Smart Ways to Invest Your Tax Refund
Who can I claim as my dependent?
The question “Who can I claim as my dependent?” has remained a top question for many taxpayers and an area where tax deductions and credits are often missed or misstated on tax returns.
Take the free money!
If your boss offered, you a guaranteed 100% return on your money would you take it? Of course you would! With an employer sponsored retirement plan (401k), your boss literally gives you a tax preferred piggy bank and is willing to put his own money in to match yours. Why anyone would pass up this opportunity is a constant source of frustration for employers and advisors.
How to maximize your 401(k) contributions
As we close in towards the end of 2019, it’s a good idea to look at maximizing your 401k contributions before December 31. The maximum contribution you can make for 2019 is $19,000 with an additional $6,000 if you are over 50. Passing an opportunity to grab that free money from your employer plus the added bonus of compounded tax-deferral is a big mistake.
Credit card debt is your main obstacle to getting ahead financially.
Credit card debt is your main obstacle to getting ahead financially. Those shiny little cards are so easy to use, but we lose sight of the fact that it’s real money we use to buy those really cute boots on sale. Despite our good intentions of paying them off, in reality we often don’t and those boots end up costing far more than the original sale price.