Author: DKSCPA

What Do You Do With Your 401(K) When You Leave a Job?

During the pandemic, there have been many layoffs, and many people have had to leave their jobs due to their children being home from school for months on end. Even in non-Covid times, job turnover is nothing new. One of the benefits of a job is having a 401k, which is a type of retirement account that your employer may contribute to in a matching program. Many people with 401ks use pre-tax dollars to contribute to their account, thereby reducing their taxable income for that year. What happens, however, when you leave your job? Whether through a layoff or...

Read More

What is the Difference Between a 401(k) and an IRA?

You may have heard of a 401(k) account being something employers offer. Your employer may even offer it. But have you heard of an IRA? Both 401(k)s and IRAs are retirement accounts, and you should likely be contributing to one or both of them to plan for your retirement. There are many similarities between these two kinds of accounts, but many important differences, as well. Here we’ll break down for you the unique attributes of both kinds of accounts so you can make educated choices about where you want to place your money. What is a 401(k)? A 401(k)...

Read More

4 Easy-to-Implement Tips to Save for Vacation

Summertime is a big vacation season, and vacations can be pricey, especially if you are taking your family along. Between travel expenses, hotel prices, and the cost of attractions at your destination, you could be looking at a few thousand dollars. Still, there are so many benefits to traveling and taking vacations, including mental health, physical health, and educational growth that you may feel it’s worth the expense. So how do you effectively save for vacation in a way that the expense doesn’t become a burden? We have a few strategies to help you include vacations in your life,...

Read More

All You Need to Know About the Child Tax Credit of 2021

You may have heard that, starting in mid-July, 2021, there will be an enhanced child tax credit for qualifying families. The pandemic has been a rough time financially for many families, so this enhanced tax credit might provide much-needed relief on top of other federal programs like stimulus checks and food distributions. What is a tax credit and how do you know if you qualify? We lay out all the answers here for you so you can have a better picture of what the tax credit means for you. What is a Child Tax Credit? A tax credit is...

Read More

How Much Money Should You Save For Retirement?

You know it’s important to save for retirement. You dutifully put money in a 401k or an IRA or some other retirement savings account, you budget your income, and you try to be as financially savvy as possible. Still–how do you know if you are on the right track? How much money should you really save for retirement? It can be difficult to calculate an exact number, and there’s certainly a wide range of acceptable amounts depending on your location, lifestyle, health needs, and other specifics. However, there are some ways to figure out generally if you are in...

Read More
Free WordPress Themes, Free Android Games