Maximizing Your Car Write-Offs

What car expenses can you write off on your business taxes?

Owning and running a car comes with costs, but some of these costs can be written off if they’re for business purposes. How much you can write off depends on how much you use the vehicle for business versus personal use.

Solely for business: If you use the car exclusively for business, you can write off the full cost of ownership and maintenance.

Mixed use: If you split the car’s use between business and personal purposes, you can write off the portion related to business. For instance, if you use the car for business 25% of the time, you can write off 25% of the total costs or the miles driven.

Deductible car expenses according to the IRS

Here are the expenses that are eligible for tax deductions, according to the IRS:

Mileage. The IRS publishes a standard mileage rate each year which you can use to calculate your mileage deduction—just multiply the rate by the number of miles you drove for business purposes. 

Note that commuting from your home to an office and back is not deductible; that is classified as a personal expense. Additionally, if you use the standard mileage rate deduction, you won’t be able to deduct other expenses associated with your vehicle, including depreciation, gas or fuel, registration and license fees, etc. You can, however, deduct the cost of parking and tolls.

Depreciation. Depreciation refers to the cost of regular wear and tear on your car, and can be calculated using the Modified Accelerated Cost Recovery System (MACRS). 

If you’re calculating your auto-related deductions using the actual expense method, meaning you keep track of your actual expenses (with receipts and documentation), you’ll calculate your depreciation as an actual expense.  

• Gas and fuel costs. Any gasoline or fuel costs associated with business use of your car can be deducted. 
• Lease payments. If you lease your vehicle, you can deduct a percentage of the lease payments. This percentage would be equal to the percentage of total miles that you drove for business. 
• Loan interest payments. Similarly, you can deduct a percentage of the interest you pay on your car loan if you own the car. 
• Administrative fees for licenses, registration, etc. Registration renewals, license renewals, and other administrative fees are deductible.
• Maintenance and repairs. Expenses related to maintaining and repairing your vehicle are deductible. This includes oil changes, tire rotations, brake repairs, and other necessary maintenance (remember, only the portion of it that applies to business use of the vehicle).
• Insurance premiums. If your auto insurance premium covers business use of your vehicle, you can deduct a portion of those payments. 

Strategies for maximizing your vehicle-related deductions

Maximizing deductions: Record-keeping tips

Maintaining meticulous records is vital to maximizing your car deductions. This includes documenting all your auto-related expenses, mileage, and the purpose of each trip. Best practices for record-keeping include:

• Maintain a dedicated mileage log for business use. Record the date, starting and ending locations, mileage, and purpose of the trip for each business-related journey.
• Keep copies of all receipts for fuel, maintenance, repairs, insurance, and other auto-related expenses. Note the business-related portions where applicable.
• Use a smartphone app or digital tool designed for expense tracking and mileage logging to make record-keeping more convenient and accurate.

Choose the right deduction method

Choosing the right method, standard mileage or actual expenses, can significantly impact your deductions. 

Standard mileage rate

The standard mileage rate is a simplified method that allows you to deduct a fixed amount for each business mile driven. Using the standard mileage rate is straightforward and requires less record-keeping; however, it might not provide the highest deduction if your actual expenses are significantly higher than the standard rate. If you have the documentation, it’s a good idea to evaluate both methods to determine which one is more advantageous for your specific situation.

Actual expenses method

The actual expenses method involves itemizing all of your vehicle-related costs, including depreciation, fuel, maintenance, insurance, and other expenses. To use this method, you need to keep detailed records of all expenses related to your vehicle. While the actual expenses method can result in higher deductions if your costs are substantial, it does require more documentation and record-keeping. You'll also need to calculate the percentage of your vehicle's business use accurately. Before selecting a deduction method, it’s best to consult with a tax professional to determine which one is best suited to your unique circumstances. If you’re able to, you can also calculate your deductions using both methods, and choose the one that results in a higher amount. 

Consider taking a Section 179 deduction

If you’ve just purchased any type of vehicle to use for business purposes, and you’re using it for business more than 50 percent of the time, you can take something called a Section 179 deduction. This means that instead of depreciating the vehicle over time, you can deduct the full eligible amount of the purchase in a single year, lowering your tax liability. This can be a helpful strategy if you believe you will owe money on your tax bill, and want to reduce your taxable income for the year. Source

What Is an IRS 1099 Form?

What is a 1099 Form?

The IRS 1099 Forms are a group of tax forms that document payments made by an individual or a business that typically isn’t your employer. The business that pays the money fills out the form with the appropriate details and sends copies to you and the IRS. The form reports payments made during the tax year. In some instances, a copy is also sent to your state taxing authority. The payer is responsible for filling out the appropriate 1099 tax form and sending it to you. The IRS requires payers to provide most 1099 forms by January 31. In certain instances, the date is February 15.

What is a 1099 Form used for?

A 1099 Form documents payments from someone that typically isn’t your employer. This can be an individual, business, or entity, such as the government. There are different 1099 forms that report various types of income and how they were earned. These payments might be for interest, dividends, non-employee compensation, retirement plan distributions. 

If you receive a 1099 form, it’s your responsibility to report the income earned on your tax return.

Who receives a 1099 Form?

Some common examples when you might receive a 1099 include:

• You should receive a Form 1099-NEC if you earned $600 or more in nonemployee compensation from a person or business who isn’t typically your employer.
• You should receive Form 1099-MISC if you earned $600 or more in rent or royalty payments.
• You should receive Form 1099-G if you received a state or local tax refund during the previous year.

Likewise, if you paid a freelancer, independent contractor or other non-employee $600 or more during the year related to your trade or business, you likely should send them a Form 1099-NEC.

Who sends 1099 forms?

Several types of 1099 forms exist to document payments made between individuals or businesses and another party. You can receive various 1099 forms for different reasons.

One of the most popular 1099 forms is the 1099-NEC for Non-employee Compensation payments. If you’re an independent contractor or freelancer, you may receive a Form 1099-NEC documenting payments made to you throughout the year from a particular payer.

Payers who make Non-employee Compensation payments below $600 are typically not required to file the 1099-NEC unless the payer withholds any amount of tax from the payments. However, they may do so if they wish. If you received less than $600 from a payer, you are still required to report the income on your tax return.

What do I do if I don’t get all of my 1099 forms?

Even if you don’t receive the appropriate forms, you’re still responsible for paying taxes on all of your taxable income. If you didn’t receive a 1099, you still need to report the appropriate amount of income on your tax return. This will help you avoid a bill from the IRS for owed taxes and possible penalties.

If you haven’t received all your 1099s by the January 31st or February 15th deadlines, contact the person or business responsible for sending you the 1099 and request that they send you a copy of your 1099.

Can I file a 1099 Form electronically?

Yes, 1099 Forms can be filed electronically. You can file your 1099 form through tax service software or on paper forms. Filing tax forms electronically can offer several benefits, such as:

• faster processing times
• improved accuracy
• increased security
• ability to track the status of your tax return

Source

What is a W-2 Form?

What is Form W-2?

The IRS requires employers to report wage and salary information for employees using Form W-2. Your W-2 also reports important details about the amount of federal, state and other taxes withheld from your paycheck as well as other employer fringe benefits like health insurance, adoption and dependent care assistance, health savings account contributions and more. As an employee, the information on your W-2 is extremely important when preparing your tax return.

In general, if you worked as an employee in a given year, you should receive a W-2 from your employer near the beginning of the following year.

When are W-2s due in 2024?

To ensure you have it in time, the IRS requires your employer to send you a W-2 no later than January 31st following the close of the calendar year. Generally, this means W-2s are mailed by January 31st, but not necessarily received by employees by this date.

As an employer, you must file W-2 forms with the Social Security Administration (SSA) and the IRS by January 31st but may file for a 30-day extension by submitting Form 8809, Application for Extension of Time to File Information Returns. You will need to indicate that at least one of the criteria for granting an extension applies.

Even if you request and receive an extension to file W-2s, you must still provide your employees copies of their W-2s by January 31st unless you also apply for an extension to provide W-2s to your employees after the due date.

You can request an extension of 15 days to provide W-2s to your employees unless you show a need for a 30-day extension by faxing a letter to the IRS.

What to do if you haven’t received your W-2

If you haven’t received your W-2 by early February, contact your employer. They might be able to provide you with an electronic version for use until you receive the paper version in the mail.

What to do if you find an error on your W-2

If you receive your W-2 and notice an error on your form, whether your name is misspelled, has an incorrect social security number, wrong dollar amount, or some other issue, let your employer know and ask for a corrected W-2.

Who receives a Form W-2?

You should only receive a W-2 if you are an employee.

You may receive multiple W-2s if you:

• changed jobs within the calendar year
• work more than one job where you’re considered an employee
• the company you worked for was acquired by another company

How do you use a W-2?

Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also contain information about:

• tips
• contributions to a 401(k)
• contributions to a health savings account
• premiums your employer pays for health coverage
• a variety of other information

What is the difference between a 1099 and W-2?

Both the Form W-2 and Form 1099 are meant to report income you earned from sources throughout the tax year. Where they differ are the circumstances under which you receive them and the taxes withheld from the income. When you work as an employee, your employer should send you a W-2. If you work as an independent contractor, the company will likely send you Form 1099-NEC rather than a W-2.

The difference between a 1099 and W-2 primarily comes down to the tax withholdings. Employers (W-2) withhold money from your pay and send it to the various tax agencies throughout the tax year on your behalf. As a self-employed person (1099), the business paying you doesn’t usually withhold money on your behalf. You are responsible for making your own payments for the taxes that you owe each year. Source

Wage Expense: The Cost to Pay Hourly Employees

What Is a Wage Expense?

A wage expense is a type of variable cost incurred by businesses to pay their hourly employees. It may be recorded as a line item in the expense portion of the income statement. As a matter of record-keeping, the wage expenses line item may also include the expenses of payroll taxes and employee benefits.

Understanding Wage Expenses

Wage expenses are sometimes reported for each department. This is usually the case when there is a production department, which often has the most hourly employees.

As an alternative, wage expenses for production workers may be added into the cost of goods sold (COGS) item on the income statement. Wage expenses vary from one period to the next, depending on the number of business days in the period and the amount of overtime to be paid.

For many businesses, wage expenses increase during the winter holiday season in response to higher demand for their products. After the holiday season, companies may cut back on the number of workers as sales slow.

Accounting for Wage Expenses

Under the accrual method of accounting, wage expenses are recorded based on when the work was performed. Under the cash method of accounting, wage expenses are recorded at the time the payments are made. Wages payable is the line item that records how much money is owed to workers but not yet paid. When a wage expense is recorded it is a debit to the wage expenses account, which requires a credit to the wages payable account for the same amount until the wage is paid to the worker.

Wages are typically paid to a worker in the pay period following the period in which the work was performed, so there is always a delay that must be reflected in the wages payable account. A wage expense is listed on the income statement while the wages payable account is a liability account on the balance sheet.

Minimum Wage

At the least, a wage expense has to be equal to the federal government's or applicable state government's minimum wage. The current federal minimum wage is $7.25 an hour and has not been raised since 2009.

Many states have implemented minimum wages that are higher than the federal minimum wage and employers in those states have to pay the higher state minimum wage. Many companies choose to pay a higher minimum wage than the federal or state minimum wage. They include Walmart, Kroger, Target, Costco, and Amazon.

Wage Expense vs. Salary Expense

Wage and salary are often used interchangeably but they refer to different types of payments for employment. Wages most often mean hourly pay. The worker is paid per hour for a set number of hours per week. If they go over the set amount of hours, they are usually paid overtime. Overtime pay is typically higher than regular hourly pay; often it's 1.5x the hourly pay.

Salary refers to a set payment and is usually quoted as an annual sum rather than an hourly wage. There is no strict number of hours per week that the individual works, and overtime is rarely paid. Salaried jobs usually also come with better benefits such as 401(k) plans, health insurance, life insurance, and flexible spending accounts (FSAs).Source

10 Essential Questions For Every Budget Variance Analysis

1. What are the Variances? 

Start with the basics but be strategic. Focus on identifying significant variations in key business drivers and metrics. For example, if you’re analyzing sales performance, look beyond the total revenue variance to understand differences in volume, price, and mix.

2. Are the Variances Material? 

Not every difference requires action. Consider both absolute dollar amounts and percentages. A $50,000 variance in office supplies might be less concerning than a $50,000 variance in direct materials, even though the numbers are identical.

3. Do We Care About These Variances? 

This question helps prioritize your analysis. A 2% variance in material costs is likely more important than an 8% variance in cell phone expenses, especially when material costs are a key driver of business performance. Focus on variances that impact strategic decisions or indicate potential problems.

4. What Caused the Variances? 

Dig deep into root causes. Consider both internal and external factors. For example, a revenue shortfall might result from lower sales volume (internal) or unexpected competitor actions (external). Understanding causation helps inform corrective actions.

5. Do We Expect the Variances to Continue? 

Some variances are one-time events, while others signal ongoing trends. A missed customer payment causing a temporary cash flow variance is different from a sustained increase in raw material costs. Your response should vary accordingly.

6. Do We Anticipate the Variances to Worsen or Improve? 

Look forward, not just backward. If a variance is trending in the wrong direction, early intervention might be crucial. Consider creating sensitivity analyses to model potential future impacts.

7. What Will We Do About a Material Variance? 

Develop specific, actionable recommendations. Instead of simply noting that costs are too high, propose targeted solutions, such as “We can reduce material costs by 5% by consolidating suppliers and negotiating volume discounts.”

8. How Long Will the Remedy Take to Effect Change? 

Be realistic about timelines. Some fixes, like adjusting pricing, might show immediate results. Others, like implementing new processes or systems, require longer-term planning and monitoring.

9. How Often Should We Report on the Variance? 

Match reporting frequency to the nature of the variance and its importance. Critical operational metrics might need daily monitoring, while others can be reviewed monthly or quarterly.

10. What is the Risk of Doing Nothing? 

Always consider the consequences of inaction. Sometimes, the cost of fixing a variance might exceed the benefit. Other times, small variances might signal bigger problems that require immediate attention.

These ten questions form a comprehensive framework for analyzing budget variances, but remember the goal isn’t to mechanically work through each question. Instead, use this framework as a guide to develop deeper insights about your business’s performance. 

While some variances may only require a few of these questions to reach a conclusion, others might need you to explore all ten in detail. The key is to remain flexible and adapt your analysis to the specific context of each situation. Source

What Should You Include In A Personal Budget?

At a time when the cost of living seems to go up with each passing day, budgeting your finances and saving for the future have never been more important. It’s easy to find yourself caught in the relentless currents of rising prices and debt while trying to find a balance between today’s expenses and tomorrow’s security. You are not alone. The first step to finding better financial stability is to understand your spending and what types of things are essential versus things that are extra. 

There are four primary categories of spending that will help you plan your budget:

1.) Needs like housing and groceries

Start by budgeting for essential expenses. These are nonnegotiable items that you can’t comfortably live without, and they form the foundation of your budget. Allocate a specific percentage of your income to cover these necessities, ensuring stability and security. Needs can include:

• Mortgage or rent
• Transportation
• Utilities
• Phone
• Internet
• Groceries
• Childcare

2.) Wants like fashionable clothing and dining out

While needs are essential, even with a strict budget it’s equally important to budget for some of your wants. You’ll probably need to reduce your spending in this category, but you don’t want to get rid of it entirely. No budget is ever exact every month, and the wants category is where you have a little wiggle room. Prioritize the things that make you the happiest. This will allow you to enjoy life while maintaining financial responsibility.

3.) Debt repayment

Going into significant debt is the worst thing you can do when you are on a budget. If you have high debt, you will continue to fall further and further behind as interest payments increase. It’s important to prioritize paying your debts off as quickly as you can. Start with the minimum payments in your budget and resolve not to add anything to your total debt. Then devote any additional funds you can toward the balance to help accelerate getting out of debt.

4.) Saving for expenses and retirement

Everyone needs to save money for an emergency fund so you can take care of unexpected expenses. Creating one should be a top priority. Most financial professionals advise having three to six months of expenses for basic needs saved up. That way, when your car needs a repair or you have unexpected medical expenses, you won’t have to scramble to redirect important portions of your budget. Once you have your emergency fund in place, you can adjust your savings toward other things, like a vacation fund or retirement. Source

Don’t Overlook These 11 Common Tax Deductions

One of the ways to reduce your liability this tax year is to decrease your taxable income. And, the best way to do this is by taking advantage of tax deductions. There are some common tax deductions you can take “above the line” that reduce your Adjusted Gross Income on your tax return and others will be considered “below the line”.

What is a tax deduction?

If you’re wondering, “What are deductions on taxes” we’ll weigh in now! As briefly stated above, a tax deduction reduces the amount of income subject to taxation from the Internal Revenue Service (IRS), ultimately reducing your overall tax liability by lowering your total income tax bill. As noted above, there are two types of tax deductions: above-the-line deductions and below-the-line or itemized deductions;

Deductions for taxes: A list of helpful options

From gig worker perks like the home office deduction, to retirement contributions, here’s a tax deduction list;

Above-the-line deductions:

Deductions subtracted from your gross income to calculate your adjusted gross income are known as “Above-the-line” deductions.

1. Retirement contributions and Traditional IRA deductions

If you contribute to a tax-advantaged traditional retirement account (IRA, 401(k), etc.), you may owe less tax than if you didn’t contribute. With a 401(k), you might not even realize you’re receiving an exclusion if you have your contribution automatically made in conjunction with your paycheck. The money comes out before the taxes do, resulting a reduction of your taxable income.

With a Traditional IRA, you can still get a tax deduction without requiring access to an employer plan. However, your tax break may be limited if you also participate in an employer plan. For self-employed taxpayers, SEP IRA and SIMPLE IRA contributions are “above the line” tax deductions. See the other self-employed deductions below.

2. Student loan interest deduction

Did you know you can deduct up to $2,500 of your student loan interest? This education expense deduction is “above the line,” so you don’t have to itemize in order to take advantage of it, but you need to make below a certain level of income to qualify.

3. Self-employment expenses

With working side hustles becoming more popular recently, it’s no surprise that self-employment expenses are more common. For example, if you pay for your own qualified health insurance, that may count as an “above the line” deduction. Also, you can deduct one-half of your self-employment tax above-the-line.

On top of that, you can deduct business expenses like internet costs, office supplies, advertising, and business travel from your business income. And, for qualifying individuals, you can take the home office deduction!

4. Home office tax deductions

Speaking of self-employment, if you’re self-employed and have a home office that meets IRS standards, you can take a tax write-off for it – called the home office deduction. For example, if your home office represents 4% of your home’s total square footage, you may be eligible to deduct 4% off that property’s utilities, insurance, and property taxes. Just remember there are strict rules around what constitutes a home office with “regular and exclusive use.”

5. HSA contributions

Health Savings Accounts (HSAs) are gaining in popularity as health care costs rise and as more employers seek to put more of the cost of insurance on employees. Your after-tax HSA contributions are tax-deductible. Not only does the money grow tax-free when you use it for qualified health care costs, but you can use your contributions to reduce your tax liability to boot!

6. Alimony paid

If you pay alimony, you could take an above-the-line tax deduction. Generally, alimony is not deductible if your divorce was finalized after 2018. To qualify for the alimony tax deduction:

• You must make the payment in cash, not property

The spouse must receive the payment under a divorce or separation agreement. The agreement can’t specifically exclude the payment from being:

• Included in the recipient’s income
• Deducted by the payor spouse
• You can’t reside in the same household as your former spouse when the payment is made if divorced or legally separated.
• Liability for payments must end upon the death of either spouse.

7. Educator expenses

Teachers who incur out-of-pocket expenses can reduce their AGI by offering a tax deduction of up to $300 (for 2023) for qualified K-12 education items that are used for the classroom. The deduction rises to $600 (for 2023) if an educator is married to another eligible educator and filing under the status Married Filing Jointly.

Below-the-line deductions:

It is beneficial to claim below-the-line or itemized deductions if your total deductions are more than your standard deduction.

8. Charitable donations deduction

You will need to itemize your deductions if you want to deduct your charitable donations. Many people find it worth itemizing these deductions—particularly if you give regularly to a church or other charity.

It’s also possible to deduct the current fair market value of goods you donate to charity. Make sure you get a receipt for your donations, whether they are cash or goods. And don’t forget to keep track of your mileage if you drive on behalf of a charity; that’s tax-deductible, too.

9. Mortgage interest deduction

If you own a home and itemize, you can deduct the qualified interest you pay on your mortgage. It’s also possible to deduct refinancing points and other aspects of your home ownership costs, including property taxes.

10. State and local taxes

State and local taxes are a federal tax write-off. The current limit for the  SALT deduction is $10,000. State and local taxes include income, real estate, and personal property taxes.

11. Medical expense deduction

If you’re itemizing deductions, you can take a medical expenses deduction if you have unreimbursed expenses that are more than 7.5% of your Adjusted Gross Income. 

Source

Cloud-Based vs. Traditional Accounting Systems

In the ever-evolving landscape of financial management, businesses, especially small enterprises and startups, are faced with the crucial decision of choosing between cloud-based accounting systems and traditional accounting systems. Each approach comes with its own set of pros and cons, impacting efficiency, accessibility, and overall financial health. 

Cloud-Based Accounting Systems: Unleashing Accessibility

Embracing the cloud offers a myriad of advantages. First and foremost, accessibility is revolutionized. With cloud-based systems, you can manage your financial data from anywhere, at any time, as long as you have an internet connection. This flexibility proves invaluable for businesses on the move, especially in the dynamic realms of law firms, real estate agencies, and construction companies.

Moreover, real-time collaboration becomes a reality with cloud-based systems. Multiple users can concurrently access and update financial information, fostering seamless teamwork. This collaborative feature is particularly beneficial for business coaches and consultants who often engage in joint ventures and partnerships.

Yet, like any innovation, cloud-based systems have their drawbacks. Concerns about data security and privacy loom large, demanding stringent measures to safeguard sensitive financial information. It’s imperative to choose reputable and secure cloud service providers to mitigate these risks effectively.

Traditional Accounting Systems: The Reliability of the Familiar

On the flip side, traditional accounting systems, grounded in decades of practice, offer a sense of reliability and familiarity. The use of physical ledgers and local software may provide a level of comfort for those who are hesitant about entrusting their financial data to the cloud.

Security concerns are also mitigated to some extent with traditional systems since the data is stored locally. However, this advantage comes at the cost of accessibility. Remote collaboration is a challenge, and businesses may find it cumbersome to keep financial records up-to-date when team members are dispersed.

In terms of cost, traditional systems often involve a significant upfront investment in software and hardware. Additionally, updates and maintenance expenses can accumulate over time. For startups and small businesses, this financial commitment might be a limiting factor. Source

Budgeting Basics: The 50-30-20 rule

Creating a budget can help you make confident decisions and enjoy peace of mind. A detailed budget, though, can be complex to manage.  

The 50-30-20 rule splits expenses into just three categories. It also offers recommendations on how much money to use for each. With some basic information, you can get on the road to financial well-being. 

Start by taking a look at your paycheck. If taxes are withheld, subtract that amount from your total earnings. Do not subtract other amounts that may be withheld or automatically deducted, like health insurance or retirement contributions. Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Needs: 50% 

About half of your budget should go toward needs. These are expenses that must be met no matter what, such as: 

• Utility bills 
• Rent or mortgage payments 
• Health care 
• Groceries 

If you can honestly say “I can’t live without it,” you have identified a need. Minimum required payments on a credit card or a loan also belong in this category. 

Wants: 30% 

You subscribe to a streaming service to watch your favorite show, not because you need the subscription to live. Wants are things you enjoy that you spend money on by choice, such as: 

• Subscriptions 
• Supplies for hobbies 
• Restaurant meals 
• Vacations 

Savings: 20% 

The remaining 20% of your budget should go toward the future. You may put money in an emergency fund, contribute to a retirement account, or save toward a down payment on a home. Paying down debt beyond the minimum payment amount belongs in this category, too. 

Source

What is Financial Health?

Financial health comes about when your daily systems help you build resilience and pursue opportunities. We believe that financial health is the best indicator of a person’s ability to thrive financially – from weathering shocks to achieving their goals. Financial health is a composite measurement of an individual’s financial life. Unlike narrow metrics such as credit scores, financial health assesses whether people are spending, saving, borrowing, and planning in ways that will enable them to be resilient and pursue opportunities.

Indicators of Financial Health

Financial health can be measured using eight indicators of financial health;

SPEND

1.) Spend less than income

2.) Pay bills on time

SAVE

3.) Have sufficient liquid savings

4.) Confident will meet long term financial goals

BORROW

5.) Have manageable debt

6.) Have a prime credit score

PLAN

7.) Have appropriate insurance

8.) Plan ahead financially

Individuals who are Financially Healthy are able to manage their day-to-day expenses, absorb financial shocks, and progress toward meeting their long-term financial goals. Approximately two-thirds of people in America are classified as Financially Coping (struggling with some aspects of their financial lives) or Financially Vulnerable (struggling with almost all aspects of their financial lives). Source

Reach out to us today if you have questions about how you can become financially healthy! We would love to hear from you. (916) 302-9153