Good Financial Reads: Posts for Parents

Posts for Parents

Adult Child Asking for Money

by Marianne Nolte, Imagine Financial Services

When you see your adult child’s name come up on caller ID are your first thoughts, “oh no, how much is it going to cost me this time?”

We want the best for our kids whether they are babies, toddlers, teens, or as adults out on their own.  Have you ever caught yourself saying or thinking, “What can I do, I’ve got to help, she’s my daughter”, but this has gotten out of hand!  Falling victim to this behavior can be a destructive scenario for both the parent and the adult child.  

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Save on Child Care Costs for 2021: Dependent Care FSA vs. Dependent Care Tax Credit

by Danielle Harrison, Harrison Financial Planning

For those with young children, the cost of childcare can feel astronomical. With two boys in daycare, my family spends well over twice as much for childcare each month than we do on our mortgage, an all too often phenomenon in the United States. Fortunately, the federal government recognized that the high cost of childcare can be burdensome for families and created several ways to offset a portion of childcare expenses including Dependent Care Flexible Spending Accounts (DCFSA) and the Dependent Care Tax Credit.

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2021 Monthly Child Tax Credit Payments

by Matt Elliott, Pulse Financial Planning

As a part of American Rescue Plan Act of 2021, significant changes have been made to how the Child Tax Credit works in 2021. Here is what you need to know if you have kids:

Fact Summary:

  • The previous Child Tax Credit has been increased from $2,000 to $3,000 per child 6-17 and $3,600 per child 0-6.
  • Part of the credit is being paid in advance, beginning monthly in July 2021.
  • The rest of your credit will be claimed when you file your 2021 tax return.

[Read the Full Article

 

Child Tax Credit 2021: 8 Things You Need to Know

by Alvin Carlos, District Capital Management

If you have a child, you might get some money this year from the IRS. The American Rescue Plan Act that was signed into law on March 10, 2021 increases the child tax credit and calls for payments to be sent to families. The child tax credit 2021 payments are completely separate from the stimulus checks.

Here are eight things to know about the new child tax credit.

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Summer Ideas For Kids [Video]

by Michelle Smalenberger, Financial Design Studio

School’s out so what’s a kid to do?  Keep reading for some summer ideas for kids.  We want to help give you some ideas to keep them busy this summer while it’s warm outside.

[Watch the Video]

 

2021 Advanced Child Tax Credit: What It Means For Your Family

by Robert Stoll, Financial Design Studio

In response to the coronavirus pandemic, the government shoveled a lot of money towards consumers through three rounds of stimulus checks. You’d think the “stimmy check” parade was over, but there’s yet another round of cash coming for families with young children! Here’s what the 2021 Advanced Child Tax Credit might mean for your family.

[Read the Full Article]


Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

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