Top 6 Surprising Tax Write Offs that New Business Owners Need to Know

Tax Write Offs

Taxes can be one of the most complicated parts of being a business owner, and the array of new changes that came out in the new tax reform bill in 2017 has seemingly complicated matters further for business owners. On one hand, there are exciting new incentives that entrepreneurial folks didn’t have access to beforehand, such as greater first-year depreciation levels (more on this below). On the other hand, the new tax bill eliminated several tax write offs that employees and employers alike would’ve preferred to keep, such as the deductions for job interview-related travel and entertainment deductions. Whether you’re a brand new business owner or a seasoned entrepreneur who’s still struggling to fully understand the new, post-2017 tax reality … Read more

Top 3 Simple and Best Passive Income Ideas for Retirees

Whether you’re 10 years away from retirement or retiring this year, money management and saving don’t stop when your regular job income does. In fact, financial management in retirement can be a stressful experience if you don’t plan carefully beforehand and continue your saving habits during your golden years. To avoid the panic-inducing question of whether your current nest egg will last as long as you do, there are several retirement mistakes to avoid. Don’t increase your spending, pay attention to potential income opportunities, and never borrow money from your retirement account for nonessential purposes. Luckily, there are many ways to financially secure yourself and your spouse during your retirement years. Thankfully, these strategies don’t necessarily involve taking on a part-time job to … Read more

Is Your Side Hustle Actually Costing You Money?

How To Find The Perfect Work Life Balance At Your Job

Nobody knows how many Americans are actually participating in the gig economy; estimates range widely from 4% to 40% of the workforce. What we do know is that some people have managed to successfully transform their former side gigs into full-time work, while others continue working full-time jobs to support themselves and use side hustles as extra income streams to pay the bills and grow their savings. But, is your side hustle costing you money? The problem with side hustles is that they can complicate your income and tax situation much more than simply being a full-time regular employee elsewhere could. There’s nothing wrong with wanting an extra income stream besides your job, but it’s important to accurately assess whether … Read more

6 Financial Considerations to Make Right After Getting Married

Just Married? You Need to Have a Budget!

In an ideal world, we would all be on the same page as our life partner when it comes to money management practices and even just basic openness and honesty about finances. However, the reality is that people rarely dedicate enough time to discussing the financial side of being in a committed relationship until after they get married. Whether you know very little about your fiancé’s finances or you’re both completely open with each other about your individual and shared financial situations, here are 6 considerations to your married finances that you should make while engaged or immediately after you get married. Who’s the Money Manager? How will you manage money when you begin your new life together? If you’ve … Read more

The Pros and Cons of Alternative Financial Services

How Long To Keep Financial Records

A recent study found that 42% of Millennials have used alternative financial services and 39% of the general population has used these services, which include payday loans, pawnshops, rent-to-own programs, and car title loans. Short-term loans are often risky for borrowers, but there could be some advantages to taking out this type of loan if you’re in a pinch. Pros and Cons of Alternative Financial Services To help you decide whether alternative financial services might suit your financial situation, here are some considerations to make beforehand. Pro: More Accessible If you have a bad credit score, then securing loans or credit cards without a co-signer might be difficult or even impossible. Alternative financial services may be your only option if you’re struggling … Read more

Ask Trim Review – Save Money with Trim Automated Finance Personal Assistant

If you find yourself struggling to save money or find other areas of your budget to cut back on, then you’re not alone. Millions of Americans want to save more money, but it’s easier said than done in many cases. After all, it doesn’t just come down to an individual’s financial discipline. For instance, consumer cable bills have risen 40% between 2012 and 2018, which isn’t something you can easily control for, thanks to the relative monopoly status that cable companies have in their markets. Fortunately, free personal finance apps like Trim have been developed specifically for the purpose of saving you money with as little effort as possible. Even if you think you’ve done everything in your power to … Read more