-your-savings-reach-your-short-term-goals-ncna857871 “Although the average savings accounts are (as we noted) paying peanuts, the best are paying almost 20 times that much. You just have to search for them…
Unauthorized charge for Amazon Prime?
I was surprised to find a charge for Amazon Prime membership on my credit card. I occasionally order from Amazon but never joined Prime. When I called my credit card company to dispute the charge I was told that this happens all the time to Amazon customers. The credit card rep told me to call…
If your retirement funding plan is to keep working… reality check needed!
Think the solution to inadequate retirement savings is to keep working? That’s what a lot of people thought until… poor health, layoff, age discrimination, or caregiving needs interfered. Fully 61% of retirees left the paid workforce before they planned… and not on their own terms. Even part-time work may be unrealistic; only 29% of retirees…
Time to update your income tax withholding
With the changes in federal income taxation resulting from the recently passed “Tax Cuts and Jobs Act,” NOW is the time to update your withholding. With so many changes in federal income taxes, including an increased standard deduction, elimination of personal exemptions, increases in the child tax credit, limited or discontinued certain deductions, and changes…
How much do you know about Credit Scores?
How much do you really know about your credit score? How much is myth vs. fact? Take this 12-question quiz. It won’t take long—but the knowledge can go a long way toward improving your score. http://www.creditscorequiz.org/ Source: Financial Planning for Women