Family Finances

Is your maternity health insurance coverage adequate?

Monica Beyer — Tue, 14 May 2013 10:00:00 -0700

Before you get pregnant, you will want to look into what your insurance benefits are — otherwise you may be in for a huge shock when your bills start to arrive. Not all health insurance policies in the U.S. are created equal. Know what to look for, and what questions to ask.

The perfect graduation gift: A personal exemption

Kelly Phillips Erb — Fri, 10 May 2013 10:00:00 -0700

With graduation day just around the corner, parents across the country are struggling to find the perfect gift. Might I suggest a personal exemption?

Kids and credit cards: How soon is too soon?

Guest Author — Thu, 02 May 2013 12:00:00 -0700

It’s a simple fact: Parents do not like talking to their kids about money. In fact, over 60 percent of parents surveyed said they would rather talk to their kids about sex than about money. This could be why so many of those children turned into adults that don’t know how to handle a credit card, which is why this country is $793 billion in credit card debt.

Dos and don’ts of planning the future of a child with special needs

Maureen Wallace — Thu, 25 Apr 2013 12:00:00 -0700

Preparing for your child’s future can be overwhelming. A financial expert shares the most common mistakes — and best practices — to establish a secure trust fund for your child with special needs.

Kids, financial aid and FAFSA

Kelly Phillips Erb — Tue, 23 Apr 2013 11:00:00 -0700

College is expensive. As reported by CNN, the average cost of attending an in-state public college for the 2012-13 academic year is $22,261. The average cost of attending a private college or university for one year is a staggering $43,289. Those increases are, on average, more than twice the rate of inflation.

Student loan interest: How parents can pay and give their child the deduction

Kelly Phillips Erb — Tue, 09 Apr 2013 08:00:00 -0700

Paying for college can be expensive. According to American Student Assistance, close to 60 percent of the nearly 20 million Americans who attend college each year borrow to cover the cost. That works out to nearly 12 million students who are financing their education each year.

What to deduct when you're expecting

Kelly Phillips Erb — Fri, 05 Apr 2013 12:00:00 -0700

Having a baby can be expensive. Fortunately, taxpayers can catch a few breaks under the Tax Code to make it a little more bearable.

Spring cleaning and charitable deductions

Kelly Phillips Erb — Thu, 04 Apr 2013 11:00:00 -0700

It’s that time of year again — spring cleaning! Throw open your windows, shake off the cobwebs and let in some fresh air. Along with scrubbing down the walls and cleaning away some questionable goo in the mudroom, you’ll probably be tossing out a few things — those items that are too small, too ill-fitting or simply out of date.

Last-minute tax season tips for families

Kelly Phillips Erb — Fri, 29 Mar 2013 08:00:00 -0700

Tax Day is right around the corner. Even if you haven't started preparing your taxes yet, don't stress out. You still have time to get everything together and get your taxes filed correctly and on time.

Should your child be the beneficiary of your life insurance policy?

Kelly Phillips Erb — Mon, 25 Mar 2013 14:00:00 -0700

We all want to protect our families. It’s part of being a parent, this desire to take care of our kids for as long as we possibly can. We worry about our kids while we’re alive and yes, we worry in advance about them if something were to happen to us. That’s what leads many families to purchase life insurance policies.

Best uses for your tax refund

Kelly Phillips Erb — Mon, 11 Mar 2013 10:00:00 -0700

In 2012, the Internal Revenue Service issued refunds to 110,471,000 taxpayers. The average taxpayer refund was a whopping $2,803. Big refunds may feel like a good thing but keep in mind what they are, really: Interest-free loans to the government.

The kiddie tax: Does your child have to file?

Kelly Phillips Erb — Wed, 06 Mar 2013 11:00:00 -0800

When April 15 rolls around, most of us understand that we need to file a federal income tax return. But what about when our kids earn money? What then?

Signing up for summer camp: Is it deductible?

Kelly Phillips Erb — Tue, 26 Feb 2013 12:00:00 -0800

The first time I tried to sign my kids up for summer camp, I was surprised to learn that most of the camps that I was interested in were already full. When I complained to friends, I was met with blank stares. It was June. Of course, they were full. To get the best camps, I was told you have to start planning earlier — like January and February.

Creating accounts for kids: Practical and tax consequences

Kelly Phillips Erb — Mon, 18 Feb 2013 14:00:00 -0800

It’s never too early to start saving. Opening a bank or other investment account for your child can be a great way to help her save for the future while teaching the importance of being financially responsible.

The nanny tax diaries: Claiming child care expenses on your taxes

Kelly Phillips Erb — Tue, 12 Feb 2013 12:00:00 -0800

No matter where you live, good child care doesn’t come cheap. However by claiming the Child and Dependent Care Credit on your federal income tax return, the costs can become a little easier to swallow.

Claiming dependents on your taxes

Kelly Phillips Erb — Mon, 04 Feb 2013 23:00:00 -0800

At tax time, it can be confusing sorting out all of the folks in your life for purposes of determining who might be a dependent. Your mom who lives with you? Your college-aged child who doesn’t? Your adult child who has moved back home?

Family finances: Opting into dependent care programs

Kelly Phillips Erb — Tue, 15 Jan 2013 22:30:00 -0800

It’s expensive to raise a child these days. In fact, according to a report from Child Care Aware, it’s more costly to pay for child care in most households than it is to pay rent. If you consider the cost of child care for two children, the cost is more expensive than paying rent in all 50 states.

Family finances: Using FSAs to fund health care expenses

Kelly Phillips Erb — Fri, 11 Jan 2013 08:00:00 -0800

Health care costs have increased much more rapidly than wages in recent years, so how can families cope? One option to consider is a flexible spending account , which can be funded by the employer, employee or both.

The new tax picture in 2013

Kelly Phillips Erb — Fri, 04 Jan 2013 10:30:00 -0800

What a difference a week makes. After months of “will they or won’t they?” — they did. Both houses of Congress passed a tax deal this week and they did so overwhelmingly and in a nonpartisan fashion: The Senate vote was 89-8 in favor and the House vote was 257-167 in favor.

Making gifts to children even after the holidays

Kelly Phillips Erb — Fri, 04 Jan 2013 10:00:00 -0800

The holiday gift-giving season may be over, but that doesn't mean that we are done giving — especially when it comes to our children. Keep in mind that giving gifts, even to kids, can have tax consequences.

11 Tax changes looming in 2013

Kelly Phillips Erb — Mon, 31 Dec 2012 09:00:00 -0800

Will they or won’t they? Taxpayers have been anxiously waiting for Congress to make decisions about cutting tax rates for months. With no answer so far, on December 31, 2012, the so-called “Bush tax cuts” will expire. Those cuts were initially set to lapse in 2010 but were temporarily extended for two years due to legislation signed in December 2010. Now, the cuts are up for debate again and so far, there’s been no movement.