Archive - January 5, 2021

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How Gen X Can Start Off 2021 On Good Financial Footing
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Will You Have to Pay Taxes on Stimulus Money?

How Gen X Can Start Off 2021 On Good Financial Footing

As the song of 2020 fades out, (cue the rapturous applause) a new melody is just beginning. Dust off your tuner and warm up those pipes because 2021 is officially here. How can Gen X start the new year in tune?

Today, we’re going to look at the top ways the generation that wears many hats can prioritize their financial wellbeing in the new year.

1. Keep debt in check

Gen X notoriously carries the most generational debt, outpacing both Boomers and Millennials. Experian found that on average a Gen X individual carries over $134,000 in debt, nearly $41,000 above …

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Will You Have to Pay Taxes on Stimulus Money?

If you are someone who has received or will receive a stimulus check from the federal government, you may be concerned that you will need to pay taxes on those funds in the future. Kiplinger.com addresses that and a few other related tax issues in “Is Your Stimulus Check Taxable?” 

Although we are taxed on income, there are no taxes on the stimulus checks because “As it turns out, your stimulus check isn’t “income” after all, according to the law. Instead, it’s simply an advance payment of a tax credit. And tax credits aren’t taxable income.” This is …

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