Make use of seven-day tax free stretch that started in Connecticut. If you are in Connecticut, then you will be happy to know that you do not have to pay any sales tax for some of the things that you buy during this week, thanks to the 2016 Connecticut tax free week. This is one of the important weeks that people always wait for as they get to buy a lot of things at lesser prices. With the schools set to open very soon after the summer holidays, it is an ideal time to buy some of the back to school stuffs.
The Tax Free Week In Connecticut is the best time to buy anything that you need for you and your kids. One thing that you need to bear in mind is that you are eligible to enjoy free taxes only for the items priced under $100. Anything that carries a price tag of over $100 is not tax free. Some of the things that will not fall in the tax free bracket are: jewelry, wallets, sports uniforms and gear and purses, even if they cost under $100.
The things that you can buy tax free all through the week are: rain jackets, children’s school stuff, jeans, shirts or a pair of shoes. The best part is that the tax free items can be bought from physical stores, over the phone (if the retailer is participating) or even online. To know more about The Best Tax Free Investment In USA, you should Check Out This Link. The 2016 tax free week of Connecticut has started from August 21, 12:01 am and lasts till midnight of August 27.
If you are interested in buying a lot of things, then you need to do a thorough research and find the best deals that will help you to save huge during this tax free week. Most of the retailers will be part of this tax free week. The tax free week has become a staple for the back to school purchases. The buyers get to enjoy more discounts as the sales tax is applied after the use of the discounts or coupons that are on offer. So, even if the price of the item you buy starts above $100 and if its price is less than $100 after the discount, then you are eligible to get free sales tax on the item.
There is no doubt that everyone from the retailers to the consumers will be taking advantage of this annual tax free week. This is one way of boosting the economy of the state. The state is expected to make $4.5 million in sales during this August tax holiday week. Connecticut is one of the 16 states in the country to offer the back to school tax free purchases for its residents. An average family with children in grades K-12 spends about $630 for the back to school purchases every year and the average college going student family spends $899 for the back to college shopping.
Brexit has been a shocking event for all of us. It had a huge impact on global economy and currencies. This has made Americans think about the value of the US dollar. If you are a traveler, you have got to consider all the options for currency conversion. Sadly, they don’t consider all the options as they tend to do things last minute. When it comes to spending money overseas, you definitely need to do your own research. You will also have to take a second look at the personal choices you make.
Not knowing enough about the currency exchange can lead to money loss while travelling abroad.
Foreign currencies never remain the same as their values keep changing all the time. So, you have to check the value every day to know where it stands. Exchange difference rates can be considerable if we are talking about a bigger amount. You also have to consider the applicable fees to get a bigger picture. Let’s take a look at a couple of common options when it comes to spending money abroad.
Cash vs. plastic
When it comes to overseas travel, many would advise you against using cash. They would ask you to opt for charge cards. But as a person who has travelled a lot in many countries, I can tell you one thing – don’t follow this advice. Cards can be a nightmare at times. In many countries, your international card might get rejected. So relying totally on the card is not an intelligent choice. You may also have to deal with technical glitches while you are abroad. So putting all your eggs in the card is not the smartest move. If you want to learn more about the Foreign Currency Trends, Click Here.
Yes, when it comes to using charge cards, there are several things one gets afraid of.
- You may have to deal with foreign transaction fees on your debit and credit cards.
- You will come to know of this only when you take a look at the monthly statements.
- You will be surprised to see 1%-3% surcharges on your monthly statements.
- Discover and Capital One, do not charge foreign transaction fees we hear.
- The same can be said about American Express Platinum Card as well.
- But you will have to deal with caveats.
International currency card
Yes, the international currency card might be really helpful. MasterCard and American Express issue international currency card and this card might be really useful while you are globe-trotting. These cards are pre-loaded with several currencies and this will go to make it easy for you to travel. But you are forewarned about the fees involved. You will have to check with the card issuer to learn more.
Yes, this is an old option which is still very popular. The good thing about them is that your money will be protected if they are stolen or lost. As far as the cons are concerned, it’s not recognized universally. You might have trouble at many outlets. Also, you will have to deal with additional fees. When you travel abroad, you have several options. Check all your options for your own good.
Unlike an old person, you have many financial perks as a young person. Being a young person, you have many financial perks. Let’s take a look at those perks below. Young people struggle when it comes to their paychecks and bank balance. But the age has other advantages. Being a young person, hard work is something which is expected of you. Often times, the salary is a joke. Young people are hardly able to save money. Young people also have to deal with student loan bills, which consume their life. Also, they are clueless when it comes to managing their anemic assets. But young people have financial advantage as well. If you do financial planning as a young person, you will be able to enjoy a financially secure life later on – that’s what the experts say. Let’s take a look at the major financial advantages of youth. If you are looking for More Articles In The Finance Category, Click Here.
Yes, as a young person, you will be able to start with a clean slate. Once after making several mistakes, it is difficult to start fresh as you will be dealing with the aftermath of the decisions you have made. But as a young person, you don’t have to worry about any of that.
- As a young person, you haven’t made a critical error yet. This is a huge advantage.
- Older investors and savers might be struggling to deal with the aftermath of the mistakes they have made.
- As a young person, you don’t have to undo several mistakes that you have committed. This gives you undivided focus on what you want to achieve.
- As you get older, you will less time to catch up and fix your mistakes. And as a young person, you don’t have this disadvantage.
Yes, as a young person, you have time on your side. It is the case for both investing and saving. When you have time on your side, you will be able to plan your future with a lot of clarity. When you start investing so early on, you will have more time for your accounts to grow. And when you are old, the compound interest is going to be your best buddy. This is one of the major reasons why you should start investing so early on. When you start later, it will be difficult for you to catch up. You have to start investing so early on, keeping retirement in mind. You should contribute whenever you can. As far as compound interest is concerned, you don’t need to invest a lot of money to have a bigger impact.
Affordable health insurance
When you are young, you tend to be healthier. As a result, you will be paying less money as health insurance premium. This will help save lots of money. Compared to older people you will be paying very less money. Also, you will have the flexibility to choose a high-deductible plan as well. This will reduce the monthly costs considerably. Also, you will have more time to have a good health savings account.
Yes, being a young person, you have several financial advantages compared to an older person. Just take advantage of this.
Hillary Clinton attacks, Donald Trump’s economic plan for the country. Hillary Clinton, Democratic Party nominee for the upcoming U.S. Presidential election, has blasted Republican Party nominee Donald Trump for his economic plan during an address at a campaign rally. At the same rally, Hillary talked about Her Economic Plan For The Country. She said that all the ideas proposed by Trump are outlandish. She added that even Republicans can’t stand the ideas proposed by Trump. She came up with her own proposals.
Michigan has been a big talking point throughout the primaries. Hillary said that Trump is not interested in talking about Michigan at an event held in Michigan. Hillary Clinton pointed out that, during a Trump’s recent visit to Detroit, he only talked about crime, poverty and failure. According to Hillary, trump has no idea what makes Michigan great. There are so many economic challenges before the American public, but Trump has no practical solution for any of those problems, added Hillary.
Donald Trump’s detailed economic plan
Donald Trump had been criticized for not coming up with a detailed economic plan. But he recently unveiled a detailed economic plan. Hillary Clinton wasn’t impressed. She criticized his economic plans, calling them outlandish. She joked that 6 guys named Steve wrote the economic plan for Trump. Hillary said the following at the event.
- She’s going to have your back every day if she becomes the president.
- She says she’s committed to small-business owners.
- Hillary talked to the crowd about her father’s drapery printing business.
- She criticized Trump’s business practices in the past.
- She cited the example of numerous fights Trump’s business had with smaller companies.
Trump is an irresponsible businessman
Hillary said in her speech that Trump refused to pay his bills in the past, which led to the destruction of many companies. Hillary noted that Trump chose not to pay them. Trump had the resources to pay them, but his personality was such that he flatly refused to pay them. And that says a lot about a person who wants to be the next President, said Hillary in her scathing attack speech. According to the experts, US Economy Will Surpass The Challenges. Take A Look At The Article Here To Learn More.
Trump’s position on trade
Hillary also attacked Trump on his position on trade. He reminded the crowd that 2 of the best known American Olympians criticized Trump on his position on trade. She said that Trump is hidden behind the walls. That was also an indirect dig at his proposal to build a huge wall at the Mexican border. Hillary congratulated Olympians Simone Biles and Michael Phelps for their achievements at the Olympics. She also congratulated their courage to go after Trump. America is not afraid to compete – Hillary added.
Trans-Pacific Partnership (TPP) was a big issue during the primaries. Trump opposes the deal. Initially, Hillary was for it. But she has changed her stand as she is also against it. She has said that she’s going to oppose the deal once she comes into power. But she didn’t talk about her previous support for the trade deal. During his speech in Detroit, Trump had said he’s aiming at the biggest tax reform in America has seen after a long time.
The way to prepare for retirement is important from a financial perspective. Many people often look back at the years of their youth and how they had squandered their earnings with regret. Many often regret that they did not prepare enough for their retirement that is now upon them. The years of our youth are often wasted and there might be several things that one could do differently.
Survey on financial preparedness
There was a recent survey that was conducted by Allianz Life Insurance Co where it was reported that 32 percent of the polled contestants regretted certain life choices they had done. The biggest of the regrets had been that they did not pursue the dreams that they had initially which amounted to 39 percent. Others stated not having taken more risks in their professional careers, about 38 percent, while the other category of regret comprised of 36 percent stating that they should have taken more risks in their lives than they did.
The other category of regret wasn’t prepared enough for their retirement years. By now most people are aware that savings are not enough for the inflated lives that people are forced to live which becomes more difficult when earnings become limited and retirement age has come up. As per an Employee Financial Wellness survey that had been conducted by PwC, about 37 percent who were interviewed stated that they would not be able to retire at the time when they wanted. The survey tracked how well settled was full employed people across the nation, especially from the financial front. There was another survey that was done by Indexed Annuity Leadership Council. This survey revealed that many Americans, about a quarter of the national population were worried that they would be running out of retirement funds and not have adequate amounts saved.
Not all regrets are financial however. For instance, some state that they wished they enjoyed life a bit more when they were working. That is because the health problems that come up when one is older, often does not allow one to enjoy life nor do the things that they planned to do after retirement.
Advice from successful retirees
Those who mastered the art of saving enough and being able to enjoy their retired lives, have some advice to provide:
- Most advice that one should start early. It is something that financial planners agree with as well. Clients are advised that they need to plan for their retirement much before, almost as soon as one starts earning. Getting organized about one’s finances is the right way to inculcate the right habits on spending and saving.
- The other bit of advice that might surprise many is the fact that one should plan retirement not too late. Even financial planners agree with this aspect. They feel that clients get stressed when the question of retirement comes up. This is also because there is no steady income plan made by this time. Quality of life often deteoriates and impacts life after retirement.
The other points involve getting help from an expert financial planner at the right time. For related articles on pension Go Here, Discuss About Pension Plans And 401ks.
There are many lessons that are not taught to children in school. For instance, the way credit cards function, the money that one earns by working as well as the importance of saving are some important criteria that need to be talked about with your children. You need to explain to your children that money is something that is earned in return for the work that you do. As it does not come from an endless supply, the importance of spending it right and saving is some important concepts that need to be developed at an early age. This article is on explaining the importance of money and savings for your children.
Educating children about finances
It is necessary that children are educated about certain key concepts of personal finance that are usually not talked about in school. In order to help them understand the value of money and not have to learn it the hard way, it is necessary to inculcate certain values about money in them from an early age. With the financial crisis that recently crippled the world, people need to understand that there are certain simple concepts in personal finance that are often overlooked. For instance, the principle of living by the adage of borrowing less than how much you are able to repay is important as that is something modern people tend to forget and overlook. Go Here to know about How US Economy Surges Up With Job Additions.
Source of money
You need to explain to your children that money does not grow on trees. They might get confused when they see you swiping a card and collecting the change, walking away with groceries from the store and so forth, imagining an endless source of money that you probably have. It is necessary to explain to them where the money comes from, the basic way salary or earnings get accrued in a bank account and are paid through the debit or credit cards, in the latter case a payment made against a future repayment that would be done by you.
How money is earned?
It is necessary that parents explain to their kids how money is earned through work. One of the ways of inculcating the sense of earning is to encourage them to do household chores or take on work like cleaning the yard against which they can receive money as a reward. However, it is necessary to segregate principal responsibilities that are independent of rewards while others that can be done in order to earn money in return.
Understanding the importance of savings
Kids want every cool toy that comes into the market and if parents are to fulfill their every request you would not be teaching them the importance of how one has to work hard to achieve certain things in life. You need to give your kids a lesson how they can save their earnings or rewards they get and use the money to buy the items they wish to have.
Basics of investing and credit
Along with adults, youngsters also need to understand the basics of credit and investing options. Many adults often remain clueless about the interest that accumulates on credit taken up. These are certain concepts that even young adults need to be made aware of.
It is often said that taxes and death are two certainties in life that people cannot avoid. However, there are certain profitable companies that have been able to escape the tax front. There are about 27 companies that are part of the Standard & Poor’s index of 500 companies where there are firms like LVLTA which is a Level 3 Communications company, United Continental airline and General Motors, amongst others who have reported that there are no income taxes that they are liable to pay for 2015. This is despite the profits in the pre tax segment that have been reported. This data has been published in USA TODAY as per the data analyzed by a global market intelligence firm S& P. This Article talks about how certain US companies have avoided heavy taxes.
What the study shows?
The analysis was based on profitable firms of the last financial year. That is because firms that have lost money in the last financial year, like energy companies, would not be expected from making tax payments. As far as investors are concerned, those who are looking to escape the taxman might not stand to have an advantage. Companies that did not have taxes to pay have not done well on the shares front as the average on shares has been down by 11%. This is twice more the decline that was noted in the previous period when a similar analysis was done by S&P.
Link between performance and tax bills
Many might find it surprising that underperformance has become an issue when companies have put in effort and come up with lowered tax bills this year. That points to the fact that income tax might not have a direct linkage on how well a company or an industry performs in a financial period. It is merely an issue that is the bottom of the financial earnings and profitability list. Some investors however point out that companies that have been paying fewer taxes could be due to the slow pace of growth in profits and revenue. For most companies in the US the focus is to build on their bottom line, but for some it also involves finding ways on how to reduce the liabilities in the tax segment. Click Here for How Does Filing Income Taxes In The US Work?
Different steps companies have taken
There are different steps that companies have taken in order to reduce their tax burden. For instance, some companies like Pfizer, the drug maker company, took advantage of the lowered rates in taxes overseas. This is a practice that is not without criticism in the economy. However, the drug maker formed a plan of merger with Allergan and they moved their company headquarters to the country of Ireland. There are other companies that have been looking to move their headquarters to lower tax paying places. However, state authorities are coming up with concepts like paying an exit fee for those looking to move their key operations to lower tax paying regions.
Starbucks reduces its revenue forecast for the year after missing third quarter sales targets. The Seattle based popular coffee brand Starbucks has decided to go slow on its sales forecast after its revenue in the third quarter saw a small slump with regards to its sales estimates. The sales in the global stores as well as its US flagship stores in the third quarter have seen a growth of 4 percent in all popular locations. It is expected that this figure would increase to about 5 to 6 percent for the year. This is a good sign for this popular coffee store.
The Chairman and the CEO of Starbucks, Howard Shultz, in a meeting with the analysts, said that the marketplace has been a bit challenging this time round due to civil problems in terms of race and the ambiguity surrounding the US presidential election. All this has led to the company showing lesser sales than what was targeted to achieve for the third quarter. Howard said that there is nothing to worry about as the kind of community that Starbucks has created over the years will help the company to realize its targets soon.
These results of the third quarter could be the after effects of the revision of the Starbucks rewards program that was carried out in April. There were many speculations, then that the revised program could drive away customers from entering the stores. Schultz admitted that the roll out of the new reward program for regular customers at the same time as the Frappuccino Happy Hour annual promotion has negatively impacted the company as they were not able to build the necessary awareness in the market.
The Chief Operating Officer of Starbucks Kevin Johnson said that the new rewards program will take something to sink in. The customers will start to realize its benefits and start to use it more. It is now based on the spending made by the customers rather than the transactions they make. Many customers are looking to split their purchases in order to get more points. There are many who are of the opinion that the new rewards program favored those who spend money on buying expensive drinks. To know more about the US markets and its uncertainty, please Check Out This Link “US Equities In An Unfavorable Position”.
The analysts had estimated that the Starbucks sales would touch $5.34 billion this quarter, but it fell short of the mark and was able to reach just $5.24 billion. The slowdown in sales of Starbucks has made the analysts think and come out with the revised sales expectation on the mid single digits than the previously announced above mid-single digits. The outlets that have shown a slump is the sales through the US Starbucks outlets. The sales across the new outlets opened last year have seen an increase of 4% from the previous year’s same quarter reading. Even though the sales have shown improvements, there has not been any change in the number of transactions made.
Despite the launch of the new rewards program and the criticisms it faces from some customers, the loyalty membership of Starbucks grew by 18% when compared to last year. There are over 12.3 million active users of the Starbucks reward program.
Huge sustainability plans spelt out by Tesla Motors CEO Elon Musk. The new master plan put forth by Tesla Motors CEO Elon Musk has not impressed its investors fully. They are quite uncertain at this stage as to whether the plan would work for Tesla. You might be aware that Tesla Motors is the youngest American car maker and is known for its popular electric cars. The new ideas put forth by the Tesla Chief have seen a decline of 3.4% of Tesla shares last week in the NASDAQ trading.
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The big goals of Elon Musk are to come out with fully automated urban transit vehicles like the bus system apart from driverless car technology. The Tesla is also looking to create a new energy division and to build heavy duty electric trucks through the California based company, Palo Alto. These are really big and ambitious goals that Tesla CEO has proposed and it looks like these plans will not be a cheap proposition.
Elon said that the company is looking to boost its annual production of its electric autos to tenfold. The company will soon be eliminating the issues of quality that its new electric car Model X crossover is facing. Apart from this, Elon Musk also said that the company is going to inaugurate its huge Lithium-ion battery plant in Nevada next week and it could be called as the Gigafactory.
Tesla Motors has also plans to acquire the SolarCity Corp, a solar power company. Musk is seeking the permission of his board to carry out the desired purchase of the company. This company is run by Musk’s cousins and he is also the chairman and a major investor in the company.
The ambitious plans of Musk are not really impressing the company’s investors. This announcement by him came after the crash of an Autopilot engaged Model X car on July 1 and the reviews put forth by the safety regulators of the US after the fatal crash of the Autopilot system of the Tesla S model in May. These are not considered to be light issues with the investors and they seriously doubt whether the proposed plans of Tesla’s CEO would really work wonders for the company. The investors feel that Musk should be focusing on just producing electric cars at the moment and stop thinking of adding more business ventures. Not all investors are game for the proposed battery powered compact SUV, a public battery bus and the electric semi-truck.
The skeptics say that the Master Plan of Musk does not contain any information as to how these plans could be turned into a reality. The plan is short of financial details even though it has exhilarating visions for the future. It is not just Tesla, but popular automakers like Volkswagen, Daimler AG, Toyota and General Motors are also having plans to come out with electric cars, plug-ins and hybrids to their existing fleet.
Musk has his focus on sustainability and is on a vision to change the thinking of the world. There is no doubt that his followers will be supporting his sustainability goals.
It is not easy to Avoid Paying Taxes when getting a paycheck. There are quite a few things that you can do in order to save some of your money from going as taxes.
Municipal bonds investment
One of the best ways to earn tax free income is to invest in municipal bonds. These are debt duties brought forth by the counties, cities or states or any other government entities to help them raise funds for important projects like building rails, schools or highways. By purchasing these municipal bonds, you can enjoy federal tax freedom. You should do a little bit of research to find out which of the municipal bonds are tax free and buy bonds only from your state.
Open a health savings account
It is better off for you to open a Health Savings Account or contribute to it in order to meet the medical expenses that might come your way. There are a few specifics that you need to meet in order to qualify for the HAS account. You should not be enrolled in Medicare to get an HSA. You can use the money to pay for the medical expenses and the money spent will not be taxable.
Renting your home
If you are looking to enjoy some tax free income, then consider renting your home. The income that you receive by renting out your home for 14 days or less is completely free. There is no limit on the amount that you can charge as rent and therefore you can earn as much as you want in the 14 days. The vacation homes that you possess can also be rented out in this fashion to earn tax free income. If you want to know the ‘Different Ways To Invest Tax Free’, then do not miss to Click On This Link.
Hold on to your stocks
Holding on to your stocks longer, say about one year and a day, can earn you lower the tax rate on capital gains. If you are in the lower earning and the ordinary income tax bracket of 10% to 15%, then you get special offers for holding on to your investments for a longer period of time. The capital gains tax rate is 0% and thereby single filers can earn up to $37,650 in 2016 without paying a single penny.
One of the easiest ways to receive money from someone without being taxed for it is to accept it as a gift. The taxpayers are allowed to shell out up to $14,000 in a year to any people they like, according to the IRS. Any gift over this amount would be taxed by the IRS. This exemption on annual gift tax increases once every three to four years. This is a very handy option for all wealthy couples or individuals looking to pass their income to their children or grandchildren.
There is a tax credit on offer for all homeowners installing alternative energy sources in their homes. It is equal to 30% of what you spend on solar water heaters, solar electric systems, etc.
These are the few tips that will help you to save some money that you need to pay as taxes.