Money

Befriend Your Money and Reap the Benefits

What’s your relationship with money? Maybe your personal finances are like a distant cousin you barely think about — or an unsettling stranger you avoid. Or perhaps money feels like…

If You Can’t Afford Rent, Should You Open A Loan To Pay It?

When you’re running low on cash and can’t afford your rent, you can feel uncertain about what to do. One solution to consider is a personal loan for rent. It can provide you with quick access to the cash you need to keep the roof over your head. However, this short-term fix might not be […]

Tax Benefits Of Caring For An Aging Relative

MoneyTips

Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings.

There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe.

First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primary criteria are that they must be a relative, you must be providing over half of their support, and their gross 2020 income must be less than $4,300.

The definition of relatives includes stepparents and in-laws. They do not...

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Stepped Up Basis Reform: Biden’s Middle-Class Tax Hike?

President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly […]

8½ Birthdays That Can Affect Your Retirement

You hit a lot of milestone birthdays when you’re young. There’s your first birthday, of course, and also the one where you turn 10 (finally, double digits!). At 13, you’re…

One-fourth Of Young Americans Delaying College Because Of Pandemic

The pandemic has shaken up life as we know it—and it’s hurting young Americans’ plans to go to college.   The 2021 Junior Achievement Teens and Personal Finance survey, which gauges how teens are thinking about their financial futures, found that one-fourth of class of 2020 high school graduates were delaying their plans to attend college […]

Travel Insurance For Grandparents Traveling With Grandchildren

With the roll-out of Covid-19 vaccines, grandparents will again be able to travel with their grandchildren. These multi-generational trips offer bonding and quality time together. When planning a trip with grandchildren, pre-planning and buying travel insurance can be smart moves, especially if you’re planning to travel outside the U.S. Proper Paperwork Having proper paperwork on […]