If you own a home, you may have imagined more than once what it would be like to say, “My house is paid off! I don’t have a mortgage anymore!” Go ahead: Add in a little happy dance, and maybe throw a few fist pumps in the air, because paying off a mortgage is a big deal. According to 2020 data from the U.S. Census Bureau, about 38% of owner-occupied homes are owned free and clear; for homeowners under age 65, the share of paid-off homes is 26.4%.
It’s never too early to teach your children self-sufficiency and appreciation for what they have, especially when it comes to finances. But where (and when) do you even start? To help you navigate the subject, we’ve put together these 7 tips to teach your kids about money.
The $1.9 trillion COVID-19 relief package will provide tax credits to more than 36 million American families with children. If you’re one of those families, you’ll need to know how the payments
— which will total up $3,600 per child— may affect your tax return. You will want to consult with your tax advisor for the specific details of this tax credit for children under age 18.
If you’re a small business owner, you probably started your business because you wanted to be your own boss, have the freedom to make your own decisions, set your own schedule and determine your own career path.
You probably didn’t start your business because you love doing taxes. And the challenges small business owners grappled with due to the pandemic have led to both headaches and heartaches for small businesses filing their taxes in 2020. It’s a problem that will persist in 2021, and possibly beyond.
As Thanksgiving and other major holidays approach, it’s the time of year where we reflect on our accomplishments and feel grateful for our prosperity. Many of us express that gratitude by making contributions to the causes of our choice. And we find those causes by researching charities that are aligned with our personal beliefs: If we want to help reduce childhood hunger, we may give to a food bank. If we want to help animals, we make a contribution to an animal shelter.
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