FINANCIAL TIPS OF THE MONTH
Financial Free Living is our tips designed to educate, teach and implement simple tactics necessary for a debt free and prosperous lifestyle.
TAX TIP
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TAX CREDITS and CHANGES
What's New in 2025!!
> You May Deduct Up to $12,500(single/HOH) or $25,000(MFJ) for Qualified Overtime
> Deduct Up to $10,000 for Car Loan Interest for Qualified Vehicles
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> Senior Deduction of $6,000 for Qualified Individuals aget 65 or older by the end of 2025
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ESTATE PLANNING TIP
Here are a few basic options for long-term care to consider.
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Home-Based Care
Of course, family members or friends often provide informal care if needed. But you may also require the help of professionals, such as nurses, health aids, or therapists. So you’ll want to plan ahead to see how you will pay for these services.
Community Center Care
If you are able to get around, senior centers or adult day care places can provide activities or personal care that you may need. Often, these services are free.
Residential Care
An assisted living facility or nursing home can provide as little or as much care as you need, depending on the facility. For instance, an assisted living facility may just provide housekeeping, while a nursing home can offer round-the-clock medical care. Your savings, government programs, and long-term care insurance can help pay for residential care.
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PERSONAL DEVELOPMENT TIP
Myth: Good credit scores do not necessarily mean your credit application will be approved.
Truth: A lender may use information in your credit reports and other information included on your application, such as your income, to decide whether to grant you credit. While good credit scores are a strong start, each application is unique, so it’s not wise to consider a loan, credit card or mortgage a given based solely on credit scores.
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