480-354-1040 | hello@cdtax.com

CD Tax & Financial
Schedule your free consultation today
  • Home
  • Services
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Return
      • Owing the IRS Money
      • Behind on Payroll Taxes
      • When Your Spouse Owes the IRS
    • PPP Loan Forgiveness Assistance
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Testimonials
  • Blog
    • Blog
    • Newsletter
    • Weekly Tax Tip
  • About us
  • Contact
  • Home
  • Services
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Return
      • Owing the IRS Money
      • Behind on Payroll Taxes
      • When Your Spouse Owes the IRS
    • PPP Loan Forgiveness Assistance
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Testimonials
  • Blog
    • Blog
    • Newsletter
    • Weekly Tax Tip
  • About us
  • Contact

Give Your Children the Financial Education They Need

February 4, 2020 In Uncategorized
ShareTweetPinterestLinkedin

Most parents, at one time or another, have asked their teenaged child, “Do you think that money grows on trees?” While the question is just a common expression, it hits at an underlying truth. Children on the verge of adulthood often don’t have a clue about financial matters.

For instance, can you honestly say that your brood knows enough about managing debt, saving for college, or planning for retirement? If not, here are a few financial tips you should pass along.

Debt management. Debt doesn’t have to be treated like a four-letter word. In fact, there are times when it makes financial sense to borrow money, such as taking out a home mortgage. But caution your children about over-extending themselves, especially when it comes to credit card debt.

College savings. At an early age, include your children in planning for their college education. When appropriate, let them participate in investment decisions, and monitor portfolio progress together on a regular basis. Also, point out the advantages of tax-advantaged vehicles such as 529 plans and Coverdell Education Savings Accounts.

Retirement planning. Sure, retirement is way off your child’s radar screen, but don’t ignore the need to plan ahead. Advise your child about the benefits of tax-sheltered retirement vehicles. If your child works summers or part-time, he or she can contribute up to $6,000 to an IRA for 2020. Contributions to a traditional IRA are tax-deductible, but distributions are taxable. On the other hand, contributions to a Roth IRA are not deductible, but qualified distributions are tax-free.

There’s significant value to investing early in life and allowing the money tree to compound, but it is also never too late to save and build a nest egg. Contact Deb to schedule a free consultation and get you on a sound retirement path.

Is that all there is? Not by a long shot. But these simple suggestions will be a good start.


As always, should you have any questions or concerns regarding your tax situation please feel free to contact us.

Stay Up To Date on Taxes that Affect You!! Subscribe to our General Taxpayer Weekly Tax Tip that includes bite-size and informative tips on tax and financial changes, Monthly Client Update Newsletter, and updates on our events and seminars. Follow CD Tax on Facebook!

Monthly Archives

Categories

  • Accounting (41)
  • Accounting Software (12)
  • Amended Tax Return (4)
  • Blog (2)
  • Bookkeeping (2)
  • Bookkeeping Tips (11)
  • Business Development (25)
  • Business Growth (23)
  • Business Tips (83)
  • College (3)
  • Cool Tech Tools (13)
  • Cost-Saving Tips (14)
  • Cost-Savings Tips (5)
  • COVID-19 (46)
  • Customer Service Tips (6)
  • Decision-Making Tips (13)
  • Deductions (7)
  • Divorce (2)
  • Expense Reduction Tips (4)
  • Finance Management (9)
  • For Your Business (62)
  • Identity Theft (13)
  • Individual Tax (93)
  • IRS (39)
  • IRS Audit & Representation (4)
  • Legacy Planning (31)
  • Management Tips (9)
  • Marketing Tips (1)
  • Money Management (16)
  • News (19)
  • Payroll Tips (17)
  • Personal Development (5)
  • Profitability Tips (11)
  • QuickBooks Help (1)
  • QuickBooks Software (1)
  • QuickBooks Training (1)
  • Tax (51)
  • Tax Dates (21)
  • Tax Planning (21)
  • Tax Rates (4)
  • Tax Records (8)
  • Tax Resolution (2)
  • Time Management Tips (4)
  • Uncategorized (5)

Sitemap

  • Home
  • Services
  • Products
  • Industries
  • Resources
  • Testimonials
  • Blog
  • About Us
  • Contact

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

CD Tax & Financial
Tax Girl Enterprises LLC

8257 E. Guadalupe Rd Suite 115
Mesa, AZ 85212 United States

480-354-1040 | hello@cdtax.com


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.

Client Portal Login CD Tax & Financial Mesa AZ

Schedule your free consultation today CD Tax & Financial Mesa AZ

©2020 CD Tax & Financial | Tax Girl Enterprises LLC
Site Design by Accelerator Websites