How to Make a Budget for Your Family During COVID-19

“How can you budget your money when you have the same amount coming in as you did before, but now you have everyone at home using more electricity, gas, and water and eating more food?” Submitted by Kelly B. A budget is nothing more than deciding how you will spend money before you get it.…

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If I receive unemployment insurance, are my benefits taxable?

Unemployment benefits are taxable income. They are subject to federal and state taxes (if your state taxes income). You can choose to withhold 10% in federal taxes from your benefits by completing a W-4V and giving the form to your unemployment office. Some states automatically withhold taxes; some states do not. Go to your state’s…

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Should I defer payments on my bills?

The pros and cons of deferring payments during the COVID-19 crisis As you look for help to make ends meet, you may be looking at the increasing amount of creditors offering the ability to delay payments. It’s great companies are taking quick action to help with the financial impact of COVID-19. But proceed with caution…

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Will I receive a stimulus check?

How does the stimulus check work? The coronavirus stimulus check is an advance on a 2020 tax credit. This means if you do not get a check in 2020, you may be able to claim the tax credit next year. The IRS calls this check an “economic impact payment.” The amount you get will be…

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Financial Tips for the Coronavirus Crisis

Every 5-10 years, we face a major crisis. Today it’s the Coronavirus, a decade ago it was the housing bubble burst, before that September 11, and before that the dot.com bust. My point is that a crisis will come and go, but the sound financial principles needed to weather the storms of a crisis never…

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How does Tax Counseling for the Elderly (TCE) work?

Are you over the age of 60 looking for free help with your taxes? If so, consider taking advantage of an IRS program called The Tax Counseling for the Elderly (TCE) Program. This program partners with a variety of organizations, like AARP, to offer free tax assistance for those 60 and over (no income eligibility).…

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New Years Anti-Resolutions for 2020

I’m going to suggest something a little radical for the new year and the new decade, 2020. Instead of focusing on a new year’s resolutions, consider listing the things you are going to stop doing. Ideally, these should be self-sabotaging habits and behaviors that prevent you from achieving your goals. Here are a few ideas…

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