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January 9, 2019  

Your 2019 Financial Plan - Compass Catholic

There are three things you should do to review your 2018 finances and get prepared for 2019:

  • Review your budget in 2018 and make the necessary changes for 2019. Which categories will decrease or increase in the new year?
  • Review where you are on the Compass Money Map. Which destinations are complete and which still have open items?
  • Calculate your Net Worth. Do you owe more than you own? Or is your net worth positive?

The Compass Catholic blog shares more about these three important steps to get ready for a successful financial year in 2019.

July 25, 2018  

Retiring? What will you do with your 401K?

Planning for retirement can be a fun time as you prepare for a new season of life. It can also be a time of many financial decisions which will have long term impacts. Making the wrong decision about your 401K can jeopardize your financial stability, so make this decision very carefully with lots of pre-planning.

Join us as we talk about the decisions to consider.

The Compass Catholic blog has additional information about retirement planning.

April 11, 2018  

Great Ways to Use Your Tax Refund

Are you getting a big chunk of change back from Uncle Sam for your 2017 tax return?  Your goal in 2018 should be to be tax neutral—not owing too much and not getting too much back. Listen in for ideas about how to do that. If you are getting a refund this year, we also have ideas for how you can us it productively.

Check out our blog for more about using your tax refund.

February 14, 2018  

Tax Planning - it’s about seeing more money in your paycheck

It’s tax time, and here are some tips to reduce your tax burden:

  • Decide whether to use the standard deductions or itemize your deductions
  • If you itemize, track expenses that are deductible throughout the year.
  • Take advantage of mortgage interest deductions
  • Google W4 withholding calculators to determine if you need to adjust the number of deductions you are taking on your W4 form
  • Boost your retirement savings and reduce your taxes
  • Take advantage of employer programs for your health care flex spending and child care costs.

Your goal is to be tax neutral–not paying too much at tax time and not using your income taxes as an interest free loan to the government.

To learn more, connect with us via the Compass Catholic Blog.

September 30, 2017  

How to save money on your taxes

In Mark 12:17, Jesus said to pay to Caesar what belongs to Caesar, but if Caesar creates rules that allow you to lower your taxes . . . then take advantage of those opportunities! Here are some tax saving ideas.

  • Adjust the number of dependents claimed on your W4 form so you are tax neutral.
  • Boost your retirement savings and reduce your taxes by contributing to a qualified retirement plan.
  • Take advantage of a health spending account and a child-care reimbursement account if your employer offers them.
  • A child born, or adopted, is a blessed event for your tax return. An added dependency exemption will knock $4,050 off your taxable income.

Saving money on your taxes isn’t just an April 15th tax-day exercise. Monitor your income and expenses to save on your taxes all year long.

Read Evelyn's Blog: Tax Saving Ideas