With supply chain snarls still plaguing parts of the U.S. economy, many consumers are turning to gift cards as the holiday present of choice this year. In fact, according to the website Research and Markets, the United States gift card industry is expected to reach $188 billion in 2022. Why is gift card fraud such…

If you have children or grandchildren, you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom. Here are some age-relevant suggestions to help develop a financially…

Here’s a roundup of several recent tax court cases and what they mean for you. Thou Shalt Not Commingle Funds (Vorreyer, TC Memo 2022-97, 9/21/22) Don’t let sloppy record keeping prevent you from deducting legitimate business expenses. The Tax Court agreed with the IRS that business expenses must first be deducted on that business’s tax…

Just like clothing and fashion trends, new phrases and terms have a way of inserting themselves in every day language. For some, these phrases are overused and annoying. For others, these terms do an acceptable job of explaining a situation. Here are a few terms that are making an entrance. See if you recognize them,…

One of the most common reasons businesses fail is due to lack of proper cash flow. The same is often true in many households. Here’s how this concept of cash flow applies to you along with some ideas to improve it. Cash flow defined   Cash flow equals cash coming in (wages, interest, Social Security…

  Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started.   Review your income. Begin by determining how your income this year will compare to last year. Since tax rates are the same, this is…

While there may be legal and Congressional challenges around the recent presidential executive order, here are some questions and answers about what is known so far about the announced student loan forgiveness program. Can the President forgive this debt? Who knows how this will play out, but maybe not. Only Congress has spending authority. And…

Paying bills is inevitable, but paying too much is not. Here are some tips to help you get a handle on your recurring monthly expenses. Investigate your recurring services. Start by taking stock of every service you are currently using. Review your bank and credit card statements and highlight all the charges that look like a…

Very few things in life can create a higher degree of stress than having your Social Security number (SSN) stolen. This is because, unlike other forms of identification, your SSN is virtually permanent. Here are some things that you can do to minimize the risk of having your number fall into the hands of the…