November 2021

What Age Can a Kid Have a Bank Account?

As a parent, you’re constantly teaching your kids all kinds of life lessons. For example, financial education: Kids pay attention when it comes to how you spend and save your money. And the lessons they’re learning now will influence how they handle money as they get older. Opening a bank account for your kids might be an ideal way to teach them about money management. But it’s important to determine the right age to open your child’s bank account. 
 

How to Budget For Your Next Home Renovation

In 2020, Americans spent much more time than usual working, eating and entertaining themselves inside their homes. That’s due in no small part to the COVID-19 pandemic. One study by the U.S. Bureau of Labor Statistics found Americans spent 10 waking hours a day at home in 2020; in 2019 it was less than eight hours a day. That meant Americans also had more time to scrutinize their spaces — which has led to a serious home improvement boom. Spending for nearly every kind of home improvement and renovation project, from painting and other minor facelifts to a complete home renovation, grew nearly 3% to $420 billion in 2020, and it’s expected to grow another 4% by the end of 2021.

Six Tips for Managing Your Small Business Taxes

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.

How to Research the Best Charities

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.

Everything You Need to Know About the Child Tax Credit for Your 2021 Return

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.