Author: DKSCPA

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...

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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...

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Demystifying the Four Stages of the Financial Life Cycle

Money serves different purposes in different stages of your life and the life of your business. If you are a business owner, you know that you need money for different reasons at different times. Part of wealth management is understanding the financial life cycle so you can better plan your spending and saving habits. Whether you are a business owner or an individual, the financial life cycle will look similar, even if the specifics are different. There are four main stages of the financial cycle with several elements that are somewhat fluid between each one. That’s because your primary...

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Six Simple Ways to Financially Plan for Parenthood and Budget for a Baby

Springtime has arrived, and this season is usually associated with birth–of animals, of flowers, of a rejuvenation of spirit. Though human beings don’t tend to follow seasonal trends of giving birth, with newness on the brain, it is a great time to discuss the way your finances will change when a new addition joins your family and, in short, how to budget for a baby. When you have a baby, life doesn’t only change in terms of not sleeping and trying to find time to shower. Finances change and, therefore, so must your budgeting plan. Between one-time large purchases...

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Top Reasons Why You Should Hire a Financial Planner

When you have any amount of money, you have three main choices of what to do with it. You can save it, you can spend it, or you can invest it. You may think you have the situation under control: you spend what you need to spend and you put the rest away. Or maybe you rarely have enough left over to put away. Maybe you feel it’s important to invest and you end up putting your extra income each month toward an investment. These are all potentially valid approaches to money, but each person’s (and family’s and business’s)...

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