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Client Update Newsletter: March 2024

Missing tax documents can mean missing the date you're hoping to get your tax refund. In this month’s newsletter, read about common tax items that if missing, could cause a delay in filing your return.

Also read through several ideas for building an emergency fund when money is scarce, ideas to consider when interest rates change, and the perils of too much social media.

Please enjoy the information and pass along articles of interest to all your family and friends. And as always, please call if you have questions or need help.

Contents

Common Missing Tax Return Items

Common Missing Tax Return Items imageWant your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed:

By knowing these commonly missed pieces of information, hopefully your tax filing experience will be a smooth one.


Building an Emergency Fund When Cash is Scarce

Building an Emergency Fund When Cash is Scarce imageThe traditional rule-of-thumb for emergency funds is to have enough cash stashed away to cover 3 to 6 months worth of expenses. For many people, though, this sounds better in theory than in practice.

When you're starting from scratch and don't have a lot — or any — extra cash at the end of the month, consider these ideas to help grow your emergency fund.

Cutting Expenses

Increasing Income

Once you start looking for ways to spend less and earn more, there's one final step that can help you grow your emergency fund. Make sure the money you find on both ends of the spectrum makes its way to your savings, either through manual or automatic transfers.

The best way to do this is by having a dedicated emergency fund in an account that's separate from your regular checking and savings accounts. By moving your extra money into this account, you can grow your emergency fund with less temptation to spend it.


Your Brain on Social Media

How to make online interaction better for your health

Your Brain on Social Media imageMore than half the world now uses social media sites such as Facebook, X, and Instagram every day. The average user spends about 2 hours and 23 minutes on these platforms clicking, liking, and replying to content sent from around the world.

Research has demonstrated, however, that too much social media can have negative effects on mental health. This appears to be especially true for children and young adults. Here are some ideas to help ensure social media use does not become a problem, especially for your children.


Important Moves to Consider When Interest Rates Change

Important Moves to Consider When Interest Rates Change imageA domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also causes a drop in how much your savings can earn.

While waiting to see what the Fed does in 2024, consider having a plan in place for both these scenarios — a hike in interest rates as well as a cut. Here are some ideas for formulating your own financial plan for each scenario.

When Interest Rates Increase

When Interest Rates Drop



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Please note: Some material may be time-sensitive and may no longer apply.
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