Textbook Tax

A budget is a great financial tool to gain control and insights into your spending habits. Personal finance articles love using the "budget" buzzword; however, these same articles fail to mention the steps needed to develop an effective budget. Budgeting is not an easy task. Budgeting requires tracking, analyzing, and understanding your personal finances and expenses. By mastering the financial technique of budgeting, you will gain control of your financial situation. In my guide to budgeting series, I want to discuss money and finances in a manner that focuses in on the various techniques and methods people utilize to build wealth and financial stability. I am passionate about money management and spending habits, and so, I want to share  my insights about financial control and financial decision making. In doing so , I hope to answer the most popular questions asked in the personal finance category. The questions: How do I cut costs? How do I lower my expenses? How to s...

The U.S. tax return filing due date is April 15 each year. Additionally, you may choose to file an extension that extends your tax return filing due date to October 15 (Please see  Tax Extension: How to file a tax extension? ). Because of COVID-19 and the related economic shutdown, the IRS granted all U.S. taxpayers with April 15 due dates an automatic tax return filing extension to July 15 (Please see  Coronavirus (COVID-19) Tax Impact - Relief from timely filing of 2019 Federal income tax returns ) . However, while your tax return is now due on July 15, you should still file your 2019 tax return early. Like any task, it may be tempting to procrastinate filing your tax return, but by doing so, you may face issues later on relating to your taxes and information. Therefore, you should file your tax return as soon as possible. Below are four reasons why it is beneficial to file your tax return early. Related Posts: -  The Complete List of Tax Credits for Individu...

The market experienced a crazy summer. We saw the market plummet at record rates, followed by continuous volatility caused by further market declines, an inverted yield curve, and ongoing trade war discussions. Talks of recession started during the summer and will continue into the fall. I cannot speak to when the recession will come, but I can speak to what actions to take when we experience an economic recession. For those panicking about the decline in the markets, I have a positive spin on the potential economic downturn. During a recession, taxpayers should take advantage of a declining market by saving on taxes by converting retirement savings accounts. Related Posts -  Five easy steps to decrease spending -  How to file a tax return for your child? -  How to file taxes as an independent contractor? Recession Tax Planning: Roth IRA Conversion As stated, taxpayers can save on taxes by converting a traditional individual retirement arrangement (...

“Money doesn’t provide happiness.” Sure, but money does provide the things that provide happiness. While I am not here to debate the ideology of wealth, I do want to discuss money and finances in a manner that focuses in on the various techniques and methods people utilize to build wealth and stability. My background is in accounting. My passion for money management and financial technique drew me to the field. Now, I want to share my insights about financial control and financial decision making. To begin, I want to focus on a broad, popular personal financial category. The question: How do I cut costs? How do I lower my expenses? How to spend less money? Each question is of course asking the same thing. We want more money and less expenses. Well, the good thing is if you are reading this post, you have taken the first step in lowering your expenses. Lets begin! The Five Easy Steps to Spend Less and Lower Costs: Recognize your spending habits Analyze your spending ...