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Money Management Articles

Kids & Money

Tax tips for newlyweds - 6/16/2013
June is traditionally a time when couples tie the knot and, as is the case with so many major milestones in life, all newlyweds should be aware of the tax considerations associated with marriage. If you or a loved one is planning nuptials, the Minnesota Society of CPAs offers this advice on addressing the tax concerns.

Using an allowance to teach financial lessons - 6/16/2013
On average, children spend about six hours a week on household duties. No matter what the rules are in their house, the Minnesota Society of CPAs advises parents that there are steps they can take to ensure that their kids are learning some financial lessons when they get their allowance.

Giving the gift of financial planning: A lifetime of financial knowledge wrapped up with a bow - 6/2/2013
June means longer days, the start of summer and invitations to weddings, graduation parties and maybe a baby shower or two. Stuck for ideas on what to give the newlyweds, graduates or new parents? This year, consider something nontraditional that will last a lifetime and never go out of style: a visit with a financial planner.

Retaining personal financial records: What do you need to keep and for how long? - 5/14/2013
Does looking at overflowing filing cabinets of bank statements and boxes of old check stubs make you want to start a bonfire in your backyard? Before you grab the lighter fluid and matches, make sure you know what you can torch and what you need to keep.

Five tips for living peacefully with 'boomerang kids' - 4/30/2013
Due to the recent recession and continuing economic weakness, more and more adult children are still living with their parents or have moved back in with them.

Student loan debt and default: Don't sacrifice your credit - 3/3/2013
Student loan debt and default are at historic highs. Take a few moments to understand the ramifications of defaulting on a student loan. The Minnesota Society of Certified Public Accountants (MNCPA) offers this insight, including information for parents about co-signing for a student loan and what that could mean to their own financial future.

What to do when friends or family ask for money - 2/14/2013
While it’s natural to want to help when someone needs financial assistance, it’s important to be careful. Money can drive a wedge into friendships and family relationships. And there are tax-related considerations. The Minnesota Society of Certified Public Accountants (MNCPA) offers these steps to take before you commit to lending money, not only to ensure everyone understands the details of the loan, but also to reduce the likelihood of breaking a tax law.

The American Taxpayer Relief Act: What it means to your wallet - 2/14/2013
President Obama signed what is now the American Taxpayer Relief Act of 2012 (ATRA) into law on Jan. 2, 2013, preserving most of the George W. Bush-era tax cuts and extending many other lapsed provisions. According to the Minnesota Society of Certified Public Accountants (MNCPA), the ATRA contains provisions that impact nearly every taxpayer, not just the high earners.  Don’t miss out on some of these now-permanent deductions that could help lower your tax liability.

Six ways to teach kids about sensible spending - 11/1/2012
Even young children are able to understand what it means to build — or save — toward a goal, such as a toy or trip to an amusement park. Parents can help by encouraging their children to set aside money they receive for birthdays or holidays to save up for a special purchase. Older children can save money earned from afterschool or weekend jobs, and parents can give younger kids small jobs to help them earn money.

Have you had the (financial) talk with your kids? Back-to-school is a great time to reinforce smart money habits - 9/1/2012
It’s back-to-school time. This year, the Minnesota Society of CPAs (MNCPA) suggests you start a new back-to-school tradition. Take the opportunity to talk to your kids about important financial matters and embrace this teachable moment before you hand your kids back over to the teachers for the next nine months.  

Sandwich generation tax decisions: Who claims whom? - 12/29/2011
Now is a good time to decide who claims whom on their 2011 federal and state tax returns. And, the discussion isn’t focused only on minor children.

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