Everything There is to Know About the New Child Tax Credit
The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial impact on Americans struggling through the COVID-19 pandemic. There are changes to many aspects of the credit, so let’s look at each one below.
Monthly Payments Versus...
How Businesses Can Hedge Against Increasing Inflation
Inflation is on the rise. According to a recent Economic News Release from the U.S. Bureau of Labor Statistics (BLS), the Producer Price Index for final demand grew by 1 percent in March. February saw “final demand prices” grow by 0.5 percent; and January’s final demand prices increased by 1.3.
According to BLS, the Producer Price Index (PPI) consists of many indicators and...
How Will a Steepening Yield Curve Impact Markets?
Based on data from the Federal Reserve Bank of St. Louis, the spread between the 10-year and two-year constant maturity Treasury rates increased by 66 basis points – from 0.48 percent in July 2020 to 1.14 percent by February 2021. Due to the Federal Reserve’s open market operations, two-year notes have fallen to near 0 percent, while the 10-year yield has risen higher.
Experienced...
New Rules and Ways to Use HSAs/FSAs
People who own a high-deductible health insurance plan may have the ability to open a health savings account (HSA). They can contribute pre-tax income to an HSA and invest the money for tax-free growth in a variety of mutual funds, stocks and exchange-traded funds (ETFs).
The funds may be withdrawn tax-free when used to pay for qualified expenses, such as the plan’s high deductible,...
7 Ways to Save 10K a Year
If you’re scratching your head and wondering if we’ve lost our minds, please keep reading. You can do this. All you need to do is plan your steps – and stick to it. After all, Confucius says, “A journey of a thousand miles begins with a single step.” So let’s get moving.
Save Before You Spend
This might well be the opposite of what you do: you get your...
E-Invoicing Presents Opportunities for Businesses to Save
Invoicing is an important process in any business. Unfortunately, it’s also a laborious process that requires accuracy. With technology advances, businesses have tried to use various means to ease the invoicing process. Some outfits send scanned invoices; others might transfer PDFs through email; and some still use manual invoices. In this technology age, businesses are choosing to...
Advancing Healthcare Initiatives, Small Business Funding and Protecting the Elderly from Scams
FASTER Act of 2021 (HR 578) – This bill expands the definition of major food allergens for food-labeling purposes to include sesame. It is designed to protect Americans with food allergies and related disorders that could be affected by anaphylaxis, food protein-induced enterocolitis syndrome, and eosinophilic gastrointestinal diseases. It also authorizes the Department of Health and...
Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer or during a meeting, raise them yourself.
1. Did you receive...
Some Businesses Rely on Line of Credit to Escape Damages Caused by Pandemic
As businesses attempt to work their way through to a post-pandemic world, there are various means to bridge the financial gap. As recommended by the U.S. Small Business Administration (SBA), some companies can use a line of credit to reach international customers or opportunities outside the United States to make up for the damage COVID-19 caused with fewer domestic sales. How can businesses...
How Will Surging Oil Prices Impact the Economy in 2021?
Now that the Keystone XL pipeline is being shut down and southern parts of the United States are experiencing extremely cold weather, how will increasing oil prices impact the economy as the COVID-19 vaccine is being rolled out?
With West Texas Intermediate (WTI) crude closing at $58.22 per barrel on Feb. 11, 2021, and likely higher due to the cold snap in the United States, the price of oil...