February 2021

February 2021 Vol 4

HBS Tax Tips

A Newsletter published by the HBS Financial Group, Ltd.


pay your tax balance dueIRS Identity Theft Season Begins Now- Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. The sooner you file your tax return, the less likely a thief will beat you to your refund. Early tax filing season is the worst time. Learn more… 

February 2021More colleges plan to reopen in the spring, even as Covid cases surge – As long as schools continue to operate remotely, a significant number of would-be college students are opting out entirely, which has put an economic stranglehold on higher education. For a growing number of colleges, reopening is a matter of financial necessity. Learn more… 

February 2021 Biden wants to increase stimulus checks to $2,000 – President-elect Joe Biden unveiled his stimulus plan in a speech on Thursday night that includes sending additional $1,400 payments to Americans following the $600 second stimulus checks that were recently deployed. More people could be eligible for payments under Biden’s plan, according to an outline released before the president-elect’s speech.  Learn more…

February 2021Want a fun way to teach your kids about money? – By making money lessons fun, it can help children escape the victim’s mentality that many people have around money. It is giving them the understanding that they can make decisions and they can have power over their financial lives. Young children can learn about the different coin values by sorting change. You can also create a race by giving your kids a large pile of pennies and a minute to neatly stack then Learn more…

February 2021How to vet budgeting and investing apps before you hand over your information – Before signing up for any financial application and handing over your banking information, personal finance experts recommend being crystal-clear on your goals, or what you’re hoping to accomplish by using this tool — do you need help saving, or are you looking to start investing? Learn more…

Getting It Right In 2021: What You Need To Know About Finance Rule And Law Changes – A new year always brings some changes in the rules around financial planning and 2021 is no exception. Many of the recently enacted rules are a direct result of attempts to help the economy in the face of the COVID-19 pandemic. Here are some things you need to keep on your radar, as they may affect your finances. Learn more…

Do your taxes by yourselfDo you file your taxes by yourself? Here’s why you might want extra help preparing them this year –  Tax season is swiftly approaching, and after the roller coaster of 2020, this might be the year to get extra help filing your return. Because of those changes, it might be a good idea to establish a relationship with a tax preparer such as an accountant or CPA, an IRS enrolled agent, or someone who holds a preparer tax identification number with the IRS.  Learn more…

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Trivia and Quotes

Christmas & New Years Riddle
Everyone knows that both Christmas Day and New Year’s Day always fall on the same day of the week. However, in 1939, the year of the outbreak of World War II, Christmas fell on a Monday and New Year’s fell on a Sunday. Why?
Show Answer

Famous Quotes
“Old people at weddings always poke me and say “You’re Next”. So I started doing the same to them at funerals”
“I will never, under any circumstances, take a sleeping pill and a laxative on the same night again!”

“Do the Chinese realize that when they visit America, they buy souvenirs made in their own country?”

“Some people you know were dropped on their heads as babies. Some were clearly thrown in the air, hit the ceiling fan, bounced off the wall & fell out the window.”

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