It is that time of year again, tax season! Many Americans have completed their taxes far before the 2017 deadline, April 18th. However, many Americans still have not. It wouldn’t be Tax Season without a few procrastinators, right?
According to the IRS, 83% of Americans will receive an average refund of $3,120 per tax return. One of the most well thought out financial plans are often about how one should spend their tax refunds. Should you go on a well-deserved vacation? Buy a new pair of shoes? Indulge in a Spa Day? How about paying some long over due bills?
Every year, the IRS announces income limits for the next calendar year. The changes are very minor and may only affect the income limits in 2017. The total amount you can contribute to either a Roth IRA or a Traditional IRA will remain the same at $5,500. People over 50 years old can contribute an additional $1,000 which totals to $6,500.
As it was announced in the middle of May, Disney Dollars are officially out of circulation. The reasoning came to be that gift cards and regular cash were much easier and more practical for patrons to use. READ MORE
April is Financial Capability Month, but what does that mean? In a proclamation, President Obama said that April is a month that can help make Americans more aware of the resources that are available to them. It is the perfect time to start educating young people about what financial literacy is and how becoming financially literate can benefit them for the rest of their lives.
Financial literacy starts at home with parents simply talking with their kids and we have compiled our very favorite Walter the Vault tips to help those lessons and conversations flow easier. READ MORE
Here at Walter the Vault we’ve discussed various topics about when and how to save money but we rarely talk about investing in stock. Children can not legally invest in stock on their own, but there’s still a lot to learn. READ MORE
Hi Walter the Vault Followers!!!
April is Financial Literacy Month so we’ve decided to have our first giveaway to help our followers be more financially responsible. Starting TODAY we’ll be giving away 1 of our Allowance Charts each week to 1 of our Facebook and Twitter followers who comments on our posts or tweets the hashtag #WTVGiveaway. We’ll be selecting 3 winners at random (1 winner per week) throughout the month of April. Just make sure you LIKE our Facebook page and/or Follow us on Twitter first to be qualified. READ MORE
Tax season is nearing a close but there are still last minute tips to learn if you haven’t filed. One big question is what to do with your child’s saved and earned income?
Hopefully your child has been saving more lately. Depending on how much, they can be affected by the “Kiddie Tax.” If your child has more than $1000 in unearned income from savings interests, the income may be taxed. The rate depends on how much unearned income the child has. READ MORE
In the past, savings bonds used to be great gifts to help start children on their path to savings. Although the days of buying paper U.S. savings bonds are long gone, there are still ways to purchase them. READ MORE
Happy New Year Everyone!
We’re a few weeks into 2015 so there’s no better time to start saving. One savings plan that comes to mind is the 529 Plan. With the growing costs of higher education, starting a 529 plan can help give you a head start when it comes to paying for your child’s college tuition and expenses. READ MORE
The holiday season is upon us, which can lead to big spending. Don’t worry, here are some tips for kids to help them earn and save money during the busy season. READ MORE