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It’s not uncommon for adult children or siblings to act as caregivers for family members or give them financial assistance for medical or long-term care needs. The problem is that all too often those providing the help don’t take advantage of the tax benefits. Types of Care Caregiving happens through many different avenues. For example, family members might pay for services that their elderly parents need, such as housekeeping, meal preparation, or nursing care. Outside the home, they may pay for all or a portion of the cost of an assisted living facility. In other circumstances, individuals could directly provide the care instead of payingRead More →

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With the internet available for essentially all employees and remote work becoming a part of more businesses’ operations, developing a bring-your-own-device (BYOD) policy is almost necessary to help employees be more productive and safe while working. Research shows there are many reasons why businesses should develop the right type of BYOD policy. According to Intel and Dell, 61 percent of Gen Y and 50 percent of workers 30 and older think the electronic devices they use at home are more capable in completing tasks in their everyday life compared to their work devices. Frost & Sullivan found that connected handheld technology helps employees, making themRead More →

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As the U.S. Census Bureau reported on Aug. 17, retail sales fell by 1.1 percent during July compared to the revised June retail sales figures. This is in contrast to an increase of 20.6 percent between May and July and a 15.8 percent increase for the year-over-year comparison to 2020 for the month of July alone. The National Bureau of Statistics of China released retail sales figures for July on a year-over-year basis. The agency reported an increase of 8.5 percent for the month, missing the 11.5 percent growth target that many predicted, and lower than the 12.1 percent growth in June. The decrease wasRead More →

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President Biden re-entered the United States in the Paris Agreement. This is an international treaty first signed in 2015 in which countries around the globe committed to mitigating climate change. Specifically, the goal of the Paris Accord is to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels. This objective would generate what is called a net zero global economy, which means creating a balance between the amount of greenhouse gases produced and the amount of greenhouse gasses removed from the atmosphere. The main engine that places carbon back into the soil is healthy vegetation that grows all years round, theseRead More →

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If you’re 40 or 50 and aren’t where you’d like to be in terms of saving for retirement, don’t despair. You can remedy this situation. And since people are living well into their 80s and 90s, it’s never too late to start. Here are a few things you can do. Max Out Your 401(k) This could be a game-changer. Stuart Ritter, a certified financial planner with T. Rowe Price, recommends that you save at least 15 percent of your income for retirement, including the amount your employer matches. If your company is contributing 3 percent, then you should save 12 percent. If you can’t goRead More →

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Accurate and timely accounting is critical for any business’ survival. At the same time, it’s important for entrepreneurs to pour their energy into core business activities and not waste time on day-to-day bookkeeping. Unfortunately, the cost of setting up a full-time accounting department is prohibitive for small and mid-sized businesses. Thankfully, there is an option to outsource functions such as bookkeeping, payroll, tax services, financing, budgeting, chief finance officer services, and more to a third party. In this article, we discuss how to know if you are ready to outsource, the benefits, and how to choose the right professional. How to Know if You ShouldRead More →

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A bill to provide for the publication by the Secretary of Health and Human Services of physical activity recommendations for Americans (S 1301) – This bill authorizes the Secretary of Health and Human Services to publish guidelines of recommended physical activity for Americans. The bill was introduced by Sen. Sherrod Brown (D-OH) on April 22, passed in the Senate on July 30 and is under consideration in the House. Dr. Lorna Breen Health Care Provider Protection Act (S 610) – This bill was introduced by Sen. Tim Kaine (D-VA) on March 4. The purpose of this legislation is to establish grants and require activities designedRead More →

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Tis the season for summer jobs for high school and college kids. These seasonal jobs are more than just an opportunity for teens and college students to earn some money and gain experience. They also provide the opportunity for seeding a significant retirement nest egg and even a down payment on a home through a Roth IRA. Seems too good to be true? Well, it’s not – but as always, the devil’s in the details, and it is not exactly a free lunch. So, let’s walk through exactly how this all works. Step 1 – Earned Income First, teen or college students must get aRead More →

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According to the Bureau of Economic Analysis, consumer spending has seen some interesting trends over the first half of 2021. May was flat, April was at 0.9 percent, March was 5.0 percent, and February was at 1.0 percent. With varied consumer spending statistics as the nation comes out of the pandemic, it’s important for businesses to get demand forecasting as accurate as possible. According to The University of Tennessee, Knoxville, demand forecasting is “a method for predicting future demand for a product.” It’s a calculated method to plan for inventory and helps prepare the supply chain for the future. Demand forecasting helps businesses forecast theirRead More →

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According to the U.S. Energy Information Administration’s Short-Term Energy Outlook, the June price of $73 per barrel for Brent Crude Oil was up by $5 per barrel over May. With more vaccinations being rolled out, uncertainty over OPEC+’s production moves, and a reduction in worldwide oil availability, the outlook for oil prices seems upward. If the price of energy – especially oil – keeps increasing, will it halt the improving economy in its tracks? As part of the commodity boom, crude oil is not immune from the rapid rise, creating an increase in inflation that’s subject to contention of being “transitory” or longer-term. Based onRead More →

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