As we approach the end of the year, we want to extend warm wishes to you and your loved ones. The team at Myrick CPA hopes this finds you in good spirits, anticipating the fresh opportunities and successes the New Year will bring.
It’s no secret that marriage is a life-changing event, often in ways you never expected. One of those oft-overlooked changes is the impact that getting married can have on your taxes. Learn more about the eligibility criteria and explore the best strategies to maximize your savings. Whether you’re newlyweds or are celebrating a milestone anniversary, a better understanding can help you and your spouse make more informed financial decisions. There are a relatively broad range of tax breaks for married couples. Discover the advantages and benefits, all of which have the potential to lead to significant savings.
You don't have to listen to the news to know that each paycheck seems to disappear faster than ever these days. Inflation affects every aspect of life, such as grocery shopping, commuting, air travel - nothing is left untouched. One of the most effective tools available to counter the effects of the rise in prices and decline in the value of money is a household budget. Here’s some ways you can fight inflation by getting back to budgeting basics.
The new Clean Vehicle Credit, a federal tax credit to make new and used electric vehicles - EVs - more accessible and affordable, may be confusing. Here, we will discuss some highlights of this tax credit that can also be used as a rebate when purchasing certain electric or plug-in hybrid vehicles.
When you're starting out - new careers, new location, new relationships - you probably get lots of advice about planning for your future. Sure, you're fully engaged in budgeting your income and thinking about lifestyle priorities. Still, it's a good idea to start working with a financial advisor to develop your long-term financial plan.
It’s time to talk about student loans to keep our clients up-to-date regarding relief for financial burdens exacerbated by the pandemic. Over 43 million people have student loan debt, which represents debt felt by all of their immediate family members, making student loan debt a subject that affects at least 160 million people’s finances.
The true key to building wealth lies in building assets. And the first step toward building assets is to get serious about tax planning. Regardless of how much money you make, you can start converting your income into assets using smart tax strategies.
We recently posted a New York Times article "Does Personal Finance Still Work in Our Changing Economy?" on our Facebook page. It opened with references to Income Volatility, an economic situation that many Americans find themselves in today. If irregular employment, inconsistent work hours, and unpredictable income are the new normal in your life, does it mean that you should give up on savings and retirement planning?
Some don’t think filing early is a big advantage, especially if they plan to get a refund and won’t be penalized for late returns. Others file extensions to defer paying taxes. Here are some of the reasons you should think seriously about filing your tax return as early as possible from year to year.
With careful management, any amount of money you make can work hard and increase in usefulness and the ability to create wealth, stability, and comfort for you and your family for generations. Conversely, even with an incredibly generous income, if not strategically managed, you can end up with cycles of debt, and chronic financial anxiety.