Category Archives: Personal

9 Financial Tips During COVID-19’s Possible Recession

map of united states coronavirus outbreak

The Coronavirus known as COVID-19 has changed the world’s day-to-day life. The future is uncertain in terms of health and social interaction. One of the biggest concerns many face is financial stability. One in five American households are out of work because businesses are closing, and the stock market is becoming increasingly volatile. Because of this, income insecurity is turning into a very real problem.

However, there are elements that you can control to feel more stable in a time of instability. These tips for managing finances can help you to survive a recession while setting yourself up for success in the future.

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9 Paper Documents to Keep Forever

As tax season comes to an end and you file away your records, you may be looking at your ever-growing file cabinet and wondering, “can I get rid of some of these documents?” While there are many reasons to keep or discard certain paperwork, there are some documents you should never throw away! (IRS Tax Returns and supporting documents should be kept for 5-7 years, by the way.)

Below are the 9 paper documents you should keep forever in their original form:

Infographic of nine documents to keep forever in their original physical form

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4 Tips To Help You Save Money on Your State and Federal Tax Returns

person holding piggy bank

Here are some things to consider that may save you some money when filing your state and federal income taxes:

1. Filing Joint or Separate Returns

Typically it works out better financially for couples to file a joint return because the IRS does give joint filers one of the largest standard deductions. However, there are times when it is better to file separately, and here are the top reasons why you may want to:

  • One person has a high amount of losses to claim
  • One person has a large amount of out-of-pocket deductible medical expenses

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