(NewsUSA) - Filing your taxes can be stressful and intimidating, but it doesn’t have to be. As the deadline for filing taxes approaches, don’t let the pressure overwhelm you. Follow these five tips for a smooth tax season.

Know the different types of taxes you might have to pay.

Federal Taxes: Your money is taxed at a rate between 0% and 37%, depending on how much you earn. Your employer will deduct the money for these taxes, and the taxes listed below, from your paycheck each payday.

State Taxes: Not all states require you to pay state income taxes, but those that do typically take 3% to 11%.

Local Taxes: These apply only to certain large cities, such as New York City, and can be as much as 10% of your gross paycheck.

Social Security: Your employer will withhold 6.2% of your pay to cover Social Security taxes.

Medicare: For this tax, 1.45% of your pay is withheld from your check.

Understand what getting a tax refund means.

People make big plans for tax refunds, but most Americans are unclear on why they’re getting a refund. A refund indicates that you overpaid your federal and state taxes, essentially giving the government an interest-free loan. Adjust your tax withholding through your payroll to have less money deducted from your paycheck.

Understand the different tax forms you might receive.

These are the different forms needed to file your taxes:

• W-2: This comes from your employer and summarizes wages, taxes and deductions throughout the year.
   
• 1099: These are used to report other types of income you’ve received, including bank interest (1099-INT). Not every taxpayer receives these forms.
   
• 1098: This form and its variants show payments you’ve made that may qualify you for tax benefits. For example, a regular 1098 shows mortgage interest paid, a 1098-T shows money paid for school tuition and expenses, and a 1098-E shows student loan interest paid.

Understand due dates.

Your tax return is usually due on April 15, although this year’s deadline has been extended to April 18. If you’re not ready, you can request a six-month extension, but this is only an extension for filing the return. The money you owe is still due by the regular tax deadline.

Understand what to do if you owe taxes and don’t have the money to pay right away.

Don’t panic, but don’t ignore the problem either. Contact the IRS to set up a payment plan. You’ll have to pay the government eventually, and until you do the IRS can add costly interest and late fees to what you owe. Get started, pay what you can as soon as possible, and then continue making payments.

Just as you can change your withholding to have your employer deduct fewer taxes from your paycheck, you can increase the amount to keep from owing in the future. Contact your HR/Payroll department to learn more.

For help in figuring out how your income taxes impact your financial situation, reach out to a CFP^® professional at LetsMakeAPlan.org.

(NewsUSA) - The financial services industry is changing and diversifying, and this includes women becoming financial advisors at a rate higher than ever before.

If you’ve ever considered a career in financial planning, now may be the perfect time to take the leap. Benefits include high earning potential, flexible work hours, professional growth, and more.

High Earning Potential

There’s a clear demand for financial advisors, and women are moving into those positions. The Bureau of Labor Statistics predicts job opportunities for personal financial advisors will grow 15% in the next 8 years — much faster than the average for other occupations. With all that demand, financial advisors can potentially earn high salaries, including into the six figures.

Flexible Work Hours

Since the COVID-19 pandemic, more businesses have become open to employees working remotely and establishing flexible working arrangements, including in financial services. Women can tailor their career choices and create schedules allowing for balanced work and personal life.

Professional Growth

More firms and businesses are recruiting women with opportunities to become financial planners, investment advisors and wealth advisors. Many provide professional development programs, including assistance for those pursuing advanced training such as CERTIFIED FINANCIAL PLANNER™ certification. Additional support is available through CFP Board, which offers scholarships and mentoring programs.

“There is also a growing number of women who are willing to mentor younger women and make it their life’s work to make sure we’re reaching back down and pulling people up,” explains Kate Healy, Managing Director of CFP Board Center for Financial Planning. “It’s wonderful to see and really starting to have an impact.”

Helping Clients Achieve Financial Goals

One of the most rewarding aspects of becoming a financial planner is helping others achieve their goals and improve their quality of life. CFP® professionals can help navigate many of life’s big transitions, from saving for college savings to preparing for retirement.

Empowerment

As more women become advisors, they can empower other women to take control of their financial future. It's important that CFP® professionals reflect the public they serve, and women CFP® professionals can act as role models and provide guidance to other women interested in finance. Many women are even going on to start their own firms. The number of women-led firms is growing thanks to women supporting each other through networking, advice and feedback.

To learn more about the opportunities available within the financial planning profession, as well as financial planner training and compensation, check out CFP Board’s Career Guide. Explore how you can become a CFP® professional, with all the benefits that provides.  

(NewsUSA) - Teaching children about money is one of the greatest gifts you can give them. Start when they’re young with simple lessons like saving up to buy a toy. You can build upon those lessons as they get older and become responsible for things like buying their own car or preparing their finances for college.

Talking about money isn’t always easy, especially if you don’t trust your own money management skills. A CERTIFIED FINANCIAL PLANNER™ professional can boost your self-confidence and help you create a plan that supports your family members in understanding their finances.

Little Kids

When your kids are very young, stick to the basics. Explain three things you can do with money: Spend it, save it or give it away. Show them how to divide money they get from gifts or an allowance by putting a portion into savings or donating to a charity, and then allow them to spend the rest.

Also, share how you make money decisions for the family when you shop, cook and pay bills.

Teens

When teenagers get their first job, they get hands-on experience with budgeting. They learn to allocate money they earn to buy what they need, such as gas for their car. It’s also the perfect time to teach them about taxes. Go over their first paycheck and point out payroll deductions, explaining how the system works.

And when your teen is ready, introduce them to the magic of compound interest and the basics of investing.

College Students

Once your child reaches college age, engage in more straightforward money conversations. Discuss spending and cost-saving strategies. Go over student loan and credit card debt, making sure they understand their statements, interest rates, loan terms and repayment options.

Adult Children

With adult children, the type of money conversations you have will depend on whether they’re living on their own or with you. If your child still lives with you, strike a balance between helping them and protecting your own financial well-being, perhaps even drawing up a move-in agreement to keep everyone on the same page.

Regardless of where they live, speak to your children about your estate plan. Explain who you’ve designated to serve as your estate executor (the person responsible for distributing your estate and paying any remaining debts).

Make your children aware of the option of working with a CERTIFIED FINANCIAL PLANNER™ professional to build a more successful and financially secure future. To find a CFP^® professional near you, visit LetsMakeAPlan.org. 

 

(NewsUSA) - Natural gas and electricity produced with natural gas are critical sources of energy throughout the year, but especially during the winter months when families need to keep their homes cozy and bright.

Households this winter are expected to use more natural gas because of slightly colder weather projections than last year, according to the U.S. Energy Information Administration (EIA), the statistical agency within the U.S. Department of Energy. The fact that about half the homes in the United States use natural gas for heating highlights the importance of having dependable service.

Williams, which is one the largest natural gas infrastructure companies in the United States, is focused on reliably handling approximately 30 percent of the nation’s natural gas so it is there when consumers need it most.

Making this happen requires a sophisticated infrastructure network that spans the country as well as a dedicated workforce committed to working 24 hours a day, seven days a week to keep the gas flowing. That includes holidays like Thanksgiving, Christmas and New Year’s Day.

Nathan Thee is a senior pipeline controller for Williams in Tulsa, Okla. with more than 10 years of experience. He knows the critical nature of his job means his work shift fluctuates and can require sacrificing time with family on the holidays to perform his job alongside teammates.

“Pipeline control is like air traffic control at an airport, except we’re directing gas in pipelines,” said Thee. “We’re in constant communication with processing plants and well operators, making sure gas flow is up and running from the well heads to the plants.”

As a controller, Thee typically monitors several pipelines remotely and directs assets where they need to be so there’s no service interruption to customers. Pipeline controllers are also coordinating with operations employees in the field around the clock with any necessary work or checks they need to ensure system reliability.

Natural gas is most often associated with home heating in the winter, but it is also used to generate most of the electricity used in the United States, according to EIA. Therefore, in the summer months when demand for electricity to run air conditioners increases so does demand for natural gas. To cushion these high-demand periods of winter and summer, the industry stores away huge quantities of natural gas every year. The most common way to store natural gas is in large caverns underground. It can also be stored in smaller quantities in tanks above ground.

The gas is injected into underground storage typically late in the spring or early in fall. These periods are known as the “shoulder months” when natural gas demand declines with the mild weather. Building up gas inventories during these times ensures there is enough supply on hand when the seasons change and demand returns.

As the world moves to a low-carbon future, Williams is well positioned to support the continued replacement of higher-emitting fuels such as coal and heating oil domestically and abroad. According to EIA projections, the displacement of emission-intensive coal with natural gas and renewable energy will allow the U.S. to continue reducing carbon dioxide emissions into 2035.

In addition, natural gas remains an indispensable partner in supporting society’s ambitions to add more renewable energy to the power grid. Natural gas ensures reliable power generation when intermittent wind and solar resources are unavailable. Concurrently, the ability of the U.S. to export liquefied natural gas will also provide other countries with the environmental benefits of replacing more carbon intensive energy sources.

Demand for clean energy is on the rise and natural gas is playing a critical role in moving the world to a low-carbon future. This winter as families depend on the warmth of their homes – and during every season of the year – Williams and its employees will be there to safely and reliably provide the natural gas that is used each day.

To learn more about the benefits of natural gas visit Williams.com.

 

 

(NewsUSA) - Inflation got you worried money’s tighter than Santa’s belt?

If you’ve searched everywhere but the couch cushions for extra cash for gifts, switching to one of these no-contract wireless service providers could be just what you need to make the holidays merrier.

1.Total by Verizon

This is a great holiday choice to keep you living well on a Scrooge's budget.

Not only do you get access to what’s been rated as America’s most reliable 5G network – just think, no annoying lags while watching videos – but Total by Verizon plans start at just $30 and come with lots of perks.

For the best value, though, check out its $50 Unlimited plan. It includes 5G Nationwide, unlimited data, 10 GB of hotspot data, as well as unlimited talk & text to five countries of your choice and Disney+, the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars, and National Geographic.

In other words, you’re getting uncompromising network quality, the latest smartphones and exceptional benefits all while beating the average American cell phone bill. Which, according to JD Power, is $70 per month for a single user.

Think of all that extra cash in your pocket as a much-deserved present to yourself.  

2. Straight Talk Wireless

For the practical people on your list, Straight Talk stacks up as a smart, savvy choice.

For starters, Straight Talk offers great smartphones, including a Samsung Galaxy A13 5G, with no contracts or mystery fees at $99.99. Then there's the wide selection of amazingly priced service plans, including the $45 Silver Unlimited plan, which comes with unlimited talk, text and high-speed data – plus 5GB of hotspot data so they can save money while staying connected with loved ones.

3.Tracfone

Whether you’re shopping for yourself or someone else, if you’re in the market for a quality phone with a simple, budget-friendly plan tailored for those who want what they need, when they need it, then it’s hard to beat Tracfone’s unlimited talk and text plans starting at just $15 a month.

Need data? The $30 Unlimited Talk & Text plan gives you 4GB of high-speed data. And $40 monthly gets you Unlimited Talk & Text plus 8GB of high-speed data with Hotspot capability and IDnotify from Experian. So no matter which plan you choose, if you don't use all your data it simply carries over to the next month.

Meaning, you’re in control and pay only for what you need. Period.

(NewsUSA) - Financial inflation, whether you have experienced it before or this is your  first time, can seem frightening, and the rapid rise in prices of gas, groceries and consumer goods in the past year threatens to throw off the best-planned budgets.     

The inflation currently affecting the United States and elsewhere is caused by many factors, including government stimulus, increased consumer demand, COVID-19 and supply chain issues.     

Although you may feel that inflation is spiraling your personal finances out of control, keep in mind that this period will pass. You can weather the storm with some smart money management strategies.     

The first rule of surviving inflation is not to panic, says Joseph Kelly, a CERTIFIED FINANCIAL PLANNER^TM professional. In fact, the best strategy to combat inflation is to focus on financial basics. “Know what you’re spending your money on, have a long-term investment plan and consider ways to reduce your debt,” he explains.     

Try these tips to make the most of your money during tight times:     

• Spend less. It seems obvious, but small savings add up. Some easy ways to get more money back in your budget include seeking less- expensive options for internet and phone service, as well as for homeowners and car insurance. Cut gym memberships, and look for free exercise classes online, at least for now. Look for deals on groceries, and choose store brands or generics. If you drive to work, ask for more opportunities to work from home, or consider public transportation or carpooling.     

• Earn more. Depending on the nature of your job, the current environment of remote work makes it possible for many people to add a side business, such as freelance consulting in your area of expertise, or selling things on eBay, Craigslist, Etsy or other online venues. Other options include seasonal or part-time in-person work. Choose somewhere you like to shop, and you may get an employee discount, too.       

• Curb debt. Don’t let inflation lure you into the trap of putting more on credit cards. Instead, try to reduce your debt by consolidating any current credit card debt on one card; this can reduce your overall interest rate while you make payments. Other debt-reduction strategies include paying the card with the highest interest rate first, or the account with the smallest balance first.     

No matter what strategies you use to save money, remember that periods of inflation are temporary. A CERTIFIED FINANCIAL PLANNER^TM professional can provide additional guidance and help you stay on track with your short-term and long-term financial goals.

Visit LetsMakeAPlan.org for more information.

(NewsUSA) -  For young adults starting out, money management can be a challenge. You may be navigating rent, car payments, monthly bills, food and also student loans. Many young adults are looking to refinance student loans to combine multiple debts, maximize interest rates, bring down monthly payments, or pay off faster. There are many benefits to refinancing and many options for lenders that offer refinancing.     

Refinancing your student loans lets you take advantage of the best prices as rates change. Lantern, a loan comparison platform operated by digital personal finance company SoFi, lets you compare rates and find a plan that works for you. When looking to refinance student loans, borrowers should compare lenders and rates to find the best option for their situation. A few tips for anyone looking to refinance this year:     

- Use filters when comparing online. Make a smart decision on refinancing your student loans by comparing multiple options side- by-side using filter on financing options based on lowest or highest payment, lowest or highest APR, and lowest or highest term. The right refinancing strategy can help young adults save thousands of dollars over time.     

- Find advice, useful tips and information through curated financial articles and calculators, comparisons of lenders and products by expert journalists and reviews from others who have used these services to refinance student loans. You’ll also find financial recommendations based on your financial interests and current financial situation.     

Financially savvy young adults also are leading the way in adopting cryptocurrency as a way to generate income streams and invest in the future. The NFT marketplace is a growing opportunity, and those who are early adopters are exploring, collecting, and minting NFTs for profit. NFTs are bought in sold in trading platforms much like you would buy and trade crypto or stocks.     

Some bonus features of the NFT marketplace that appeal to young adults include the convenience of not have to connect to, or withdraw from, a bank account. The NFT marketplace allows users to pay for products via cryptocurrency without additional fees. The FTX exchange is connected to multiple cryptocurrency markets including Bitcoin, Ethereum and Solana.     

Keep these smart strategies in mind to make the most of your money now and to enjoy greater savings and profits in the future.

(NewsUSA) - Small business owners have special financial needs and opportunities. You must navigate unique tax benefits and responsibilities, cash flow analyses, business credit and debt management, succession planning and insurance needs, among other issues.     

It can be difficult to find the time -- and energy -- to research and make decisions about these financial issues on your own when you are already busy managing your business’s day-to-day operations. Working with a CERTIFIED FINANCIAL PLANNER™ professional can allow you to focus on your small business needs, while your trusted professional works for you to help you reach your financial goals. CFP® professionals are trained on many key financial topics that impact your personal success, business success and overall financial success.     

Here are four examples of how your small business can benefit from working with a financial planner.     

1. Protect yourself and your business. Financial risks multiply when you become a business owner. Operations could be interrupted because of a disaster, a key person on your team dies or becomes disabled, or property is lost. You could also face costly legal liabilities due to negligence or defective products. CFP® professionals can provide guidance on how to structure your business to mitigate some of these risks, as well as advice on specialized insurance coverage that provides extra protection.     

2. Create a tax plan that maximizes cash flow and minimizes your tax bill. CFP® professionals are trained and experienced in the nuances of tax law. They can help you take advantage of business structure, expense categories and tax credits to reduce your overall income tax.     

3. Establish a succession plan to guide the future sale or transfer of your business to the next generation of management. A CFP® professional can help you develop a strategic plan that covers the mechanics of an ownership change -- such as company valuation, tax implications and insurance issues -- and supports the transition’s long-term success.     

4. Achieve your retirement goals. A CFP® professional can help you determine which qualified or nonqualified retirement planning strategy best fits your needs and long-term goals. They can also help you confirm that your revenues and expenses are correctly recorded and benchmarked in accordance with the retirement plan you choose.     

Find a CFP® professional near you at LetsMakeAPlan.org. You can use the Small Business Planning and Business Succession Planning filters to locate professionals who offer planning services in these areas.     

A sound financial plan, developed with professional expertise, will help you lay the path to a successful future for you and your small business.

(NewsUSA) - College graduates have a lot to think about -- finding a job, finding a place to live and finding a way to manage their finances. Whether you have graduated with or without student loans or other debts, making a financial plan after graduation will pay off later.     Build good financial habits now to make “adulting” more fun. Start with these time-tested tips:     

• Set aside savings. Once you start earning, it’s time to start saving. Many financial planners recommend you save 20% of your income as a savings goal, but even 1% is a great place to start. Don’t let your inability to save 20% scare you off from getting in the savings groove. If you set up automatic savings systems, you can save without even thinking about it. Set up direct deposit so that part of your paycheck goes into a separate savings account, or send part of it directly to an employer 401(k).     

• Spend smart. Think about a budget now so you can reap the benefits later. “Divide your take-home pay into three buckets: 65% to 70% for lifestyle spending and debt service; 10% to 15% for fun, vacation and gifting; and 20% for savings,” advises CERTIFIED FINANCIAL PLANNERTM professional Tom Morris. To help with budgeting, Morris recommends budget apps, such as Mint and You Need A Budget (YNAB).     

• Boost your benefits. Your salary is only part of the financial picture when considering job offers. Be sure to review the employee benefits and take those into consideration. Top benefits include paid time off, health/life/dental/vision insurance and healthcare spending accounts, such as Health Savings Accounts, Flexible Spending Accounts and Health Reimbursement Arrangements. Other benefits that can save you money include relocation reimbursement, long-term or short-term disability insurance, tuition reimbursement, childcare benefits, gym memberships or discounts and wellness programs.     

• Protect yourself. Many young adults think they are invincible, but in today’s uncertain world, it is essential to protect your ability to earn an income. Check out disability insurance, which can help keep you afloat if you have a major health crisis and can’t work. Some employers offer disability insurance, but you might consider getting more. Policies can be complicated, so do your homework or consult a CFP® professional to find the coverage that works for you.     

• Decrease your debts. Most college graduates have some debt that requires consistent payment, whether it is a car loan, student loan or credit card bill. Monthly automatic payments are a great way to make sure you hit your scheduled payments on time to avoid late fees or other penalties.     

Visit LetsMakeAPlan.org for more information about setting strong financial goals after graduation.

(NewsUSA) - The COVID-19 pandemic didn’t change it.  

Neither has the inflation we’re currently experiencing. In fact, if anything, Americans’ belief in the importance of saving for higher education has increased slightly over last year – up from 51 percent to 55 percent – according to the latest Morning Consult survey done with financial services firm Edward Jones.  But here’s the crazy thing:  Even as college costs continue to rise, only 13 percent of respondents said they were taking advantage of 529 Education Savings Plans.

Here's why.

1. 529 Plans are a tax-advantaged way to help save and potentially grow your money.

Most people use personal savings accounts to try to cover the cost of college, and then hope they’ll be lucky enough to qualify for financial aid or some scholarship.  But the interest earned on such accounts is subject to federal and state taxes – unlike the special treatment afforded these state-sponsored 529 plans, which are exempt from the former and, in many instances, also the latter as long as the money is used for qualified education expenses.

“People are leaving money on the table by not using this attractive and practical way to save,” said Steve Rueschhoff, a principal at Edward Jones.

And that’s not something most people can afford to do.

The average annual cost of attending a private four-year college this year was $51,690, including room and board, according to the College Board. Which almost made the tabs for in-state and out-out-state four-year public colleges seem like a steal at $22,690 and $39,510, respectively.

2.Tuition and expenses at colleges and universities aren't all they cover.

Have a kindergartener?    

Eureka!

For those eager to get their kids into private schools, some states’ plans also allow for up to $10,000 per year, per beneficiary, to be applied towards K-12 tuition.

Also covered: everything from computers to registered apprenticeships to student debt repayments.

3.The burden of funding the account doesn’t have to be yours alone.  

Here’s a chance to see just how much little Janie’s or Jimmy’s grandparents really love them.

Not a lot of people realize it, but anyone who wants to save for your child’s education – be it a relative or a friend – can either open a new 529 plan account or gift money to an existing one.

“The federal gift tax exclusion allows a contributor to give up to $16,000 per year, per beneficiary, or $32,000 if they’re giving as a married couple,” explained Rueschhoff.  

And, sure, they could just hand you the cash, but this way they’ll be certain it’s going for its intended purpose.  (See “qualified education expenses” above.)

4. Inflation isn’t making it any easier for people to save

Every state’s 529 plan allows for maximum contributions of at least $235,000 per beneficiary, with places like New York and California setting a cap of well more than double that.  (Your accountant can discuss the tax implications with you.)  But even though 45 percent of the 2,220 adults, age 18 to 65, surveyed said they didn’t feel like they were saving enough, only 11 percent planned to increase the amount they sock away for higher education.  Which jibes with reports that Americans have begun cancelling vacations and summer camp for their kids out of concern about the economy.

Still, as Rueschhoff stressed, you shouldn’t be overwhelmed by the potential cost of college.  A financial advisor, like a trusted local one at Edward Jones, can look at your entire financial picture, including what other goals you might be saving for, to be sure your college savings strategy makes sense for your family.  And the firm’s online tools can help provide a broad idea of how much you’ll need by the time your child is ready to enroll.