Finding Your Financial Rhythm: HYSAs and CDS as the Ultimate Music Duo in Savings
Finding the right savings option for your hard-earned cash is like creating a perfect melody – it takes time, patience, and a good understanding of the different instruments. High-yield savings accounts (HYSAs) and certificates of deposit (CDs) are a harmonious duo, producing sweet tunes of financial growth for your savings.With rising interest rates, HYSAs and CDs are becoming more attractive than ever. Since the beginning of 2022, the highest interest rates on these low-risk accounts have surged from under 1%
Tracking Miles: There Is An App For That
Are you one of those who dread deducting business, medical, and charitable miles on your tax return? You’re not alone. Keeping track of all the miles you drive for work or charity can be daunting, but there’s a solution to this problem – and it’s as simple as downloading an app on your smartphone. With the MileIQ app, tracking your miles simple and efficient. Available for both Android and iOS, MileIQ is a mileage-tracking app that automatically logs your drives
Is It A Business Or A Hobby?
Are you running a business or just a hobby? The difference between the two is not always clear-cut, but it’s essential to understand the distinction, especially regarding taxes. If you have a side hustle or a small business to turn into a full-time gig, you must operate it like a legitimate business. One of the main factors that determine whether the IRS considers your business a hobby or a for-profit enterprise is the intent to make a profit. If you
Driving Your Way to Tax Savings: Understanding the 2023 IRS Mileage Rates
The Internal Revenue Service (IRS) has announced new mileage rates for 2023, which will take effect from January 1st. These rates determine the amount you can deduct from your taxes for any driving you do for business, medical or moving purposes, and charitable work. This year, the IRS has raised the mileage rates to reflect changes in fuel prices, fuel economy, and insurance costs.For taxpayers who use their car for business purposes, the new mileage rate has increased from 58.5