Dr. Harold Wong Historically, the major American financial dreams are to live in a decent house, help kids with college expenses, and afford bucket list dreams (travel is the number-one bucket list dream in retirement). Since January of 2021, with the Biden presidency, overall inflation has increased 16%. However, inflation has had a different impact…
Tag Archive for Dollars & Sense
Features, February 2023
Dollars & Sense: Strategies for Combating the Impact of Inflation
Dr. Harold Wong In 2022 the U.S. inflation rate hit the highest since 1981. According to U.S. Labor Department data, the annual inflation rate was 7.1% for the 12 months ending in November, 2022. Some reports indicate that 60-70% of American families are living paycheck to paycheck. Before the November 2022 election, surveys showed that…
Features, February 2021
Dollars & Sense: DBK Bookkeeping and Tax – A Few 2020 Tax Updates
Peggy LaShier 2020 Charitable Contributions Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable,…