As kind of a followup to my post yesterday about talking to your kids about how much you earn, it sounds like all the new manditory personal finance training that schools and parents want are not having the desired effect. See this article in The Wall Street Journal by Charlie Wells for the results of new surveys that show what they should be teaching to help kids with finance: http://www.wsj.com/articles/the-smart-way-to-teach-children-about-money-1422849602 It appears that more math classes are having a positive effect on kids and their financial well being. Maybe it allows them to budget better and plan for savings and retirement. Sounds like something that should be done more in the schools. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Financial Musings of a Burbank CPA: Why You Should Tell Your Children How Much You Make
Have your kids ever asked how much you and your spouse earn? And have you ever blown them off with a ‘none of your business’ or ‘we’ll talk about it when you are older’? Well there are some good reasons to discuss this, especially with teens. See this article in the New York Times by Rob Lieber to see why: http://www.nytimes.com/2015/02/01/your-money/why-you-should-tell-your-kids-how-much-you-make.html?_r=0 Kids will take what you say to heart; if you say it is off limits to talk about, they will think it is a taboo subject and not really understand what they will need to do to get ready for when they have to make their own financial decisions. Understanding that early, especially budgeting, getting insurance and putting money aside for retirement, will get your kids on the right road to their own financial security. It has to start with what you bring in, so that is where it should all begin. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Musings: If You Work, The Earned Income Tax Credit Can Work For You!
If you are an employee, you may qualify for a number of tax credits. Depending on your income and your dependents, the Earned Income Tax Credit can give you a pretty good tax refund. See this IRS tip about the credit with details on qualifying for the credit and claiming it : http://content.govdelivery.com/accounts/USIRS/bulletins/ebe493?reqfrom=share With a maximum refundable credit of $6,143 (last year the average credit was $2,407), it is definitely worth it to see if you qualify and file a return even if normally you would not have a filing requirement. Just remember that it is EARNED Income Tax Credit, so you need some type of earned income (wages, a profitable sole proprietorship, some other business income that you have to pay social security tax on) up to a maximum of $52,427 to qualify. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa