The Hidden Investment Potential of Your HSA

October 1, 2026

Health Savings Accounts were introduced in 2004 as part of the Medicare Prescription Drug, Improvement, and Modernization Act during the George W. Bush administration. These accounts allow those with a High Deductible Health Plan (HDHP) to open a tax-free health savings account to help pay medical expenses until they meet the high deductible. 

Unlike a Flexible Savings Account or FSA, if there is still money in your account at the end of the year, then you may roll those funds over into the next year – even if you no longer have an HDHP. Therefore, if you save $3000 in your HSA account and only spend $1200 on medical expenses, then the remaining $1800 will stay in your account the following year.

In addition to helping those with an HDHP pay for their medical expenses tax-free, an HSA can actually be a wise investment account when approached correctly. 

Here’s everything you need to know about optimizing your HSA. 

The Triple Tax Advantage 

An HSA is a triple tax-free account, which means that the contributions you make are tax-deductible, your earnings grow tax-free, and as long as the funds are spent on health care, it comes out of the account tax-free, too. 

“You get a tax benefit on the way in. You get a tax benefit when it’s growing, and you don’t pay any tax coming out,” says Jay McGowan, financial expert at The Welch Group.

Yet another perk of an HSA is that you do not have to take your funds out the same year you receive health care. As long as you save your receipts, you can withdraw that money much later. For instance, if you have a baby when you’re 35 and keep every out-of-pocket receipt, you could withdraw that HSA money at age 55 and use it to buy anything you want, free of any taxes or penalties.

Technically, you can spend your HSA funds on anything, but if you withdraw money for non-health care expenses before age 65, then you will have to pay taxes at your marginal tax rate on the entire withdrawal, as well as pay a 20% penalty. If you spend funds on anything besides health care after 65, you’ll still be taxed, but you won’t be penalized. 

Contribution Limits 

You can accept contributions from anyone, an employer, and yourself. For 2026, the maximum annual contribution limits are $4,400 for self-only coverage and $8,750 for family coverage. 

“You have to be enrolled in a high deductible health care plan to be eligible to participate in an HSA,” says McGowan.

For 2026, a qualified HDHP has the following minimum and maximum yearly deductibles with other out-of-pocket expenses: 

• Self-only coverage: $1,700-$8,500
• Family coverage: $3,400-$17,000

Even though your HSA has annual contribution limits, your total balance has no limit. That means that if you consistently make your maximum contributions without withdrawing funds, your balance can grow significantly over time. 

Building a 6-Figure HSA

If you are fortunate enough not to have any major health care needs, then an HDHP might be the right choice for you. If you’re healthy, you may not even need to touch those HSA funds, allowing them to roll over each year. 

If you can afford to max out your HSA at the beginning of the year, then your balance can start compounding tax-free as soon as possible. Then, if you can also pay the majority of your health costs without using your HSA, then you can save all of those receipts and withdraw the money tax-free later on, when you need it more. 

Many people don’t realize you can invest the money in your HSA. Most HSA providers pay less than 0.5% interest a year. But they also let account holders move funds from the cash portion to mutual funds, exchange-traded funds, or other investment options they offer. 

By making maximum contributions, saving your HSA funds for later, and investing part of your balance, you could grow a six-figure healthcare reserve. 

Spending on Health Expenses 

The best thing to do with your HSA, of course, is to use it on what it’s meant for: to pay for your health care. According to Fidelity Investments, a 65-year-old who retires in 2026 may spend an average of $185,500 on health and medical expenses during retirement, up 7.5% from last year. If your health care expenses are low now, they may not always stay that way. 

“The best place to start is to look at your regular health care expenses, like if you go to the dentist twice a year, if you get glasses, if you know you go to your doctor or have prescriptions,” says Carolyn McClanahan, a physician and founder of Life Planning Partners.

Once you have a realistic estimate of your annual health care expenses, then you can start optimizing your HSA spending. 

Your funds can be used tax-free for qualified medical expenses, which generally include:  

• Doctor and hospital visits
• Prescriptions
• Over-the-counter medications and health care products 
• Dental care 
• Vision coverage 
• Mental health services 
• Medical equipment and supplies   

“If you’re on a high deductible plan with an HSA, then you should max out your HSA every year, irrespective of your health-care costs or your deductible,” says McClanahan. “One, you get a great tax savings, and two, you get to use that tax-free for any health-care expense the rest of your life. So you want to build that account up.”

Don’t Leave Behind an HSA

The worst kind of account to inherit is an HSA. It becomes 100% taxable to the heir at ordinary income tax rates the year you pass away. But if you donate the money to a charity, it remains tax-free. If you want to leave something behind for anyone, an IRA or a life insurance policy may be a better option. Experts recommend spending your entire HSA balance before passing and leaving the remainder to your heirs.

Insureyouknow.org

At Insureyouknow.org, you can store all your financial and medical records in one organized place, making it simple to plan for the future and optimize your HSA investment options.

Saving for Turbulent Times: Why You Need Rainy Day Funds

September 15, 2026

A car repair you did not see coming. A medical bill that insurance does not fully cover. A broken appliance that cannot wait until next month. Unexpected expenses have a way of arriving at the worst possible time. You may not be able to predict when these costs will appear, but you can prepare for them. A rainy day or emergency fund gives you money to draw from when something goes wrong, helping you cover an urgent expense without immediately turning to a credit card or loan.

According to a 2026 survey by Secure Save, nearly 25% of respondents reported having absolutely no emergency funds saved, while over half reported being under high financial stress. Having savings put aside for a rainy day may not alleviate all of your financial stress, but it can help significantly. 

“People with emergency savings have a higher level of financial well-being and spend less time thinking about and dealing with their finances,” says Paulo Costa, a Behavioral Economist at Vanguard. “Having that buffer available lets them prepare for the unexpected and avoid the worry and financial stress.” 

Staying Out of Trouble

A recent survey by NerdWallet found that nearly 40% of Americans say they are already planning on using a credit card or other loan to cover their expenses this year. But an emergency fund can help with surprise expenses. Instead of having to take out a loan, build up debt, or start falling behind on your bills, you can rely on the money you proactively saved. 

When it comes to the unexpected cost of not having an emergency fund, yet another unforeseen issue is retirement leakage. This happens when people withdraw from their retirement savings accounts early in order to cover expenses. A quarter of Plan Advisor’s respondents reported having already had to reduce, pause, or borrow from their retirement this year. 

How Much to Save 

Most experts suggest setting aside 3 to 6 months of basic living costs, which include all of your housing, food, and transportation expenses. If you don’t know what your saving goal should be, the 3-6-9 rule can help you determine how many months of expenses you should save up for. 

If you are a renter, do not have children, and have a steady paycheck, then you should save up three months of take-home pay. But the most common target is six months of pay, and it applies if you have children, a mortgage, or a two-income household. The rule is that even if just two of those apply to you, you should still plan to save up for six months of expenses. 

If you or your partner are self-employed or work freelance, then you need to save up nine months of expenses. Because your income is unpredictable, an unexpected bill can have a more significant effect on your finances. An adequate savings fund can give you peace of mind and protect your career. Some major expenses, combined with a few slow months, could force you back into an unwanted 9-5 position. 

Know Your Budget

It can be difficult to know what your savings target should be if you haven’t taken the time to budget your expenses. Begin by calculating your monthly income, then list all your expenses. 

The general budgeting rule is 50/30/20, where 50% of your income goes towards needs. For most people, allocating the remaining 30% to wants and 20% to savings and debt repayment is a good baseline. 

You should also review your budget to make adjustments when needed. Periodic check-ins like this can also help you save money by eliminating subscriptions you no longer need or switching to companies with better deals. 

Saving Strategies 

If your savings target feels too big, start small. Choose an initial modest goal of $500 or $1,000. When you reach your first goal, reward yourself. Taking a moment to recognize what you’ve accomplished before setting your next target will help you build momentum to keep saving. 

If you have a regular paycheck, setting up automatic monthly transfers to your savings account is an easy way to save. Even just $50 a month will add up quickly. 

Other times, you may have an influx of money from the sale of a home or vehicle, a family inheritance, or a holiday or birthday gift. But for most Americans, their tax refund is the largest check they receive all year. While these large lump sums of money can be tempting to spend at once, putting at least a portion aside can help you build an emergency fund instantly.

There is no single way to save, nor a perfect amount to have saved up. Everyone’s situation is unique, but the most important step is to start. Saving something up is always better than saving nothing. 

“The data clearly show that emergency savings are a cornerstone of financial well-being. By prioritizing these savings, individuals can significantly reduce financial stress and improve their overall financial health,” says Costa.

Insureyouknow.org

At Insureyouknow.org, you can do all your emergency fund planning in one place, review your budget, and set new savings targets. By saving up for life’s unexpected events, you can become financially resilient.

Renting Your First Apartment? The Rent Isn’t the Biggest Expense

July 15, 2026

Nobody warns you that the most expensive part of renting your first apartment happens before you move in. The monthly rent may fit your budget, but that’s only the beginning. By the time you’ve paid the application fee, security deposit, utility fees, renters insurance, bought a few pieces of furniture, and stocked your kitchen and bathroom, your “affordable” apartment may have already cost several thousand dollars.

It’s no surprise that in many college communities, students now spend more on housing than on tuition. Renting your first apartment is an exciting milestone, but it’s also one of the biggest financial commitments you’ll make during college. With the median asking rent for an apartment in the United States hovering around $1,667 a month, understanding the true cost of renting can help you avoid expensive surprises and find a place that fits both your lifestyle and your budget.

Look Beyond the Monthly Rent
When comparing apartments, don’t stop at the advertised rent. Ask for a complete breakdown of what you’ll pay before move-in and every month afterward. Most first-time renters should budget for:

• Application fee
• Security deposit
• First month’s rent
• Utility or community fees
• Renters insurance
• Parking fees, if applicable
• Furniture and household essentials
• Pet fees and deposits
• Moving expenses

According to a budgeting guide from The Student Sublet, many first-time renters underestimate the cost of everyday items like cookware, shower curtains, cleaning supplies, lamps, trash cans, and basic kitchen utensils. Individually, they don’t seem expensive. Together, they can easily add hundreds—or even thousands—of dollars to your move-in costs. Monthly expenses can also be higher than expected. While many student apartment communities include internet, they often charge utility or community fees that cover other services and common-area maintenance. Before signing a lease, ask exactly what’s included in your rent and what you’ll be expected to pay separately. Some costs to watch out for include:

• Electricity: Budget $30–$80 per month
• Gas and Heating: Budget $20–$60 per month
• Water and Trash: Budget $15–$30 per month
• Parking: Budget $80-$300 per month

Build Your Budget Before You Apartment Shop
It’s easy to fall in love with an apartment that’s just a little nicer than the one you planned to rent. Instead, decide what you can comfortably afford before you begin touring properties. Rent is only one part of your monthly budget. You’ll also need money for groceries, transportation, textbooks, laundry, entertainment, and the occasional unexpected expense. According to Bola Sokunbi, founder and CEO of Clever Girl Finance, budgeting isn’t about limiting yourself—it’s about making intentional decisions. “A budget gives you permission to spend because you’ve already made a plan for your money,” says Sokunbi.

Compare the Total Cost of Living
The apartment with the lowest rent isn’t always the least expensive place to live. For example, an apartment that costs $75 more each month may actually save you money if it includes parking, in-unit laundry, or is close enough to campus that you don’t need to pay for parking permits or as much gas. On the other hand, a cheaper apartment may require a longer commute, separate utility payments, laundry fees, or higher transportation costs that quickly erase the savings. Think about your total monthly cost, not just your monthly rent.

Roommates Can Save More Than Rent
For many students, living with roommates is one of the smartest financial decisions they can make. Lauren Sonnenberg, a writer for Forbes, estimates that students who share an apartment rather than live alone can save more than $15,000 over four years. Those savings come from more than splitting the rent. Roommates often divide utility costs, household supplies, streaming services, and other shared expenses, which can quickly add up.

Sharing an apartment, however, requires more than finding someone to split the bills. Before signing a lease together, talk about expectations.

• How will bills be divided?
• Will groceries be shared?
• Who buys household supplies?
• Are overnight guests okay?
• What are the expectations for cleaning?
• What happens if someone wants to move out before the lease ends

Don’t Pay for Amenities You Won’t Use
Apartment tours are designed to impress prospective renters. Resort-style pools, rooftop lounges, game rooms, golf simulators, coffee bars, and fitness centers all look appealing. But ask yourself one simple question: Will I actually use them? If you’re spending most of your day in class, studying, or working, those amenities may not justify the higher rent. Instead, prioritize the features that will make your daily life easier:

• A safe neighborhood
• Reliable maintenance
• Laundry facilities
• Good lighting and secure entry
• A reasonable commute to campus
• Space to study without distraction

Read the Lease Carefully
Most students spend more time touring an apartment than reading the lease. Before signing, understand when rent is due, how maintenance requests are handled, whether parking is included, who pays for repairs, what happens if you break the lease early, and whether subletting is allowed. If something doesn’t make sense, ask questions before signing. A five-minute conversation today can prevent months of frustration later.

Furnish Slowly
Your first apartment doesn’t need to be fully furnished on move-in day. Start with the essentials: a bed, a desk, basic cookware, towels, cleaning supplies, and a few kitchen items. Shop at thrift stores, estate sales, or on Facebook Marketplace, or ask family members if they have furniture they’re no longer using. You can always add decorative items, additional furniture, and small conveniences over time. Buying everything at once often leads to unnecessary spending—and unnecessary debt.

Protect Yourself from Day One
Before moving in, photograph every room and document any existing damage. Keep copies of your lease, receipts, and maintenance requests. Renters insurance is one of the least expensive ways to protect your belongings if they are damaged or stolen.

Plan a Memorable Vacation Without Breaking the Bank

July 1, 2026

Most vacations end twice. The first time is when you unpack your suitcase. The second is when the credit card bill arrives. That second ending has become increasingly familiar to American families. Nearly eight in 10 Americans plan to take at least one vacation each year, yet the average one-week vacation for a family of four costs about $8,000. For many households, the desire to get away competes with rising prices, making travel feel more like a financial burden than a chance to recharge.

Fortunately, a memorable vacation doesn’t have to come with a luxury price tag. With thoughtful planning and making a few strategic choices, you can enjoy travel without spending more than you can afford.

Start with Your Budget, Not Your Destination

It’s easy to fall in love with a destination before looking at the price tag. Instead, determine how much you can comfortably spend before browsing flights or hotels. Include transportation, lodging, meals, activities, parking, souvenirs, and a small emergency cushion.

Planning ahead is one of the simplest ways to save money. According to Sally French, a travel expert at NerdWallet, travelers often underestimate everyday expenses. “People often underestimate what they spend while traveling because they only think about airfare and hotels,” says French. “Planning for meals, transportation, and unexpected expenses makes vacations far less stressful.”

Consider one of these budget-friendly destinations:

• Greenville, South Carolina
• Chattanooga, Tennessee
• Rapid City, South Dakota
• Gettysburg, Pennsylvania
• Cincinnati, Ohio
• San Antonio, Texas
• Bentonville, Arkansas
• Clearwater, Florida

MoneyLion has a list of 20 of the cheapest places to travel in the U.S. in 2026.

Be Flexible

Travel during the shoulder season when hotel rates and airfare are often lower. Flying midweek, considering nearby airports, and comparing similar destinations can all stretch your budget.

Save on the Big Expenses

Transportation and lodging usually consume the largest share of a vacation budget, but they also offer the biggest opportunities to save. Choose accommodations with a kitchenette so you can prepare breakfast or pack lunches. Compare the total cost of a hotel—including parking, resort fees, and taxes—not just the nightly rate. Eat where the locals eat instead of near major attractions, and leave a little room in your budget for unexpected experiences that often become the most memorable parts of a trip.

Look for Free Experiences

It’s easy to assume the best experiences come with the highest admission prices. Some of the best vacation memories are free. Walk through a historic downtown, visit a farmers market, hike a scenic trail, or attend a community festival. According to Pauline Frommer, editorial director of Frommer’s Travel Guides, meaningful travel isn’t defined by luxury. “Travel doesn’t have to be expensive to be meaningful. The best trips are often those that allow you to connect with a place and its people rather than simply check attractions off a list,” says Frommer.

Travel writer Rick Steves shares a similar philosophy. “The most memorable travel experiences often happen when you slow down and connect with everyday life,” says Steves.

Don’t Overlook the Staycation

If travel isn’t in the budget this year, consider taking a staycation instead. Reserve a nearby hotel, explore museums you’ve never visited, spend the day at a local park, or try restaurants that have always been on your list. The key is to treat the time as a real vacation. Put away your work email, silence notifications, and resist the temptation to catch up on household chores. Even a weekend spent exploring your own community can provide the change of pace many families need.

With a little planning, you can make your vacation memorable without making it expensive.

What to Know Before Investing in a Rental Property

April 15, 2026

Even amid inflation and interest rates higher than historical norms, real estate remains a sure investment. “The Wall Street Journal recently reported that in this booming housing market, many homeowners earned more last year from home appreciation than from their jobs,” says Philip White, CEO of Sotheby’s International Realty.

Purchasing an investment property and then renting it out often provides you with more than enough money to pay the property’s mortgage. 

If you’re unsure of where to start, here’s everything you need to consider before buying a rental property.

Determine Affordability First

Before you purchase an investment home, you need to be honest about whether you have the finances to do so and the time to commit to property management. 

The first thing you’ll need to determine before investing is how much potential income it could provide. There’s a widely-accepted guideline known as the 1% Rule: the monthly rent should be 1% of the purchase price. If a home costs $200,000, then rent should be $2,000 per month.

“Run the numbers like a business. Higher prices are here to stay, so instead of waiting for prices to drop, find the properties that have cash flow,” says Nicole Rueth, founder of The Rueth Team, a mortgage lender. “They’re out there; I know because I’m helping investors find them. If it doesn’t have cash flow on paper, don’t buy it.”

Since your property may not always have renters, it’s important to make sure you can still pay that mortgage and all of your other expenses without relying on monthly rent payments. To avoid financial strain during vacancies, it’s best to have at least two months’ worth of expenses saved. 

Work With a Professional 

Realtors and professional property managers can help you with the ins and outs of investing in a specific market. “They can help connect you with an expert who can advise on local tax laws and, especially if you’re looking to invest internationally, visa programs that might be available to you,” says White.

Even if you decide to work with a real estate agent, familiarize yourself with the neighborhood you’re buying in. Drive around yourself and look for sales signs, as well as check real estate listings online. Assess proximity to good schools, review nearby commercial and recreational areas, and evaluate the area’s overall aesthetic appeal and safety.

Learn the Rules

No matter where you decide to purchase property, it’s crucial to look into the various regulations and laws that exist in each state or country. “In the city of Naples, you can rent your property for a minimum of 30 days, three times a year,” says Belz. “But if you get just outside the city of Naples, we have a number of neighborhoods without rental restrictions.” An experienced agent will know about these restrictions and can help steer you in the right direction. 

To reduce regulations and costs, look for desirable neighborhoods and homes without Homeowners Association (HOA) fees. If you have the time and resources, don’t be afraid of choosing a fixer-upper either. While a fixer-upper will have renovation costs, it can be worth it if you negotiate and save on the asking price. 

Manage Your Investment Personally

To eliminate costs on your end, you may opt to manage the property yourself. This is convenient if you live in the area and can stop by the home quickly if needed. But if you don’t live nearby or care to manage your property and tenants personally, then a property management company can help provide the services necessary to keep your investment profitable. 

Property managers can also draw on years of experience, such as recommending higher security deposits, pet deposits, and thorough background checks. “Don’t just assume self-managing saves you money,” Ruth says. “If managing tenants stresses you out, costs you time, or makes you hate investing, you’re paying a price either way.”

Find the Right Tenants 

Even if they look good on paper, screening tenants thoroughly upfront can save you time and money later. You’ll want to verify their current employer and income, contact previous landlords, and run a criminal background check. If anything concerning arises or doesn’t feel right, move on to the next applicant. Ultimately, it’s your decision who you rent to, but a bad experience with tenants can significantly damage your property and diminish your return on investment.

Even if you choose to manage your property personally, a property management company can still help with drafting rental agreements. It’s well worth the cost to have a professional make sure the lease includes everything it should. The more you establish upfront in your lease, the better experience you’ll have with your tenants in the long run. 

Presentation and Upkeep

Properties that generate the most revenue are usually those that have been recently updated. “By far the best way to maximize your return is having a really well-kept property,” Belz says. “It sounds obvious, but it’s critical.” Hiring a professional photographer for listing photos is also highly recommended. 

Investors often put little work into a property after purchase, but when tenants move out, upkeep is just as important. Between renters is the best time to plan deep cleaning, new paint, pest control, addressing deferred repairs, and other design considerations, such as bathroom remodels. 

Even with the best tenants, wear and tear will occur over time. Investors need to prepare for these in-between tenant costs, which can range from appliance upgrades to a new roof. 

Insureyouknow.org

Managing just one property can quickly become a part-time job. You can utilize Insureyouknow.org to keep track of expenses, tenant leases, maintenance schedules, and any other documents involving property management. By treating your investment like a business, property management will become second-nature, making it possible for you to invest in even more over time.

Property Tax Exemptions for Seniors: What Every Homeowner Needs to Know

March 15, 2026

For local governments in the United States, property taxes are the primary source of revenue. However, property tax has historically been among the most unpopular taxes. In November 2025, the City of Atlanta and Fulton County, Georgia, overwhelmingly approved new homestead tax exemptions for seniors, with 73% of 91,169 Atlanta voters supporting the measure.

As home values rise, property taxes have become a growing burden for homeowners nationwide, particularly for older Americans on fixed incomes. Many of them worry that the property taxes alone will eventually price them out of their homes.

To mitigate this, nearly every state offers a homestead exemption for residential property. However, few seniors realize they may qualify for additional exemptions. “These are very big exemptions,” says Colton Pace, property tax expert and CEO of Ownwell. “It’s an aggressive way to keep seniors in their homes.”

Here’s everything you need to know about state property tax relief for seniors and whether or not you qualify.

How Exemptions Work for Seniors

To ease the financial strain of property taxes, 16 states and the District of Columbia offer exemptions for qualifying seniors. Senior property tax exemptions lower your tax bill by reducing the taxable value of your home.

Alaska, for instance, waives the first $150,000 of the assessed home value for homeowners aged 65 and over, while the District of Columbia cuts property taxes in half for all qualifying seniors.

Most states have a government website dedicated to taxes that lists local rules for senior property tax exemptions. A Google search for “senior property tax exemptions + your state” should find yours.

Don’t Forget Freezes, Credits, and Deferrals

In addition to property tax exemptions, many states also offer:

• Property tax freezes, which lock in your current tax amount, prevent increases down the line if your home’s value rises. Both Arizona and Arkansas freeze the property value of a primary residence for qualifying seniors, preventing increases in assessed value.
• Tax credits provide a direct reduction in your tax bill. Instead of adjusting your home’s value to your tax benefit, credits subtract a set amount from the total you owe. New Jersey’s Stay NJ program, for example, reimburses 50% of property tax bills, with a limit of $6,500, and in Wisconsin, eligible seniors receive both homestead and school property tax credits.
• Deferrals allow seniors to delay paying their taxes, sometimes in exchange for a lien against their home. When the owner dies or decides to sell their home, the state collects the tax debt, often with interest. In Maine, eligible seniors may defer their taxes until after sale or death, and in Vermont, they may also defer their taxes until sale or death, with a 0% interest rate.

Legislation is Ongoing

Many states continue to introduce legislation to expand senior tax benefits. Local governments in both Maine and Ohio are trying to eliminate property taxes for qualifying seniors altogether.

In December 2025, Rensselaer County, in Troy, New York, proposed a law to provide disabled seniors with additional tax benefits. “This law delivers real relief for Troy’s seniors and residents living with disabilities who have been struggling with rising costs,” says Mayor Carmella Mantello. “We are making sure our most vulnerable neighbors can stay in their homes and maintain their quality of life.”

Know if You Qualify

In addition to meeting an age requirement, states also require income brackets to fall within and proof of residence in the home for a certain amount of time. Qualifications vary from state to state and sometimes yearly, so it’s essential to meet with a county assessor at your local clerk of courts or a financial advisor who specializes in retirement.

Putting in the time to know whether or not you qualify for any property tax exemptions can be time-consuming, but well worth the chore. According to a recent report by Realtor.com, as many as 40.5% of homeowners could be overpaying on their property taxes.

Saving Home

Ultimately, these senior property tax exemptions are intended to ease the burden of rising costs during retirement and help keep seniors in their longtime homes and communities. Most seniors live on a fixed income, so when taxes become too difficult to pay due to rising home values, even seniors with moderate incomes can find themselves struggling to remain in the home they’ve spent most of their adult life in.

Insureyouknow.org

With Insureyouknow.org, seniors can keep all of their tax research, financial records, and other proof of residential requirements in one organized place. Remember that while it may feel like a lot of work in the beginning to gather this information, you are likely going to save yourself enough money on those pesky property taxes to make it well worth it.

Preparing for Tax Season

February 15, 2026

Taxes aren’t usually a task people look forward to. If anything, many procrastinate or put the chore off completely. In fact, about 5% of taxpayers fail to file their taxes each year, the top two reasons being that it’s overwhelming or they simply object to paying income taxes. But skipping your taxes is a bad idea.

“It does catch up to you, and the penalties and interest are huge,” says David Ragland, a certified financial planner and CEO of IRC Wealth. “If you don’t file your return, you’re going to have to pay interest on any unpaid taxes.”

The penalty for failing to file is 5% of unpaid taxes for each month a filing is late, capped at 25%. So a taxpayer who owes $10,000 would owe $500 each month, with a maximum owed of $2,500.

Filing your taxes can be intimidating and tedious, but by forming a plan and gathering the documents you need in advance, it can go quite smoothly. Here’s everything you can do to make filing your taxes easier this year.

Gather Paperwork First

Get together all of the information you’ll need for your taxes ahead of filing to save time and reduce stress.

The IRS recommends gathering personal information, including:

• Your Social Security number, as well as those of anyone else on your tax return, such as spouses and dependents
• Your bank account and routing numbers, if you wish to receive your refund by direct deposit
• Your adjusted gross income or AGI and the exact refund amount from last year‘s tax return, if you filed

Anyone who paid you during the year is required to report the payments to the IRS. They must file their information and return forms with the IRS and send a copy to you. You should receive these electronically or by mail in January or February.

These forms include:

• Forms W-2, which show your wages from employers
• Form W-2G for lottery and gambling winnings
• Any Form 1099, including from government payments, freelance and contract work, and retirement plan distributions
• Form SSA-1099 for Social Security benefits
• Form 1095-A, Health Insurance Marketplace Statement

If you are self-employed, have multiple jobs, or have a small business, then you’ll need:

• Bank statements and other payment collection records
• Receipts for potential deductions, such as from travel, car expenses, and business supplies
• Proof of training and further schooling

Anything that you spent on investing in your business is a potential deduction and should be collected as a reference for filing.

Deductions to Know

There’s always the chance that the IRS will file your taxes on your behalf if you fail to file on time yourself. “Just because you don’t file the return doesn’t mean you can escape the IRS long term,” says Ragland. If this happens, you’ll likely miss out on deductions that you yourself would have likely claimed.

Other documents for potential deductions include:

• Childcare and dependent expenses
• Mortgage and property tax records
• Any donations made to charity
• Healthcare expenses, including Health Savings Accounts or HSAs
• Retirement contributions
• Specific education and career expenses, such as those with students and teachers
• Student loan interest statements

The One Big Beautiful Bill Act (OBBB) was signed into law in July 2025 and makes significant changes to the tax code. It makes the 2017 tax cuts (like the seven income tax brackets from 10%–37%) effectively permanent while adjusting many bracket thresholds for inflation and substantially increasing the standard deduction (e.g., $15,750 for singles, $31,500 for joint filers). It also adds new deductions (like for tips, overtime, seniors, and certain auto loan interest), raises the SALT deduction cap, and modifies credits such as the Child Tax Credit. Study the more than 60 tax provisions that IRS has adjusted to keep deductions, tax brackets, and other items aligned with the cost of living. For those filing taxes in 2026 (for the 2025 tax year), these adjustments have increased by about 2.8%.

The Right Filing Status

Your filing status is used to determine your correct tax rate, standard deduction, and certain credits. Whether or not you are married, are the head of household, or have dependents are all factors in determining your filing status. The IRS offers a tool to help you choose the filing status that will result in the lowest amount of tax.

It pays to do a little research and know which status is best for your given situation. For instance, filing jointly as a married couple rather than separately comes with certain benefits, such as the most significant standard deduction, tax credits, and a higher income threshold. But if your spouse owes tax penalties, then that’s a situation where filing separately makes more sense.

How to File

When you can claim tax credits or otherwise have money owed to you, filing taxes can be a great thing. The IRS now offers Free File, a way to do your taxes online for free. People with potentially complex tax situations, such as multiple business ventures or multiple streams of income, may opt to work with a Certified Public Accountant (CPA). There are also many companies, like TurboTax that offer both free and fee-based services.

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With Insureyouknow.org, you can get in the habit of storing this information throughout the year. That way, when it comes time to file, everything you need will be in one place.

What Small Businesses Should Do in January: 10 Key Accounting Tasks

January 29, 2026

January can shape a small business’s financial trajectory. The new year brings a chance to complete year-end obligations and an opportunity to refresh your understanding of your finances. Done right, January accounting work can reduce stress and improve clarity for the entire year.

Here are ten accounting tasks every small business should complete in January.

1. File W-2 and W-3 Forms

January is when employers issue W-2 forms to employees for the prior tax year and file the W-3 transmittal with the Social Security Administration by January 31. This task confirms accurate wage reporting and tax withholdings and ensures employees can file their personal returns on time. Consistency with this deadline helps avoid IRS penalties and preserves goodwill with your team.

2. Issue 1099s to Contractors

January also means preparing and sending Form 1099-NEC to contractors and other eligible payees. If your business paid an independent contractor $600 or more last year, you must file this form with the IRS and deliver a copy to the contractor by the end of the month. Timely filing of forms supports compliance and helps contractors meet their personal tax obligations.

3. Make Final Estimated Tax Payments

For many business owners, the fourth quarter estimated tax payment for the previous year is due in January. Paying this by the due date helps reduce potential underpayment penalties. Beyond compliance, it supports accurate cash-flow planning as you begin a new tax cycle.

4. Reconcile Bank and Credit Card Accounts

Reconciliation is a key step in validating your books. It means ensuring that your internal records match your bank and credit card statements. When discrepancies are identified and resolved promptly, your cash balances reflect actual activity.  

5. Close Out the Previous Year’s Books

Closing your books means recording all year-end transactions and adjustments so your financial statements reflect a complete year of activity. This includes depreciation entries, accruals, corrections, and categorization of uncoded transactions. With the year closed, your profit and loss and balance sheet become reliable reference points for tax filing and planning.

6. Review Financial Statements

Once the books are fully reconciled and closed, generate your key financial statements: the profit and loss, balance sheet, and cash flow report. These documents help you assess performance and financial position at a glance. Reviewing them with your accountant or trusted advisor can uncover patterns or opportunities you might not see otherwise.

7. Revisit Your Budget and Forecast

Finalized financials offer a stronger foundation for your budget and forecasts. Compare actual results with your projections from the prior year and adjust assumptions for the coming year. This practical reflection ensures that your financial plan aligns with reality rather than optimism alone.

8. Verify Accounts Receivable and Collect Past-Due Invoices

Assess and follow up on outstanding invoices. Uncollected receivables can constrain cash flow early in the year, and January is an effective window to address overdue accounts. Efficient collections improve your liquidity and make financial reporting more accurate.

9. Prepare for Tax Filing Season

January signals the start of tax filing season. Organize essential tax documents and receipts so you aren’t scrambling to gather them in March or April. Early coordination with your CPA can also clarify updated tax rules or opportunities to plan strategically.

10. Review Your Accounting Systems and Tools

January is also the moment to evaluate your accounting systems. Are you using tools that support reporting and compliance? Cloud-based accounting software can make recordkeeping more accurate and easier to share with advisors. Investing time here can reduce manual work and errors throughout the year.

Completing these accounting tasks in January brings order to your business’s finances so you can spot trends, anticipate challenges, and make decisions with confidence.

How to Prepare for College Living: A Survival Guide for Incoming Students

February 15, 2025

Congratulations! You’ve been accepted into college, and soon, you’ll embark on one of the most exciting adventures of your life, along with 16 million others. But before you start dreaming about campus life, late-night study sessions, and newfound independence, there are some practical steps to ensure a smooth transition. From dorm essentials to financial planning, this guide will help you prepare for college living.

1. Master the Art of Budgeting

Living on your own means managing your finances wisely. Here’s how to stay on top of your budget:

• Create a Budget: Track your expenses, including tuition, rent, food, transportation, and entertainment.
• Use Budgeting Apps: Apps like Mint, YNAB, or PocketGuard can help you stay organized.
• Open a Student Bank Account: Many banks offer students accounts with low or no fees.
• Look for Discounts: Your student ID is your best friend—use it for travel, entertainment, and shopping discounts.

2. Pack Smart: The College Essentials Checklist

You don’t want to arrive at college and realize you forgot something crucial. Here’s what to bring:

• Dorm Room Must-Haves:
  • Bedding (twin XL sheets, comforter, pillows)
  • Storage bins and organizers
  • Desk lamp and power strips
  • Laundry hamper and detergent
  • Shower caddy and flip-flops
• Tech Gear:
  • Laptop and chargers
  • Noise-canceling headphones
  • Portable hard drive or cloud storage subscription
• Kitchen Supplies:
  • Mini fridge (if allowed)
  • Microwave or coffee maker
  • Reusable water bottles and utensils
• Emergency Kit:
  • First aid supplies
  • Medications
  • Flashlight and extra batteries

3. Set Up Your Health & Insurance Plan

Make sure you have a solid plan in place for medical needs:

• Health Insurance: Check if you’re covered under your parent’s plan or if your college offers coverage.
• Locate Healthcare Providers: Know where the nearest doctor, dentist, and urgent care clinic are.
• Stock Up on Essentials: Pack prescription medications, vitamins, and a basic first-aid kit.

4. Learn Basic Life Skills

College is a time to gain independence, so mastering basic skills will help you thrive:

• Cooking Basics: Learn how to make simple meals to save money and eat healthier.
• Laundry 101: Know how to separate colors, use detergent, and read washing machine settings.
• Time Management: College life is busy—use planners or apps to manage assignments and social activities.

5. Prepare for Roommate Life

Sharing a living space can be a challenge, but good communication helps:

• Set Boundaries Early: Discuss sleep schedules, cleaning duties, and guest policies.
• Be Respectful: Small gestures, like cleaning up after yourself, go a long way.
• Resolve Conflicts Maturely: Address issues directly and respectfully to maintain a positive environment.

6. Get to Know Campus Resources

Colleges offer plenty of support services—take advantage of them!

• Academic Support: Visit tutoring centers and writing labs.
• Mental Health Services: Many colleges offer free or low-cost counseling.
• Career Services: Start networking and building your resume early.
• Student Organizations: Join clubs to meet new friends and enhance your college experience.

College is a time of growth, challenges, and unforgettable experiences. By planning ahead, you can make the transition smoother and set yourself up for success. Embrace the adventure, stay organized, and don’t hesitate to ask for help when needed. You’ve got this!

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College graduation prompts transitioning from a school-based existence to one replete with adult responsibilities. By preparing for the unforeseen future, college grads who do their homework and keep their records at insureyouknow.org, can begin living their lives to the fullest.

Medicare Grocery Allowances: Who Qualifies and Is it Worth it? 

January 15, 2025

In 2020, the Medicare Advantage expanded coverage benefits for those with chronic conditions, such as cancer, autoimmune disorders, diabetes, end-stage renal or liver disease, heart disease, and more. The coverage expansion is referred to as the special supplemental benefits for the chronically ill or SSBCI. Some additional benefits include food allowances and prepared meals, but in some instances, they may even include over-the-counter medications, transportation, and in-home support services.

If you’re interested in receiving a grocery allowance or meal benefits or need food assistance, here’s everything you need to know about the additional coverage.

How the Medicare Grocery Allowance and Meal Benefits Work

Grocery allowances and meal benefits are not the same. If you qualify for grocery allowances, they are issued through prepaid debit cards on a monthly or quarterly basis. While the grocery allowance varies by state, it is usually $50 each quarter.

Under the CHRONIC Care Act, as of 2020, Medicare Advantage plans could also provide meals anytime to keep eligible recipients from needing hospitalization. Meal benefits are often more popular than grocery allowances, but it’s usually only offered for a limited amount of time, which is typically four weeks after a hospital stay.

Knowing Which Plans Offer Food Assistance

Not all Medicare Advantage plans include food allowances, so it’s important to determine if you qualify before choosing a plan. Traditional Medicare Part A and Part B and Medicare supplement plans, which are meant to supplement gaps in coverage, do not offer a grocery allowance. Some Part C Medicare Advantage Plans do offer grocery allowances and meal benefits, such as special needs plans or SNPs and dual-eligible special-needs plans D-SNPs. D-SNPs are meant for Medicare members who are also enrolled in Medicaid and who have a chronic condition. Those with Medicare Advantage plans who are disabled or who have a low-income subsidy or LIS may also be eligible to receive grocery benefits.

The CHRONIC Care Act of 2020 gave Medicare Advantage plans the ability to offer non-medical benefits such as funds for groceries. “Therefore, the Medicare Advantage plan can decide if they want to provide those benefits, and those benefits have to be designed only for the chronically ill,” says Alexandra Ashbrook, director of the Food Research and Action Center. “The non-medical services have to be targeted to people who have at least one chronic health condition, such as those at risk of hospitalization or some other adverse health outcome requiring intensive care coordination,” she says.

Qualifications for the grocery and meal benefits vary by plan, so it’s important to check with the plan’s provider to see what they offer and if your health condition qualifies. Choosing a plan based solely on food allowances isn’t the best approach over the long run. So, even if the plan offers a grocery or meal benefit, it may not justify what you pay for the plan. Whether or not the plan covers medical needs should always be the priority. Take into account every benefit the plan offers before making a decision.

What to do if You Don’t Qualify for Medicare Food Allowances

There are still other options for those who do not qualify for the grocery allowance through their Medicare Advantage Plan. Low-income seniors 60 or older can apply for food assistance through the Supplemental Nutrition Assistance Program or SNAP. Many people don’t even realize that they qualify for these benefits. “Unfortunately, only about 48% of eligible older adults are participating in SNAP,” Ashbrook says. “That’s a really important gap that health care providers and health systems could help to close before looking at any of the other additional food programs.”

Those who are 60 or older and have an income below 185% of the federal poverty income guidelines may also qualify for the Senior Farmers’ Market Nutrition Program SFMNP or the Commodity Supplemental Food Program or CSFP. The SFMNP provides coupons for fresh fruits and vegetables, which can be used at farmers’ markets and community farms, while the CSFP is a monthly package of healthy food that the USDA distributes to local agencies for participants to pick up. If eligible, some states even offer package deliveries.

To find out if you are eligible for SNAP or either of these additional programs, you may fill out an application online. If you’re a veteran, for instance, you may be more likely to qualify for USDA food assistance programs. Even if you are not eligible for Medicare grocery allowances, SNAP, or other supplemental programs, you still have options. Meals On Wheels is another program designed to help low-income seniors access prepared meals. The meals are provided on a sliding scale based on a recipient’s income to make them an affordable option for those in need.

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If any food assistance will help you, then exploring every available benefit will pay off. Whether it’s a Medicare food allowance or a USDA-based food assistance program, helping purchase and prepare healthy foods can go a long way in improving the quality of your everyday life. With Insureyouknow.org, you may keep track of your applications, health records, and grocery budgets in one easy-to-access place for all your meal planning needs.