Category Archives: Personal Finance

You Need to Know About These Taxes You Can Write Off

When it comes to taxes, we all know how stressful it can be just sorting out what you even need to pay. But there is a way for you to lower that stress and save money as well, and yes, we are talking about tax deductions. Many people aren’t even aware of all the possible deductions, but we believe that these deductions should be common knowledge, and that’s where this article comes in. Here, we have listed some of the tax deductions that, if applicable to your situation, can greatly help you when it comes to taxes!

First Things First

Now before we even begin listing the possible deductions, let’s talk about the basics regarding tax deductions, in case you are not so familiar with them. So, what are tax deductions? It’s pretty simple – basically, a tax deduction lowers your taxable income hence reducing your tax liability. What you need to do is to subtract the amount of the tax deduction from your income, and that makes your taxable income lower, and, lower your taxable income, the lower your tax bill.

What About Tax Credits?

A tax credit is a straightforward reduction in your actual tax bill. Not a lot of credits are refundable though, but those that are, you can do the following – say you owe $300 in taxes but qualify for a $1,000 credit. In that case, you’ll get a check for the difference of $700.

How Can You Claim Tax Deductions?

When it comes to different ways to claim tax deductions, there are generally two options. You have to choose only one regarding each tax deduction, but to be able to even decide on which one, let’s explain the options.

Standard Deductions

This is the simplest option that there is, and basically, it’s a deduction in your adjusted gross income based on your filing status. So, the amount deducted differs if you are single, married if you are filing taxes separately from your partner or not. If you are over 65 years old, the standard deduction is bigger.

Itemized Deductions

This is a completely different option than the last one since it’s not treating the whole taxes as a one, but you get to cut your taxable income by taking any of the hundreds of available tax deductions that you qualify for.

Now that we have covered the basics, let’s get to the part where we talk about the actual deduction options!

Home Office Deductions

Do you work from home? If you do, this deduction can be a big money saver if you use a  part of your home regularly, and exclusively for business. As experts on home office deduction explain, you don’t need to have a sector of your home dedicated to the business, even a desk count. Basically, all details aside, if you work from home – IRS allows you to write off associated rent, utilities, real estate taxes, repairs, maintenance, as well as other related expenses from your taxes.

Charitable Donations Deductions

Did you know that you can deduct money for goods given to charitable organizations, as well as out of pocket expenses for charitable work? Basically, if you itemize your deductions, you are able to subtract the value of individual items. On the other hand, if you opt for the standard deduction, you will be able to deduct around $300, based on the factors discussed earlier.

Lifetime Learning Credit

You are probably familiar with the fact that the tax code offers a number of different deductions options regarding college students, as well as those regarding ones that have already graduated. The great thing with lifetime learning credit is the fact that, unlike many other options, it doesn’t discriminate based on your age. So, what does the lifetime learning credit do? Basically, it can provide up to $2,000 per year, taking off 20% of the first $10,000 you spend for education after high school while you are trying to increase your education.

401(k) Contribution Deductions

A 401(k) plan is great for many different reasons, one of them being that it’s a highly efficient way to accumulate financial resources for retirement, but there are also some tax benefits that come with this plan. The thing is, the IRS isn’t going to tax what you divert into a 401(k) if it’s directly from your paycheck. For 2020, you can divert up to $19,500 per year into your 401(k) account, and if you’re 50 or older, you can contribute even up to $26,000. In most cases, these retirement accounts are usually sponsored by employers, but self-employed people can open their own 401(k)s as well.

Self-Employment Taxes Deduction

There are some great things that come with being self-employed, the first one probably being all the freedom and customizability when it comes to organizing your work. That being said, there are some cons about being self-employed as well – you have to pay 15.3% of your income for social security and medicare taxes, in contrast with regularly employed situations where the portions are ordinarily paid by both employee and employer. There is a tax deduction that can be a small consolation though – you get to deduct the 7.65% employer portion off your income taxes.

Gambling Loss Deduction

Many people have never heard of gambling deductions since it’s a pretty unusual thing to be able to deduct from taxes. Nevertheless, it can be done – gambling losses and expenses are deductible but only to the extent of your winnings. That being said, spending $200 on lottery tickets isn’t deductible by itself, but if you win and report it. That way, you can deduct the gambling expenses, but no more than the amount you win.

Tax Deductions For Teachers

It’s common knowledge that many teachers have to reach into their own pockets every now in order to purchase different items necessary for the classroom. While it can sometimes seem like nobody appreciates that gesture, it isn’t like that. In fact, the IRS does allow qualified K-12 educators to deduct up to $250 for materials that they have bought. And in case you don’t itemize, don’t worry – the amount in question gets subtracted from your income.

After you have finished the article, you have probably realized that there are a lot more options when it comes to saving money through tax deductions that you have been aware of – and there are a lot more different deductions that you can make! It all comes down to doing research and taking the time to look for these options, and then taking action and claiming those deductions!

The Characteristics Defining the Changes in the Online Banking Industry

It is not merely the number of banks that are changing, yet, the technological era has brought immense revolution and regulatory changes. Digitalization is mainly transforming how folks interact and execute business on a per-day basis and improvement in online banking technology is continuously impacting the future of financial services worldwide. The higher demand for a digital banking experience is changing how the entire banking sector operates.  

Characteristics Defining the Future of Online Banking

The increasing popularity and demand for online banking have surpassed other banking traits, and the overall number of online customers has to gain a pace globally.  Despite this rising demand, some banks still fall short of mobile tasks demand causing them to push users to mobile banking. As results of the inquiry and studies these characteristics defining the changes in the online banking industry:

  • Mobility and accessibility

There are various online platforms or apps through which one could easily make investments. These applications aren’t just simple to use yet also available throughout the day. They are even making use of technical know-how for improving their current services. Simple and instant access to online banking has also increased investments from tier 2 or 3 cities. Even though their share in the overall inflows is still dreadfully small, it is anticipated to climb rapidly over the next few decades.

  • Increase of online brokers

Previously, banks or third-party advisers were the only entities that could assist to make investments. However, with the rapid advancements and the rise of online banking, there is a surge in the online broker community. Contrasting to the traditional brokers, online brokers offer solutions and services at some of the cheap commission rates we have ever noticed.

  • Business Intelligence in Banking to Drive Profitability

The majority of banks globally have been encouraged to adapt to Business Intelligence (BI) in order to increase the overall productivity in the industry. BI system offers information for historical, future, and current trends. This information assists the banks in a way that they are able to take correct decisions and in that way can bring an overall boost in the profitability, efficiency, and productivity.

  • The World at your Fingertips

Just like from shopping for clothes or ordering food, everything is just a tap away. You can just make a digital or online expense from your E-Wallet. In the similar way, through online banking or net banking, one could easily order chequebooks, transfer money from one account to another, make payments, create Fixed Deposits, check the balance, and so on.

  • Better Data Protection and Zero Errors

In the past days when banking was entirely dependent on the skill and accuracy of humans, errors and mistakes were more obvious. As human skills have a boundary, they are prone to skip some important things or make mistakes in calculation. With the entrance of computers, the mistakes have enormously reduced to almost zero. Besides, another vital perspective to this is that it can guard the information very efficiently. Today’s new-edge technology offers the safety of your data and security of your online transactions that there are very odd occasions on which the information is misused.

  • 24-Hour Access and Better User Experience

Online banking allows users to access banking services 24-Hourthe day and 7 days a week. Besides, the advent of online or net banking has also reduced the time you waste for banking-related jobs. It has also guaranteed trouble-free customer service even from a remote location.


In a nutshell, Internet or Online banking is highly comfortable for our day to day tasks. This made our life convenient and simple and overall can enjoy quality service elegantly. It resulted in time-saving and efficiency methods.

Things To Help With Virtual School

Many schools in the country are closed and offering virtual schooling. These districts feel it is unsafe for the kids to return or they don’t have the resources for them to return safely. Space and student numbers are a big factor in this decision. Parents are being faced with having to homeschool their kids. Kids are being faced with learning over a computer screen for 5 hours a day. Everyone is doing their best to make the best out of this situation, including teachers. As parents, what are some tips to help you get through these times at home?


It is important to have structure for children. If you stick to a schedule you will notice they respond better. They like consistency and predictability. It may be helpful to get their schedule from their teacher and go over it with them before they start their day. It may even be a good idea to print it out or create a poster with this information so they can look at it while they are in their virtual class so they can figure out what they have left in their day. Who knows, maybe they will have time to play casino games for real money if they stay on course!


It is important to have a good learning environment for your child. Everyone can understand that sitting, staring and learning from a computer all day can be hard. The best thing we can do is to create an environment that makes them comfortable and feel like they are in a classroom and ready to learn. Make sure the location is somewhere in the house that is quiet so they can concentrate. It is also important for them to have a desk or table that has space. Providing the proper school supplies and storage for their school supplies for easy access can be helpful as well.

Positive Attitude

The attitude you have around your family regarding this situation sets the tone for them. If you are positive and act excited about what is happening then they will be too. They look to you for guidance on how they should feel. Act like you won big in the choiceonlinecasino online casino! Do your best to put on a brave face even though it may be a hard task on a day to day basis. Make things fun for them and give them access to positive reinforcement.

We are all in this together so lets make the best out of it!