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How to Figure Out if Your Hobby is a Business

  • Categories: Blog
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When does your hobby become a business? There are two answers to that question — the one in your mind and the one in the language set out by the IRS. But the latter is really the only one that matters. In fact, in some cases the IRS may consider your photography side hustle, tutoring gig or even your lemonade stand a business; in others the agency is willing to let it slide into hobby territory.

What to Expect from the Fed Hike

  • Categories: Blog
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The Federal Reserve recently announced an interest rate increase, and as you might guess, the move will likely cost you money. Although increases in the prime rate are often slow to show up in higher savings rates, they manage to increase rates on variable debts very quickly. That means you’re likely to see it in your credit card billing statements, adjustable-rate mortgages, home equity lines of credit, auto loans and more.

Tax Tips for Last-Minute Filers

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There are those who are extremely diligent when it comes to filing their taxes well before tax day, and then there are those who, well, would rather go out and play in the snow. About 25 percent of Americans wait until the last 14 days before the deadline to prepare their tax returns, reports CNBC.

The Best Ways to Cut The Cord

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Parents hoping to cut the financial cord from their adult children have it rough. In some ways they created their own problem, but how do you say no to your own flesh and blood? Especially if it means watching them struggle? Luckily, there are some methods that just might let those kids down gently. This article provides some worth exploring.

Take a Better Look

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Half a year ago, credit reporting agency Equifax informed consumers that its data had been breached. As a result, more than 145 million Americans were at risk for identity theft. This week, Equifax said 2.4 million more consumers had been compromised than originally thought. If you were impacted by this hack, cyber thieves have access to all sorts of information, from Social Security numbers to addresses. With that data in hand, scammers can do all sorts of damage to your credit. And yet, a new study suggests people still haven’t been keeping up on their credit reports.

The Roth Difference

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According to research, retirees need about 80 percent of their working income to cover bills during the golden years. Yet Social Security only typically covers about 40 percent of working income. One way people can make up for that gap is to save independently, often through a company-backed 401(k) plan. In recent years, more employers have started offering offering Roth features in those plans. If you’re not familiar with the Roth 401(k), here some reasons to consider saving in one.

Build It Up

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You likely already know that your emergency fund should be stocked with anywhere between three to six months worth of pay. Marking the goal is the easy part. Getting your savings up to par, well, that’s considerably tougher. Here are some budgeting hacks that will help you succeed.

Money Matters Before Marriage

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According to a recent study by researchers at the University of Kansas, arguments about money are the number one reason married couples get divorced. With that in mind, it seems wise that those considering marriage should get the tough money conversations out of the way before walking down the aisle. Wondering what, exactly, to discuss? This article gives some questions to ask well before “Will you marry me?”

Savings Tips for America Saves Week

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America Saves Week is an excellent opportunity to ask yourself, “What am I saving for?” and, “What steps am I taking to reach that goal?” To get you started, we asked some of our credit union employees about their savings strategies.

How to Get Money Back for Travel Mishaps

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At peak travel times there are bound to be some travel mishaps — whether it’s a broken TV screen on a transatlantic flight, a rental car overcharge or a flight delay due to mechanical issues. The bright side: You might be entitled to some financial compensation to help with the headache. And getting it is not as hard as it sounds.