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These DYI tax services out here are going to get a lot of people in trouble.
Here's a question from a client:
"So on Free Tax USA it gave us the idea that both (divorced) parents could file a child on their return. True or false?"
My response: "FALSE! I'm sure you've misinterpreted what you read. There are ways to "split" a child, but not like that. It's complicated."
TEACH YOUR CHILDREN ABOUT MONEY
Unfortunately, most schools don’t teach money management. Money habits whether good or bad are passed down through the generations at home. What were you taught?
Is it the same thing you want to teach your children?
www.amazon.com/Teach-Your-Child-Fish-Habits/dp/069270390X/ref=sr_1_2?dchild=1&keywords=teach+your...
Teach Your Child To Fish: Five Money Habits Every Child Should Master
www.amazon.com
Teach Your Child To Fish: Five Money Habits Every Child Should Master
When people retire they are often SHOCKED that they still have to pay taxes.
Yep... my 80 year old clients are still paying taxes; ESPECIALLY if all your retirement savings are comprised of tax deferred income. You're really pay.
Oh, and the surprise in learning that a portion of your Social Security income IS taxable unless SSA is pretty much your only income source.
Remember this:
"The only thing that is sure is death and taxes."
www.ssa.gov/benefits/retirement/planner/taxes.html
Benefits Planner | Income Taxes And Your Social Security Benefit | SSA
www.ssa.gov
This Social Security planner page explains when you may have to pay income taxes on your Social Security benefits.
Tax Breaks for Private K-12 Schooling???
"In most circumstances, you won’t get a significant break on your taxes by sending your kids to a private school from kindergarten to grade 12."
Basically, you MAY get a tax deduction IF private school is medically necessary, and your child's doctor provides an official document stating so.
turbotax.intuit.com/tax-tips/college-and-education/tax-tips-when-sending-kids-to-private-or-publi...
Tax Tips When Sending Kids to Private or Public Schools - TurboTax Tax Tips & Videos
turbotax.intuit.com
The decision to send your child to a public or private school is a personal choice. If you settle on private K-12 schooling, there are a few benefits that can help to reduce your federal tax liability and, in some states, your state tax as well. You’ll really see a tax benefit, though, when you se...
Investing may be less complicated than you think.
Key takeaways of this article
✔️You don't always have to take on a lot of risk to hit your financial goals.
✔️You don't have to be an expert to invest in the stock market—you don't even have to manage your own investments. You can get low-cost investment management in several ways.
✔️Investing is for everyone—no matter how much or how little money you start with.
www.fidelity.com/learning-center/personal-finance/myths-realities-stocks
Myths about stocks | Best time to invest | Fidelity
www.fidelity.com
There are many misperceptions about the stock market including that you have to be rich to own stocks, you can wait for the best time to invest, and, finally, that investing is too complicated. Read here to find out the reality.LATEST BLOG POSTS
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