March 2021 Vol 5

HBS Tax Tips

A Newsletter published by the HBS Financial Group, Ltd.

File your taxes online

Free tax filing for military personnelFREE Tax Filing for Active Duty Military It’s our way of showing our appreciation for all that you do for our country. Here’s how it works: In proud support of your service and sacrifice, all enlisted active duty military and reservists can file both their federal and state taxes for FREE using any of our TaxSlayer Online products, which includes our Simply Free and up through our Self-Employed.  Learn more…  

The Best Tax Software Of 20213 Big Financial Surprises Coming in 2021 and How to Prepare for Them – Trying to recover from the financial hit you took over the last year? Take note of these three expenses headed your way in 2021. The past year has been rough on a lot of people’s pocketbooks. The COVID-19 pandemic hit the economy like a ton of bricks, causing both temporary and permanent business closures, along with high rates of unemployment and furloughs. Learn more…  

Frugal living tips4 Frugal Living Tips for 2021 – Here’s how to live well — on less. Frugal living gets a bad rap. Often, when we think of living below our means, we picture skipping life’s little luxuries and being miserable. But a frugal lifestyle doesn’t have to mean a deprived lifestyle. In fact, I’ve managed to whittle down my spending and boost my savings by making a few simple but meaningful choices. Here are a few you may want to consider for the current year. Learn more… 

No deduction for student loan interestMost student loan borrowers won’t get a tax break this year

Add it to the long list of changes in 2020: Your ability to claim the student loan interest deduction on your taxes. If you’re not familiar with all the details of the deduction, here’s how it works: Those with federal or most private student loans are usually able to subtract up to $2,500 a year in interest payments they’ve made on their loans from their gross income, reducing their tax liability.  Learn more… 

Covid and working mothersDuring Covid, some working mothers find a silver lining: more time with their children – By almost every measure, the coronavirus crisis has been devastating for working women. More women work on the front lines and are at a greater risk of contracting Covid-19, putting themselves and their families in jeopardy. They have reported increased anxiety and stress as a direct result of new work routines and concerns about job security.  Learn more… 

Unemployment fraud and scamsTaxpayers may be victims of unemployment fraud. The IRS wants to help – Many Americans will get an unwelcome surprise this tax season: the realization they were victims of unemployment fraud. Millions of workers have collected jobless benefits during the Covid pandemic. They must pay taxes on that aid. But criminals have stolen identities en masse to collect benefits in others’ names, according to state and federal officials. The victim, not the con artist, is the one who’ll get the tax notice.  Learn more… 

Wedding prenupMillennial Couples Need to Get Used to Prenups–  I love the concept of prenups. I’d go so far as to call them romantic. What shows more intimacy than laying bare all your financial details? What is more loving than creating a plan for divvying up assets in a fair and equitable way? Why wouldn’t you do this while nestled in the bubble of your engagement — and before you get to the inevitable trials and tribulations of marriage?  Learn more…


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Trivia and Quotes

Trivia Question: It is illegal to do what in the French vineyards?
Answer: Land a flying saucer

Trivia Question: Coprastastaphobia is the fear of what?
Answer: Constipation

Trivia Question: In Texas, it’s illegal to swear in front of what?
Answer: A corpse

Trivia Question: In Georgia, it’s illegal to eat what with a fork?
Answer: Fried chicken

Trivia Question: The first hockey pucks used in early outdoor hockey games were made of what?
Answer: Frozen cow dung

Trivia Question: In Minnesota, it is illegal to tease what type of animal?
Answer: Skunks

Trivia Question: How many teeth does an aardvark have?
Answer: None

Trivia Question: It was illegal for women to wear what in 19th century Florence?
Answer: Buttons

Trivia Question: Who claimed he could “drive away the devil with a fart?”
Answer: Martin Luther

Trivia Question: In St. Louis, Missouri, it’s illegal for a firefighter to rescue who?
Answer: Undressed women (even if they are wearing a nightgown)

Disclaimer
The articles in our publications come from many sources. We do not endorse information or opinions appearing in linked articles. The articles selected are not sponsored, and we assume no responsibility for the accuracy of the information. Copyright for linked articles belongs to the linked source.


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