Crisis Budgeting: How to Survive Financial Catastrophe And Thrive on the Other Side

When you’re a single parent, it doesn’t take much to knock you into a financial crisis. Sudden job loss… flooded basement… a sick or injured child… dozens of things can make you dip into and use up your emergency savings. And those financial setbacks can leave you struggling to make ends meet. Lots of times, those events pile on top of each other. And like so many of you, I’ve lived with financial anxiety, and had months where I  couldn’t pay all of my bills. When you’re stuck inside a financial crisis, the usual money advice doesn't work. You need…

Read More...

Business Tax Prep Checklist for Freelancers, Contractors, and 1099 Workers

Gather all of your business tax information here, and the hardest part of doing your taxes is done. Whether you DIY your taxes or go to a tax pro, this is what you’ll need to have on hand. Copy of last year’s tax return Your business tax ID number (if different than your Social Security number) Business bank statements Business credit card statements Business loan statements Business financial statements: Balance Sheet and Profit & Loss Statement IRA or other retirement plan contributions made during the tax year Self-employed retirement contributions Self-employed health insurance premium payment records HSA (Health Spending Account)…

Read More...
2019 Tax FAQ’s

2019 Tax FAQ’s

Got tax questions? I have the answers. All of those confusing changes in the TCJA (Tax Cut and Jobs Act) have led to some unexpected outcomes – like teeny, tiny refunds or surprise tax bills. Plus, the forms that were supposed to be “postcard-simple” are confusing even for the experts. I’ve been getting a lot of questions this year – and expect I’ll get a lot more. If you have any questions that aren’t answered here, add them to the comments and I’ll answer as soon as I can. You can also contact me here. Here are the questions I’ve…

Read More...

3 Realistic Single Mom Businesses You Can Start Today

If you’re a single mom with cash flow issues, you need a way to bring in money fast. Starting a home business can get that job done, but it has to be the right business to work with your life. That can be especially tricky if you Are stuck at home with young kids Have a special needs child Were a stay-at-home-mom for years Haven’t worked in a while Don’t have highly specialized skills There are dozens, probably hundreds of websites out there with super long lists of business you can start. A lot of them assume you have tons…

Read More...
How To Get A $10,000 Tax Break For Your New Business

How to Get a $10,000 Tax Break for Your New Business

It costs money to get even the simplest business up and running from scratch. And if you're like most aspiring single-mom entrepreneurs, you're bootstrapping your business without much cash to spare…and not much money coming in. You need every possible break you can get. And that's where two special $5,000 tax deals come in. You have to be in business to have business expenses…it's one of the main rules of tax law. But during the start-up phase, you're shelling out money even though you're technically not in business yet. That's why organizational and start-up costs are supposed to be treated…

Read More...