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TAX ISSUES/TAX PLANNING

Tax planning- whether you have filed your 2023 tax returns or are on extension for this and possibly prior years here is a list important tax documents:

Save a hard copy or digital file of receipts of:

• charitable donations made via check, credit card or cash
• charitable donations from food, toy, clothing or other drives
• capital improvements to your home (this can help reduce future taxes when you sell your home)
• work related expenditures – with so many people working remotely you may be eligible for a reimbursement from your employer or be able to reduce taxes at your state or local level
• ordinary and necessary business expenses – even though you have proof of payment, these receipts can help determine tax treatment or support the expense during an audit

Save a hard copy or digital file of statements of:

• IRA contributions
• IRA withdrawals
• Year-end brokerage account statements and annual forms (1099-INT, 1099-DIV, 1099-Broker)

AND remember taxes start with planning!

ECONOMY

U.S. Hing School Students Want Financual Education at School

The recently published Intuit Financial Education survey, found that 85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful.  During my years volunteering on the Intuit Tax Counsel and later with Intuit during Virtual Enterprises International events I saw how Intuit embraced the ideas of “Financial Education Powers Prosperity”-“Finance Starts at Home”-“Let’s Make Finance Fun” supporting those projects that aimed at financial literacy for students.  I worked with another not-for-profit organization to create a set of videos as curriculum support for high schools looking to include financial literacy within the classroom. The process was a real eye opener as was warned to assume they had -0- knowledge of finances.  I started with linking their afternoon or summer job pay check with the student’s purchase of school supplies and wardrobe enhancements – we worked up from hourly wages to take home pay and opening a bank account.

Gas Prices Surge to Six-Month High 0f $3.60/gallon

According to this article in Forbes: “Gas prices in the U.S. surged this week to a six-month high, with drivers paying roughly $3.60 per gallon at the pump, as high oil prices, refinery maintenance and international turbulence in the energy market continue to leave a dent in drivers’ pocketbooks.”  I am wondering if it’s also due to increased demand as people tend to get out more during the spring or take vacations and plan trips during the summer months.

Soaring Insurance Costs Hit as US Buyers Get a Break on Automoble Prices

According to this article in Reuters: “A new form of sticker shock has hit American car buyers. In one of the cruel twists of an inflation-weary U.S. economy, car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle.”

Jobs Report: Unemployment Hits 3.8% as Job Growth Pops

According to this article in Reuters: “The U.S. added more jobs than expected in March, as the economy walks the tightrope between moderating inflation and keeping the labor market afloat.”

You Can Thank the Baby Boomers for the Stunning Strength of the US Economy

According to this article in BusinessInsider.com:  “The US economy has baby boomers to thank for its strength and resilience even as some worry about a potential recession. According to market veteran Ed Yardeni, the baby boomer generation is powering spending in key areas of the economy that have seen massive job gains in recent years.” You’re welcome.

Biden-Harris Administration Announces Preliminary Terms with TSMC

According to the US Department of Commerce:  “The Biden-Harris Administration announced that the U.S. Department of Commerce and TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.6 billion in direct funding under the CHIPS and Science Act.”

GENERAL RESOURCES

• News about the Child Tax Credit
• The best source for up-to-date and accurate health information is the Center for Disease Control (CDC) 
• Our prior blog posts, videos and prior weekly newsletters 
• Entrepreneur put together a listing of free tech resources for remote work
• The Consumer Financial Protection Bureau has warnings about COVID-related scams 
• The New York Times has an online newsletter on K-12 and higher education 
• The Wall Street Journal has a collection of articles on education 
• The Louvre has digitized 482,000 artworks from its collection 
• How to create a strong password