If you have a business, or if you’re thinking about starting one, there are several ways you can use that business to help you save money on your taxes. For example, one little-known strategy that can provide significant tax benefits is employing your children.  This article explores the various tax benefits of paying your kids from your business and how it can help reduce your overall tax burden. From saving on payroll taxes to shifting your income to a lower tax bracket, employing your children can be a wise financial move. Shift your income to a lower tax bracket When you pay your chil ..read more

Introduction Since the Tax Cuts and Jobs Act (TCJA) of 2017, employees can no longer deduct unreimbursed business expenses on federal income tax returns. This change emphasizes the importance of understanding and utilizing tax-free reimbursements, especially as the work landscape shifts towards remote settings.  This article explores how employees who work from home can benefit from reimbursements for expenses related to their home offices, telecommunication, vehicles, and more. Understanding tax-free reimbursements A tax-free reimbursement is a payment from an employer to an employee for ..read more

If you’re an employee in Canada who pays certain out-of-pocket costs related to your job, then Form T2200 could be a valuable tool for you. This form — the “Declaration of Conditions of Employment” — allows you to claim specific employment expenses, ultimately reducing your taxable income. Here’s a comprehensive guide on how to use Form T2200, as well as the benefits it provides. Understanding Form T2200 Form T2200 is used to certify that you pay certain expenses required to fulfill your employment duties. As a declaration completed and signed by your employer, it confirms the conditions of yo ..read more

Our parents are the first teachers we ever have. They taught us how to brush our teeth, how to use a toilet, and how to dress ourselves. But there were some things that maybe they didn’t mean to teach us that we still learned anyway—how to communicate, how to express emotions, and how to feel about money. Growing up, my dad knew exactly what lessons he wanted to teach his kids. He came from a long line of business owners, and he wanted us to know how to appreciate, value, and invest our own money. But to be successful with these lessons, he first needed the family to be on the same page with e ..read more

Updated April 10, 2024 All parents want to give their kids the things they missed out on growing up. We surveyed over 2,000 adults in the U.S.—half of which we sourced from the general population and half from our community of Quicken users—to get a closer look at how parents are talking to their kids about money and the impact of their own early financial education (or lack thereof).  Financially Educated Children Become Financially Successful Adults Our survey showed a clear correlation between early education in money and financial confidence and success as adults. People who learned ..read more

Every April 22nd, we as a global community celebrate Earth Day. Originally founded by a US Senator in 1970, Earth Day is now celebrated across the world. Whether you’re a champion of environmentalism or just looking for new ways to reduce, reuse, and recycle, observing Earth Day is a great way to get committed to taking care of our planet.  Need some Earth Day ideas? No sweat! There are tons of ways to actively celebrate Earth Day. And the best part? None of these activities will break the bank.  39 Earth Day activities on a budget 1. Leave your car at home Walk, bike, or rely on pub ..read more

Is your credit score lower than you’d like it to be? That’s ok – you have the power to give your score a boost by following the eight tips laid out below.  Understanding your credit report The Fair Isaac Corporation (FICO) developed a method for calculating credit scores. Today, FICO’s approach is still one of the most reliable and widely used scoring systems. Most lenders use your FICO score to determine whether to approve your loan.  Three major credit bureaus track your credit — Experian, Equifax, and Transunion. If you apply for a loan or credit card, the lender will request your ..read more

If you have a yearly spring cleaning ritual, you might be gearing up to clean and tidy your home and yard. The big thaw across the northern states and the warmer weather in the south provide the perfect climate to get those windows open, dust away the cobwebs, and give your home a deep clean.  You can also use this time to focus on clearing out the clutter in your life! Whether you use the opportunity to get rid of things you no longer need, make time to check in with yourself daily, or tidy up your finances, this is a great time to “cleanse” your home and habits! Grab your cleaning suppl ..read more

The legendary chef and globetrotter Anthony Bourdain once said, “Travel changes you. As you move through this life and this world you change things slightly, you leave marks behind, however small. And in return, life — and travel — leaves marks on you.” Whether you’re a seasoned professional with a dog-eared passport or leaving home for the first time, these 21 budget travel tips will help you travel the globe. You don’t need to spend a lot of money to see the world! Follow your wanderlust and travel the world with these tips — read on to learn more! 21 budget travel tips to see the world Tra ..read more

Whether you’re creating a new monthly budget or refreshing an old one, you’ve probably noticed how important (and difficult) it is to get your monthly expenses right. Underestimating or missing an expense can throw your whole spending strategy off balance, so it’s a good idea to explore some budgeting norms. To help you get started, we’ve assembled a list of 20 common things to include in a monthly budget, along with an average amount for each one that you can use as an initial benchmark.  20 Common Monthly Expenses to Include in Your Budget 1. Housing or Rent Housing and rental costs wil ..read more