Family is at the core of what we think of as Personal Finance. From our spouses, ex-spouses, children, and savings for their education and future, Family is one of the driving forces behind our economic and tax decisions.

The tax code dates from an era where a two parent, single breadwinner with a spouse that either has no outside the home earnings or limited earnings. The very concept of the “marriage penalty” was based on the idea that the tax brackets didn’t double for married people as two singles. For most people, getting married lowered their tax burden, but for similarly earning high income individuals, taxes went up upon marriage, making the tax brackets discouraging of family formation. This requires new tax planning strategies, and since the IRS looks to your state on December 31st, you may wish to review these personal finance assumptions prior to your wedding date.

In the 21st Century, the traditional assumption of family units may no longer handle the needs of all Americans. The very nature of a “taxpayer” and their “spouse” has certain dated connotations that reinforces the challenges that woman have in the financial industry.

One of the biggest challenges for family finances is the matter of paying for education for children. While financial aid has gotten more generous at private schools for lower income individuals, the economic squeeze of the past two decades has made it difficult for middle income families to put away sufficient savings despite the proliferation of 529 accounts.

The modern family is squeezed by increasing home prices, leading to higher mortgage payments even at low rates, and a job market where wages have barely budged for lower income families. This makes family oriented financial planning even more important. With longer life spans parents will likely be able to accumulate the wealth necessary, but not necessarily by the time their children go to college. Creating multi-generational tax planning will be critical for families to preserve and grow wealth in the decades to come.

All Things IRMAA | Jorge Gonzalez Video

By |2021-09-10T16:29:31-04:00September 10th, 2021|Categories: #FinanceFriday|Tags: , , , |

On today's finance Friday, we have Jorge Gonzalez, who will tell us about all things IRMAA. Jorge is a financial services industry veteran with more than 26 years of experience. His specialty is providing business owners solutions to increase revenue, protect their assets, and reduce taxes with a collaboration with my CPA. He has two professional designations, and he also has a Medicare certification, which is part of what we're going to be talking about today.

Movie Revenue Post Pandemic

By |2021-07-12T17:49:28-04:00July 12th, 2021|Categories: Other Perspectives|Tags: , , , , |

Slowly movie theaters have been opening back up thanks to the Covid-19 vaccine. Furthermore, the pandemic has made it hard to gauge whether or not movies as we once knew them will return. So I decided to take a look at Twitter and assess the number of people going to the theaters versus the number of people using Primier Access to watch the new Marvel movie called Black Widow and make a prediction about the future of movie theaters and at-home streaming. 

Black-Owned Financial Groups

By |2021-06-18T20:29:12-04:00June 18th, 2021|Categories: Quickies with Bette|Tags: , , , , , |

In honor of Juneteenth, I want to highlight some amazing black-owned financial groups. The Black Angels Miami Investor group, black-owned banks and credit unions (and where to find them), and the Black Bitcoin Billionaire are doing so much for their communities. Let's get started.

Special Needs Planning

By |2021-06-18T18:24:51-04:00June 18th, 2021|Categories: #FinanceFriday|Tags: , , , , |

Special needs planning is relatively new but Craig Eppy's family firm, The Eppy Group, has been practicing special needs planning for over 30 years. Join us for this Finance Friday where Craig shares his well of knowledge with us. 

Barking Up The Wrong Tree – Video

By |2021-06-17T17:01:55-04:00June 17th, 2021|Categories: Business Book Club|Tags: , , , , , , |

"Barking Up The Wrong Tree: The Surprising Science Behind Why Everything You Know About Success Is (Mostly) Wrong" by Eric Barker was June's Business Book. Join me and my fellow book club members as we discuss our key takeaways from "Barking Up The Wrong Tree," and let us know what you think in the comments. We concluded that this is one of our favorite book club books and that if you were going to read only one of our business books, Barking Up The Wrong Tree is the one you should read.

Work-Life Balance & Twitter

By |2021-06-11T20:46:32-04:00June 11th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Work-Life Balance has generated quite a bit of buzz. It seems that the younger generation is throwing away the capitalistic mantra of “No Days Off!” and recycling it into "PLEASE, take days off for your health. As a member of Gen-Z, I agree that self-care should come first, not your job. However, I also recognize that self-care should not be an excuse for underdelivering at said job. I figured I would look at what Twitter is saying about Work-Life Balance and share it with you for this week's social media round-up.

Adoption Tax Credit

By |2021-06-03T13:47:23-04:00June 3rd, 2021|Categories: #TaxTipTuesday|Tags: , , , , , , |

To kick off Pride Month, we're bringing you a special tax tip Tuesday. On this one, we are going to go over the adoption credit. Now, obviously, the adoption credit applies to anyone who adopts a child. It is not strictly for the LGBTQIA+ community. It applies to everyone, but the LGBTQIA+ community does tend to make good use of this, so I wanted to do a high-level overview of the credit.

Florida Tax Holiday 2021

By |2021-05-31T13:08:56-04:00May 31st, 2021|Categories: #FinanceFriday|Tags: , , , , |

Florida's Tax Holiday is a sales tax holiday, which isn't really new in Florida. We've been doing this for several years, but it is a little different this year. Anyone familiar with Florida knows that the rainy season is hurricane season. Actually, it's starting May 28th; we've got the Disaster Preparedness Sales Tax Holiday right now. So what does that mean?

To Sell Is Human – Video

By |2021-05-27T20:00:03-04:00May 27th, 2021|Categories: Business Book Club|Tags: , , , |

To Sell Is Human: The Surprising Truth About Moving Others, by Daniel H. Pink, was May's Business Book.  Join me and my fellow book club members as we discuss our key takeaways from To Sell Is Human. We concluded that this is an excellent book for beginners because it summarizes many books we've read previously at Bette's Business Book Club. Watch our book club below and let us know what you think in the comment section. 

Caring For Aging Family Members

By |2021-05-03T13:43:07-04:00May 3rd, 2021|Categories: #FinanceFriday|Tags: , , , , , |

Caring for aging family members and those with special needs is not something people are versed in discussing. However, Denise Lettau, Esq., is an expert in the field of caring for these family members and will help you draft the documents needed for executing the wishes of the family member.

Stimulus Money & Spending Habits

By |2021-04-15T10:22:07-04:00April 15th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Stimulus money, stimulus checks, economic relief payments, no matter what you call it, you know that the world has been waiting for this money. Now, Coronavirus and its effect have been nothing short of devastating; however, I believe the only silver lining might be the stimulus checks. So far Americans, who are eligible, should have received three stimulus checks totaling $3200.00. With all this "unearned" money hitting our bank accounts, it begs the question, "What are people spending their Stimulus Checks on?" Well, I did some digging across Twitter and Tiktok and found some savvy spenders, some not-so-smart spenders, and some that made me laugh out loud. Let's take a look at this social media round-up. 

Taxes When Married

By |2021-05-12T23:30:25-04:00February 10th, 2021|Categories: #TaxTipTuesday|Tags: , , , , |

Valentine's Day is not that far off, so I figured what could be more romantic than a discussion about taxes. Maybe not actually the most romantic discussion, but marital strife around finances is one of the leading causes of divorce. So, even though it might not seem romantic, it could be super beneficial to your relationship if you actually go ahead and figure out how you want to file your taxes.

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