Category: Taxes

Reading List for October 18-20

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Oct 18, 2019
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Current Events, Financial Literacy, Cryptocurrencies, Student Loans, Financial Scams, Career, Budgeting, Taxes
Financial Wellness Rather than focusing on life events, banks are now basing their products and marketing on everyday financial decisions, getting into the financial wellness business. (The Financial Brand) Is your credit card debt making you sick? A detailed study by CarefulCents.com finds the answer if “yes.” (PRNewswire)   Economics/ Crypto-Currency Here is an article from The Economist that discusses the demise of cash across the world’s economies. (For more detail...

QoD: How do 18-24 year olds plan to use their tax refund?

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May 01, 2019
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Taxes, Question of the Day
Now that tax day has come and gone, many folks will be waiting for their tax refund. How do they plan to spend it? Hat tip to Beth Tallman for this question. Answer: Pay down debt (20%), save it (12%), invest it (11%), make a major purchase (9%) Questions: What is one major difference on how 45-54 year olds plan to use their refund compared to 18-24 year olds? What might explain this?  If you were a financial advisor and your client was expecting a $3,000 tax refund (average), how would...

April 2019: What's New With Taxes?

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Apr 29, 2019
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Taxes, Research
To answer the question above: Quite a bit.  Beth Tallman provides a detailed response to the question below with links to lots of great sources of information. Thank you for tackling this challenging topic Beth!  ---------------- The Atlantic summed up the 2018 tax filing season pretty accurately with the title of their article on the subject in March: “Taxpayers are Very Confused. “ The CBS News article is similarly titled, “Americans shocked by impact of the new tax...

Question of the Day: Order these countries from highest to lowest tax rates: United States, Germany, Mexico

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Apr 28, 2019
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Taxes, Question of the Day, Economics
It's still April, so how about a QoD about taxes. Thanks to Beth Tallman for providing the question.  Answer: Germany (39.7%), United States (23.8%), Mexico (10.2%) Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Questions: Why do you think that taxes vary so much between countries?  Which country do you think has the best benefits for retirees? Explain. What tax rate do most countries seem to be clustered around?  Behind the...

FinCap Friday: Check-Up On Your Paycheck!

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Apr 18, 2019
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FinCap Friday, Taxes
This week we dive into the controversy over missing income tax refund checks! Many U.S. taxpayers were expecting an income tax refund, only to find out after filing that they either received less than previous years or didn't get a refund at all. Many were left angry and confused because the results of their tax filing was not what they were accustomed to in the past. Play this FinCap Friday to clear up all the confusion and find out why so many Americans had this frustrating...

QoD: What percent of taxes owed by taxpayers are NOT paid (a.k.a. "the tax gap")?

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Apr 14, 2019
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Question of the Day, Taxes
It's tax season! Rather than focus on the taxes that paid every year, I thought it would be interesting to look at taxes that are NOT paid. It's a big number as you will see below. Other item to note is that the IRS seems to have given up trying to calculate that number as the last estimates are from 2008-10.  Answer: About 20% (or $458 billion)  Questions: What do you think are the reasons that people pay less tax than they owe to the I.R.S.? What are some of the consequences...

QoD: What percent of U.S. taxpayers prepared their own tax returns in 2018?

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Apr 08, 2019
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Question of the Day, Taxes
Answer: Among those who filed electronically, 43% prepared their own returns Questions: What do you think are the factors that determine whether someone files their own returns or hires a professional to do it?  Do you hope to be able to file your own tax returns? Why or why not? What are resources that you can use to make filing your own returns easier?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the Numbers (e-file.com)...

Reading List for March 30-31

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Mar 29, 2019
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Paying for College, Personal Finance, Advocacy, Current Events, Economics, Investing, Taxes
Advocacy The value of Financial literacy is getting some traction ahead of financial literacy month. (WSJ) Economics Apparently the yield curve inverted last week and recession talk is on the rise. Here is a quick one on the subject from Forbes. Here is a slightly meatier one on the inverted yield curve from SLATE. New World (Retail) Order Can Apple change TV/streaming? What will Apple morph into next? (Bloomberg) Here is what Apple announced on Monday. (CNBC) Can Amazon change grocery...

Reading List for March 23-24

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Mar 22, 2019
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Financial Literacy, Credit Cards, Investing, Taxes, Economics, Identity Theft, Paying for College
Financial Literacy We all know that April is Financial Literacy Month. Forbes will publish this piece on why financial wellness matters. Earlier this month, Forbes also published an article on how Financial Literacy keeps athletes from going broke. Keep the articles coming, Forbes!!! April may be a good time for everyone to do a little financial health checkup. Here is a refresher on limiting potential impact of identity theft. (USA Today) Economics  The Federal Reserve announced no...

Teacher Tip -- CALCULATE: Completing a 1040

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Mar 21, 2019
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Taxes, Activity, Tips for Teachers, NGPF Fellows
Due to the Tax Cuts and Jobs Act of 2017, no one can complete the 1040EZ anymore. We're all doing the 1040 this year. NGPF Fellow Amanda Volz explains how she uses this essential NGPF resource CALCULATE: Completing a 1040 in her classroom. BONUS: This activity is available in Spanish, too, and if you haven't reviewed the resource lately, we've added a new 5th scenario! Watch for some great tips on how to implement this activity in your classroom.   For all of NGPF's tax resources,...

Teacher Tip -- COMPARE: Tax Forms & Their Purpose

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Mar 17, 2019
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Taxes, Teaching Strategies, Tips for Teachers, Activity, NGPF Fellows
To accompany our newly released lessons on taxes, NGPF Fellow Amanda Volz explains how she uses this popular NGPF resource COMPARE: Tax Forms & Their Purpose in her classroom. Watch for some great tips on how to implement and modify this resource so that it can best fit the needs of your classroom!   For all of NGPF's tax resources, fully updated for 2019 with all changes in effect as a result of the Tax Cuts and Jobs Act of 2017, visit https://www.ngpf.org/curriculum/taxes/...

Reading List for March 16-17

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Mar 15, 2019
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Paying for College, Behavioral Finance, Economics, Insurance, Investing, Financial Literacy, Taxes
Happy St. Patrick's Day! Happy Reading! Higher Ed The story of the week has to be this one about the college entrance bribery. (WAPO) (Inside Higher Ed) While we are on the subject, this next article highlights the class differences in the college experience as poor kids tell rich colleges what they are experiencing. (EdSurge) And most people are surprised to learn how low the college completion rate is: (NPR) Student Loan Hero surveyed 1000 people across all generations about their debt. One...

Reading List for February 23-24

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Feb 22, 2019
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Financial Literacy, Behavioral Finance, Budgeting, Career, Paying for College, Investing, Retirement, Taxes
  Financial Literacy “Five Things High Schoolers Need To Know More Than Computer Science” from (Forbes). We all know what one of those things is!!! Budgeting The costs of being a woman: Why women end up with less money. (Beth Kobliner) Investing An interesting series of charts from Visual Capitalist shows where the breakdown of investments in 2018 Lyft has not become a verb like “Uber” has, but it looks like they will beat Uber with its IPO. (CNBC) Paying for...

Reading List for February 16-17

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Feb 15, 2019
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Personal Finance, Budgeting, Paying for College, Taxes, Retirement, Current Events
Personal Finance Valentines Day article: here is great pickup line: “Be my financially compatible Valentine?” (WSJ) For those fans of “personal finance on a postcard” concept, here are the rules of thumb according to (Money Maven). More on taxes from Michelle Singletary of the Washington Post, including what NOT to do if you find you owe the IRS money. (New tax laws > lower withholding > lower refunds, if any.) Budgeting Some fun celebrity facts to bring home the...

Reading List for Feb 2-3

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Feb 01, 2019
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Economics, Investing, Taxes, Retirement, Budgeting
Economics A whopping 304,000 jobs were added in January, but December’s 312,000 was revised down to 222,000. Get all the details here: (NYT) Investing State Street basically invented the ETF, so why has its share of the ETF market steadily declined over time. (WSJ) December market performance was the worst since the Great Depression, but January was the best in 30 years!!! Talk about volatility! (CNBC) Budgeting Do your budgeting lessons include covering hospital bills? These stats...