Underneath the still water of car insurance lies an unseen monster that comes up and attacks every car owner who has their car replaced after an insurance company declares the vehicle a total loss. Consider this true story: Becoming a victim…twice Your daughter is rear ended by a distracted driver while waiting to turn left….

Tax incentives for purchasing clean (electric) vehicles and installing high efficiency home improvements are some of the featured provisions in the recently-passed Inflation Reduction Act (IRA). Here’s a closer look at some of the bill’s tax provisions regarding the new incentives. Clean Vehicle Credit (formerly Plug-In Electric Vehicle Credit) Here is a summary of the…

You probably know how easy it is to spend a lot of money while on vacation. The best way to avoid overspending is to know the problem areas and be prepared before you go. Here are five typical vacation spending traps (and tips to avoid them): Paying full price. If you plan on going to an…

Credit scores are used to determine interest rates on mortgages, car loans and even the amount you pay for insurance premiums. Because of this, it is a good idea to review ways to improve yours. Here are some ideas: Look for errors on your credit report. The place to start is a review of your credit…

You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main benefits of turning your hobby into…

IRA’s can be a powerful tool to lower taxes all while saving for retirement or other predetermined uses. Here are five lesser-known things about IRA’s: A nonworking spouse can have an IRA. If your spouse doesn’t work, you may still be able to open and contribute to an IRA for your spouse, assuming that you work…

Your business mileage tax deduction just became more valuable for the rest of 2022 after a recent announcement by the IRS. Starting July 1st, the IRS’s business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per…

Be aware, be prepared Inflation is upon us, and a hidden gem used by companies to combat price increases is often hidden from the unaware. It’s called shrinkflation. Here’s what you need to know about this hidden price hike and what you can do to cope with its effects. Defining shrinkflation Shrinkflation is the technique…

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps.   Home office tax surprise. If you deduct home office expenses on your tax return, you could end up with…

Time for the classic banking approach to make a comeback? For years, savings and checking accounts provided very little in the way of interest income. In our current inflationary times, however, interest rates are on the rise. What is also on the rise is the comeback of traditional banking products. Here is a review of…