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Taxes  June 17, 2021
Big Changes with the Child Tax Credit – Including an Advance Payment

The American Rescue Plan Act of 2021 really helped many taxpayers with 2020 Federal income taxes. But there are also tax changes for the tax year 2021 that will impact many taxpayers. One of these changes is an expansion of the Child Tax Credit for those eligible for the credit in 2021. Here is the…

Should I Save If I’m in Debt?

Saving money is important. Saving might seem difficult, especially if you are struggling to make ends meet or if you are in debt. However, everyone can create a savings plan. Even as you work toward paying off debt, saving is necessary and possible. If you put all of your money toward debt, you won’t be…

What Are the Best Alternatives to a Traditional Savings Account?

A basic savings account can be a great place to start when you’re new to saving. It’s also an excellent choice if you have a small balance. There are alternates if you need a more robust savings plan or want to increase the amount of interest being paid. Money Market Account A money market account is a…

What Is a Roth IRA?

A Roth IRA (Individual Retirement Account) allows you to save up to a certain amount of money in a non-deductible, after-tax account. Contributions to the account are not tax-deductible, but funds grow tax-free. Any withdrawals made after age 59 ½ ...

Should I Open a Savings Account for My Kids?

Before opening a savings account, think about why you and your child are saving money. Here are some common reasons Pay for future education expenses Help your child manage the money they make from their job Give your child a lump sum of money when...

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