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 2023!!
> Maximum Earned Income Tax Credit is $7,430 with more than 2 qualifying children
> Earned Income Tax Credit for Taxpayers with No children can get up to $600
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> 401K Contribution Limits are $22,500 ($30,000 if you are age 50 or older)
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ESTATE PLANNING TIP
What happens if I die without a will?
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Did you know? If you don't make a will or use some other legal method to transfer your property when you die, state law will determine what happens to your property.
Generally, it will go to your spouse and children or, if you have neither, to your other closest relatives. If no relatives can be found to inherit your property, it will go to the state. In addition, in the absence of a will, a court will determine who will care for your young children and their property if the other parent is unavailable or unfit to do so.
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PERSONAL DEVELOPMENT TIP
Myth: I should close all my accounts that I do not use.
Truth: A short credit history may have a negative effect on your score, although it can be offset by positive factors, such as timely payments and low balances.
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