What is an emergency fund? Why should you have one?

There are many personal finance gurus out there, and they offer wildly different advice in some areas. But there is one thing that almost all financial professionals recommend – an emergency fund.

What is an emergency fund?

Before we discuss what an emergency fund is, we need to define a financial emergency.

An emergency is an expense you could not anticipate. Holiday gift-giving is not an emergency, but a leaky roof after a storm is. Read more about What is an emergency fund? Why should you have one? …

21 May

Cowdery Posted in Bookkeeping No comments

How to Set Your Personal Financial Priorities

Now that personal income tax season is behind us, it’s a good time to take stock of your personal finances. Whether you received a refund or owed money at tax season, you may have some opportunities for change as the year progresses.

Tips to Setting Your Personal Financial Priorities

1. Determine Your Basic Financial Needs

The first key to setting financial priorities is to evaluate what you truly need. For most of us, this group includes food, clothing, shelter and transportation. Generally speaking, when you’re deciding how to budget or save, these items will need to come first. Read more about How to Set Your Personal Financial Priorities …

23 Apr

Cowdery Posted in Taxes No comments

Do You Qualify for Education Tax Credits?

For those pursuing post-high-school education, the IRS offers two potential education tax credits that can reduce your tax liability and possibly even make you eligible for a refund. It’s important to know if these credits apply for you and your family. What are the types of education tax credits? The two credits are the AmericanRead more about Do You Qualify for Education Tax Credits?[…]

17 Apr

Cowdery Posted in Taxes No comments

What You Need to Know About Estimated Taxes

If you work for an employer who withholds income taxes for you, you may never have to worry about estimated taxes. However, estimated taxes are important to know about if you have self-employment income, either full- or part-time, because if you haven’t paid enough income tax during the year, you may be faced with aRead more about What You Need to Know About Estimated Taxes[…]

19 Mar

Cowdery Posted in Taxes No comments

Why Your Health Insurance Matters at Tax Time

If you work for a company that issues W-2s, you might have also received a form called a 1095-A, the “Health Insurance Marketplace Statement.” Why does your health insurance coverage matter at tax time? Because, according to the federal government, if you can afford to buy insurance but choose not to carry it, you mayRead more about Why Your Health Insurance Matters at Tax Time[…]