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If you pay for job-related expenses and your boss doesn’t pay you back, can you deduct what you spend on your taxes? With the countless rules of taxes constantly changing, it can be hard to keep up. The topic of unreimbursed employee expenses is especially complex since the rules changed rather recently with yet another change scheduled on the horizon. Allow Maggi Tax to catch you up to speed and prepare you with what to expect in the near future!

The Tax Cut and Jobs Act Explained

The main factor that’s controlling your ability to deduct unreimbursed expenses as an employee is the Tax Cut and Jobs Act. This act was put into effect in 2018 to stop employees from itemizing any unreimbursed expenses on their tax filing. Before this act was created, employees were able to deduct their spending as long as the total expenses came out to over 2% of their adjusted gross income.

Examples of these employee expenses included:

  • Supplies for job use
  • Business travel costs
  • Organization and union dues
  • Any other unreimbursed expenses pertaining to the job

Why does it matter to learn about what it was like to deduct these unreimbursed expenses if it’s no longer possible to do so? Pretty soon, the Tax Cut and Jobs Act will be revoked so that employees can once again save on taxes using this method.

Can I Still Make Itemized Deductions If I’m Self-Employed?

 

The Tax Cut and Jobs Act only applies to taxpayers who are hired into a place of employment. If you are self-employed, you are still able to itemize your expenses when filing your taxes from notepads to computers and anything else you’re buying to assist with your job.

Unreimbursed Deductions May Come Back For 2026

The Tax Cut and Jobs Act is set to be retracted in 2026, allowing employees to once again deduct any unreimbursed spending relating to their area of work. If it’s anything like before, the same rules and processes will still apply. This includes the requirement that your total spending must exceed 2% of your adjusted gross income. If this will be your first time deducting unreimbursed expenses, or you just want to ensure that you’re going about it the right way, you have time to prepare for the change by seeking counsel from a trusted financial advisor near you.

How To Prepare For The Upcoming Changes

You can get a head start in preparing for the upcoming changes by getting into the right mindset. Get into the habit of jotting down any unreimbursed expenses that you make relating to your job and calculate your total to see if it reaches the qualifying amount. You will have about a year or so to get into the habit of recording the necessary data, but to guarantee effective ways to maximize your taxes, the best thing you can do is to meet with a reputable tax person and come up with a strategy that works for you.

Let Maggi Tax Help You Conquer The Ever-Changing World of Taxes!

At Maggi Tax, we are always staying informed and updating our practices to meet the changing rules and qualifications that happen every tax year. Call us today at (727) 799-1701 to schedule a consultation with a reliable tax advisor near you and to find the best financial plan that fits your goals and needs with our tax advisory services!

Securing your journey to higher education is easy with a Florida 529 savings plan, but did you know that you can qualify for additional tax benefits? The experts at Maggi Tax are here to give you a refresher on how a Florida 529 Plan works and introduce you to tax benefits that can assist you with your schooling expenses!

What Is The Florida 529 Plan?

Like a retirement fund, the Florida 529 Plan is a savings account to which you can make contributions for higher education expenses like tuition, transportation, food, books, and other learning materials. Many parents open up an account for their future college students as an easy and accessible way to secure the funds they need to succeed.

Read more > 8 Creative Ways To Lower College Costs

Going with the Florida 529 Plan is already a great start to a bright future, but there are additional tax benefits that can be overlooked if you don’t know to keep an eye out for them:

1) Florida 529 Plan Tax Benefits Worth Looking Into

Much of Florida’s tax benefits come from the fact that residents aren’t subject to state income tax. That means many of the contributions that you make to any savings account, including the Florida 529 Plan, are exempt from taxes as long as you go about it the right way. Let’s take a look at some of the specific ways you can save on taxes with a higher education savings account:

2) Annual Gift Tax Is Excluded

Monetary gifts are tax-free as long as they are under $17k per year. For couples, the gifting allowance is doubled to $34k. Monetary gifts that are contributed to a Florida 529 Plan are excluded from annual gift taxes.

3) Become Eligible For 5-Year Gift Tax Averaging

Contributions to a Florida 529 Plan don’t need to stay under the threshold to qualify for benefits. Even if a contribution exceeds the $17k/$34k limit, it can still be calculated under the 5-year gift tax average which can increase your limit up to $85k (or $170k jointly).

4) Educational Distributions Are Tax-Free

Regardless of the contribution’s status as a gift or non-gift, tuition and other educational expenses are typically tax-free. This is true for K-12 schooling and qualified college institutions.

5) Your Earnings Are Tax-Deferred

You don’t have to worry about being taxed on any unearned income you make from compounding interest in your Florida 529 Plan. Having a tax-deferred savings account for educational expenses encourages parents and future college students to start saving early to collect the maximum amount of tax-free earnings.

When Should I Start My Florida 529 Plan?

Since tax-free interest compounds, it’s best to begin your or your child’s Florida 529 Plan as soon as you are able. Likewise, there is no deadline for starting. If you feel like it’s too late, it’s not. Some people don’t start saving until their final year of high school, but that’s still better than having no savings at all.

Read more > Passive Income Ideas For Students And Young Adults

Make The Most Of Florida’s Tax Benefits, Call Maggi Tax Today!

The Florida 529 Plan has the potential to bring in extra earnings in a number of ways, and we’re here to help you navigate the possibilities with our profound knowledge and skills. Contact Maggi Tax today at (727) 799-1701 to schedule a consultation for our tax services and to strategize the best plan for your higher education funds!

Online platforms make it more tantalizing to take on entrepreneurship with its many benefits and flexibility. While starting a business in your own home is a great idea, it’s not without its hurdles. Form 1099-K used to only apply to big earners, but changes are being made that will eventually affect nearly everyone who makes a profit selling online.

Learn more about the new 1099-K threshold and what you should know before consulting the experts at Maggi Tax!

What Is Form 1099-K, And Does It Apply To Me?

Form 1099-K is reserved for online sellers who use platforms like eBay, Etsy, and Facebook Marketplace, just to name a few. These websites have become extremely popular as they cater to both the busy individual who doesn’t have time for in-store shopping as well as the ambitious entrepreneur who wants to make an income in an environment that they can manage. But once an entity becomes an influencing factor in the economy, changes need to be made accordingly just like with the recent inflation-adjusted tax brackets.

Form 1099-K will decrease its threshold from $20k down to $5k before dropping again to a mere $600. In response to this news, many rumors have been going around that can be cause for concern. No need to worry because we’re here to arm you with the power of the truth!

Myth: The Delay In Threshold Changes to Form 1099-K Means It’s Being Reconsidered

Since the announcement of the 1099-K threshold changes, the exact dates have seen some delays. However, this doesn’t mean that you should hold out hope on the IRS changing their minds and going back on their agenda. The changes will still be happening, it’s just taking a little longer than anticipated so it’s best to continue with your preparations.

Myth: Form 1099-K Does Not Apply To “Casual” Online Sellers

Many individual sellers believe that they are exempt from filling out Form 1099-K just because they don’t consider themselves a real business. Any income that is made from sales is taxable once it reaches the threshold, despite your occupational standing. Don’t make the mistake of thinking that Form 1099-K doesn’t apply to you when it does, or you might have an audit on your hands.

Read more > A Tax Guide For Self-Employed Entrepreneurs

Myth: Both Gains And Losses Are To Be Taxed Through Form 1099-K

Not all sales are considered profitable. If you end up selling at a loss, you won’t have to worry about that coming back to bite you later. Only profits matter when calculating your eligibility for Form 1099-K, so you won’t have to worry about owing taxes on something that didn’t bring in any money to begin with.

Myth: You Will Always Owe Taxes When Filing Form 1099-K

The main reason why online sellers are in an uproar about the decreasing threshold for Form 1099-K is the thought of owing taxes on their sales. But just like filing for taxes as an individual, turning in the form doesn’t automatically mean that you’ll need to pay something back. The form is simply to record your activity, and that data will be used to determine the result of your tax filing. Seeking a trusted tax advisor will help you sort everything out and help you find the best outcome.

Need Help Navigating Form 1099-K? Call Maggi Tax!

Since the threshold for Form 1099-K is being decreased by a large amount, there will be many online sellers who will be filling it out for the first time. If you need help navigating Form 1099-K to ensure you’re doing everything right, trust in the expertise at Maggi Tax! Our tax advisors will gladly walk you through everything you need to know with our tax strategy and preparation services. Call (727) 799-1701 to schedule a consultation!

Goals-based investing (GBI) gives you a new perspective on earning funds, but just how effective is it and is it really better than what you’re doing now? Your trusted financial advisors at Maggi Tax are here to introduce you to goals-based investing and why it might be the right choice for you!

 

Defining Goals-Based Investing – What Does It Mean?

 

What makes goals-based investing stand out from the typical stock portfolio is how it’s manifested. You build your funds around the idea of investing only in what directly helps you with your lifestyle objectives rather than stocks that have the potential to turn a profit, with some examples being non-liquid investments. But wouldn’t making a large profit fuel the funds you need to meet your goals? It’s not as simple as you think, and we’re going to show you why.

 

What Counts As A Lifestyle Goal?

 

Having substantial retirement funds

Meeting the cost of higher education

Saving up for your child’s future

Paying off credit card debt

Building an emergency fund

Planning a long vacation

Purchasing a home or vehicle

 

The Appeal Of Goals-Based Investing, And Why It Might Be Right For You

 

The main reason why traditional stock investments aren’t the best choice for funding life goals is because of how dangerous it is, even if you feel like you have a decent risk tolerance. There’s also the temptation of making poor last-minute decisions in response to a sudden market change, thus adding to the risk factor. Goals-based investing is a safer way to ensure that you reach the amount of funds that you need for what you aim to spend that money on.

 

Goals-based investing has many perks that can sound reassuring if you have a set objective in mind:

  • Removing the risk of high-stakes investments gives you peace of mind.
  • It’s easier to measure and track your journey to meeting your ultimate goal.
  • Seeing hard evidence of your progress can help you stay focused and motivated.
  • The simplicity of GDIs makes it easier to reach in and participate along with your advisor.
  • Less time is spent micro-managing stocks until you reach your goal.
  • Having an attainable goal feels much more rewarding when you finally reach the finish line.

 

Why You Need A Financial Advisor For Goals-Based Investing

 

Directing your focus to a single goal sounds easy enough to do on your own, but it can be just as easy to drop out of your journey without the right assistance. A financial advisor can start you off on the right foot by giving you a thorough evaluation of your goals, income, and expenses to help you find key investment strategies that are both attainable and rewarding. They will even help you account for any inconsistencies since life tends to veer off from the norm every now and then. Regular check-ins can be used to stay on track and adjust the plan if necessary.

 

Having financial professionals like the ones at Maggi Tax guide you through goals-based investing is a great way to see things through with fruitful results!

 

Reach Out To Maggi Tax About Goals-Based Investing!

 

At Maggi Tax, we can help you start your goals-based investing journey to help you meet your life goals in a safe and doable way that fits your situation. Give our team a call at (727) 799-1701 today to schedule a consultation and watch the savings grow!

Artificial intelligence is rapidly growing, and it’s only a matter of time before this software can do everything that we can do. You’ve probably seen images, videos, and even blog articles formulated in an instant purely by AI programming. But can AI manage your finances for you, too? The professionals at Maggi Tax are here to explain whether or not it would be smart to use AI to help you manage your money.

 

AI Chatbots And Finances – What Robots Can Do For You

 

There are a few popular chatbots that are frequently used every day. After trying out their first input, people become hooked to discover what more AI can do. Some individuals have even caught on to using AI to help them with their finances. But that’s rather risky, isn’t it?

 

AI can be effective in assisting with simple tasks, such as:

  • Providing general suggestions on investments
  • Performing simple money math
  • Offering advice on spending habits
  • Helping with some decision-making
  • Revealing tips on utilizing resources

 

That all sounds great and useful, and much of it is. However, there is plenty of need for financial assistance that AI is still unable to help with. Plus, there is still the topic of accuracy and security.

 

Putting Your Faith Into AI. Should You Do It?

 

Inquiring with a chatbot online can be useful when it comes to general ideas and concepts. By this, we mean that you can ask it how you can save money during the winter and it may suggest that you set a low budget for holiday spending. Such suggestions are harmless and may help people gather ideas. But that’s about as far as you should go if you want to play it safe.

 

AI hasn’t yet been perfected, so it still shouldn’t be relied on for important financial matters like making specific investments or filling out tax forms. There are many risks to be aware of with AI in financing:

  • Chatbots are renowned for giving out false information, including viable investment opportunities and other important financial decisions.
  • The data that AI is able to provide isn’t enough to go off of compared to human professionals with years of real-world experience.
  • Since AI is always connected to the internet, there is always the risk of sensitive information getting hacked into and used without consent.

 

The Real Reason AI Can’t Replace Financial Advisors And Accountants

 

The bottom line is, no, AI shouldn’t be used for financial services. AI is still a liability because it simply doesn’t have enough data yet. With countless reasons as to how people wish to utilize chatbots and how much information needs to be collected to effectively meet those demands, it’s going to be a long while before AI becomes trustworthy enough to handle money-related affairs. It also can’t compete with human experiences which is another reason why it’s still more effective and safer to seek financial advice from a qualified consultant.

 

Who Can I Trust To Manage My Money Near Me?

 

For reliable and trustworthy money-management services near you, contact Maggi Tax today at (727) 799-1701 to schedule a complimentary consultation! We will use our profound expertise and years of real-life experience to give you the best financial advice that we possibly can.

Having a hundred thousand on hand is something that many Americans can only dream of, and so you don’t want to squander it by losing it all to a series of poor decisions (or one really bad one). To make the most out of your savings, take a moment to peruse these key investing strategies for when you have 100K+ saved. For expert financial advice before you get the ball rolling, schedule a complimentary consultation with Maggi Tax!

When finding the right investment for you, you need to consider your short-term and long-term plans as well as your risk tolerance. Once you have your baseline fleshed out, it’ll be easier to move forward in choosing a solid investment strategy like the ones listed below:

1. Save With Your Retirement In Mind

$100,000 can make a huge difference in your retirement, and it’s one of the easiest solutions to investing in your future. When done right, a substantial retirement fund contribution can help you cut down on what is taxed. With that amount, you could look into converting your funds into an IRA for a more tax-friendly account. Consulting with a financial advisor can help you figure out if a traditional IRA or a Roth IRA is best for you.

2. Capitalize On Stock Market Opportunities

If you’re looking to turn a profit sooner than later, the stock market can be a very promising platform for your extra funds. Depending on how much you’re willing to risk, you could look into liquid stocks for quick profits with higher stakes. Or, you could find non-liquid stocks and bonds that can act as a more stable but prolonged source of passive income. If you’re unfamiliar with the stock market, you’ll definitely want a crash course and expert financial advice before diving right in.

3. Use This Chance To Pay Down Debt

In today’s age of rising inflation and higher interest rates, one of the smartest investments that you can make with your $100,000 is to pay off all of your debts. Being debt-free will save you much more in interest in the long run and in a way, it’ll almost be as if you are making a profit by cutting off that financial burden.

4. Establish Or Enhance Your Emergency Fund

Sometimes, the best investment is to safeguard what you already have. By that, we mean hanging onto your extra funds as emergency cash should worse come to worst. If you can help it, keeping 6 months’ worth of living expenses tucked away could potentially save your life in countless ways. Just keep in mind that a regular savings account that generates interest can be taxed like income, so you may want to discuss with your trusted financial advisor regarding best practices for reducing the taxable amount.

5. Venture On A Small Business Journey

Another way to put your $100K to good use is to start a business. We don’t need to tell you that starting a business (let alone running it) is a ton of work, and so this option should be reserved for the truly ambitious and dedicated. But if you are willing to put in the time and effort, this can be a viable way to turn your saved cash into a new source of income! Consult a professional to ensure that you’re not investing more than you need to for your business needs.

Consult With Maggi Tax For Smart Investment Decisions

There are so many opportunities to be had with $100,000 or more in savings, and we know how to suggest the best options for you! Call Maggi Tax today at (727) 799-1701 to schedule a consultation and discover how to handle your cash in a way that is tax-friendly and has the potential to bring in a profit.

With the IRS sticking their hands anywhere they can reach, it can be hard to keep up with all of their rules, and getting in trouble with them is at the very bottom of everyone’s list. The professionals at Maggi Tax will be giving you a crash course on what the TFRP is, how it happens, and what you can do to handle your income and trust funds more responsibly to avoid any audits.

The Trust Fund Recovery Penalty Explained

A Trust Fund Recovery Penalty (TFRP) is one of the many penalties enforced by the IRS. When an employer is faced with a TFRP, it’s usually because they’re withholding the amount of income tax that is subtracted from their employee’s paychecks without remittance to the government.

There are two ways that an individual may be assessed for accountability. One, they must be responsible for the withholding. Two, they must be willfully withholding. Oftentimes, the one at fault is a higher-up at a company such as an employer, director, owner, or CEO. However, the extent of the TFRP isn’t limited to these occupations.

How Long Does It Take For The IRS To Step In?

Once the IRS begins an audit in response to a TFRP, they are able to go back three years from the start of the audit. Depending on the situation, exceptions can be made to extend this timeframe.

Read more > 3 Red Flags That Could Cause An IRS Tax Audit

What “Trust Fund” Means In The Context of TFRP

Ordinarily, a trust fund is similar to that of the process of creating a will. Setting up a trust fund in the traditional sense ensures that your approved beneficiaries receive the assets that you choose to allocate through a trustee at the time of your passing. This could include monetary assets, properties, or other tangible valuables. But what do trust funds have to do with withholding an employee’s taxes?

When an employer hangs onto an employee’s income tax (or other deductions like healthcare costs or social security), that money is considered to be held as a “trust” until taxes are paid. Thus, when the taxes aren’t paid, this penalty is referred to as the Trust Fund Recovery Penalty.

Are There Taxes I Should Know About For My Personal Trust Fund?

When setting up a trust fund, you typically only pay the fees for the services involved. This includes hiring a trustee, any legal fees, and so on. Your beneficiary, on the other hand, may have to pay an income tax when receiving your assets.

Handle Income Taxes And Trust Funds The Right Way. Call Maggi Tax!

To avoid any possible complications with the IRS, it’s best to get tax advice from a trained and educated professional. Call Maggi Tax today at (727) 799-1701 to schedule a consultation appointment for some insight on how taxes work and how you can navigate your way through them as a responsible taxpayer! Ask us about our tax advisory services today.

Do you find yourself grappling with the harsh reality of rising costs in one of the worst economic states that this country has ever seen? At this point, you might be cutting up coupons, eager to hear any bit of good news addressing a solution. It’s about time, but we’re finally starting to see a light at the end of the tunnel! Discover how taxpayers can save money on the IRS 2024 inflation adjustments before reaching out to your trusted financial advisors at Maggi Tax.

 

What’s Changed For 2024?

 

During times of financial crises, tax season becomes a moment of truth. Are steps being taken to mitigate the damages, or do we need to gear up for more monetary struggles? Prayers have been answered, and now we’re seeing an increase in tax brackets and more for the 2024 tax year.

 

Standard Tax Deduction Increase

For all of you singles-filers out there, you’ll be seeing a bigger deduction to help your case. To be precise, the standard deduction has been raised by $750. As for married couples, there are also increases but you’ll need to decide if filing taxes jointly or separately is right for you.

 

Social Security Adjustments

Seniors who are currently collecting social security get to enjoy a little treat as well. That’s because, for 2024, cost of living benefits have been increased by 3.2%! In addition, there are other ways to maximize your social security and pension benefits in early retirement.

 

Improved Tax Credits

Individuals who qualify for certain tax credits may also see an increase in how much they receive. A perfect example is the Earned Income Tax Credit which will be raising the maximum limit.

 

What These Inflation Adjustments Mean For You

 

All of these inflation adjustments should translate to more cash, right? Before you get your hopes up, it’s best to understand the importance of managing your expectations. Yes, more of your income will be taxed at lower rates, but that’s designed to help minimize the impact of inflation. So rather than thinking about it like you’ll be getting a profit, you should think of it as getting some kind of reimbursement for the prices you’ve been paying. That’s the intended purpose of these increases, after all.

 

Why Is The IRS Making These Changes?

 

While these inflation adjustments aim to compensate for rising costs, the IRS tends to look at the grand scheme of things when making these huge decisions. By fixing up tax brackets and deductions, we’ll have a better chance of stabilizing our economy. Without these changes, taxpayers will end up paying the usual amount this coming tax season while still facing a higher cost of living. This could easily result in lower purchasing power for the majority of Americans, thus causing our system to grind to a halt. Imagine what life would be like if everyone ceased to go grocery shopping because they simply couldn’t.

 

How To Act In Response To Inflation Adjustments

 

Now that you know what’s coming, is there anything you should be doing in response to the IRS 2024 inflation adjustments? To make the most out of your situation, it’s best to visit your trusted financial advisor. They’ll be able to teach you strategies that can help you maximize your taxes for a more desirable outcome so you can be more excited about these drastic changes.

 

For Professional Financial Advice Near You, Contact Maggi Tax!

 

All of these new tax adjustments can be a lot to take in, but Maggi Tax is here to help you navigate through everything you need to know about your next tax return. Be a step ahead and plan out your strategy today by calling (727) 799-1701 for a complimentary consultation!

It’s hard to ignore the undesirable effects of inflation. Your favorite fast food burger doesn’t taste nearly as good when it’s two dollars more than you’re used to, and it’s hard to justify paying more for a bag of chips that contains fewer munchies than before. Inflation can also affect your financing on a new car! But with rising inflation also comes adjusted tax brackets, and your trusted financial advisors at Maggi Tax are here to help you navigate these changes.

In this useful guide, we’ll help you better understand the IRS inflation-adjusted tax brackets and what it means for you:

An Overview of The 2023 Tax Brackets

For personal income tax, the inflation-adjusted changes are as follows:

Tax Percentage Individual Income Married Income Dollar Increase
10% Below $11,000 Below $22,000
12% $11,000 $22,000 $725 / $1,450
22% $44,725 $89,450 $2,950 / $5,900
24% $95,375 $190,750 $6,300 / $12,600
32% $182,100 $364,200 $12,050 / $24,100
35% $231,250 $462,500 $15,300 / $30,600
37% Above $578,125 Above $693,750 $38,225 / $45,900

By raising the income for each bracket, individuals will have a better chance of being taxed at a lower percentage which means less that they will need to pay and more that they could receive. While the difference may not feel so astronomical, every little bit helps during a time of rising inflation.

Navigating Tax Bracket Trends – Why 2023 Is Different

Inflation-adjusted tax brackets aren’t all that new. The topic of income and prices rides on trends: up-and-down patterns that move according to our fluid economy. However, the 2023 tax year happens to stand out as one of the highest adjustments since the ‘80s when tax brackets saw a rise of 2-4%. This time, the difference between 2022 and 2023 is roughly 6.5%.

Tax brackets aren’t the only thing that the IRS tends to change every now and then. Learn more > What Are The IRS Limits For 2023?

What This Means For You As A Taxpayer

As a model citizen and responsible taxpayer, you can benefit from inflation-adjusted tax brackets. Rather than seeing a complete loss in savings from the rising cost of various expenses, these changes can help level the playing field so that the losses don’t hit as hard. Taxes will account for less of your overall income, meaning that you would be paying less. You won’t necessarily make a profit, but it’s better than paying more than you would before the adjustments.

How To Prepare For Next Tax Season

To set yourself up for success come next tax season, it’s a good idea to get a head start by visiting your financial advisor to see what you can do in the meantime. There may be a way to adjust your income or investments to work in your favor for a greater tax return or to prepare certain information or documentation to make the tax filing process easier. For tax strategies and preparation services near you, you can count on Maggi Tax!

Looking For A Reliable Financial Advisor Near You? Call Maggi Tax!

It’s never too late to educate yourself on effective tax strategies! Contact Maggi Tax today at (727) 799-1701 for a complimentary consultation to get started on managing your taxes like a pro. We’ll go in-depth to help you find the best plan of action for you to help you maximize your taxes.

Do you find yourself spending more than you would have liked to on gifts every year, no matter how much you try to be careful? You’re not the only one, but we’re here to help you out with some useful pointers that can guide you back into better spending habits. Take a moment to review our top budgeting tips to prevent overspending this holiday season, courtesy of your trusted financial advisors at Maggi Tax!

The most effective way to prevent overspending during the holiday season is to calculate a realistic budget and take it seriously. You can also get creative with the types of gifts that you give to help you spend even less.

Find A Realistic Budget And Stick To It!

We’ll say it again, the most efficient way to prevent overspending during the holidays is to find a budget and stick to it. Keep all of your receipts and tally up your spending on paper if you have to! But how do you find your budget before you go shopping? The easy way to calculate our budget is to take your income (and any money you already have saved up) and subtract all of your expenses like bills, food, etc. while taking emergencies into account. Whatever your total comes out to, subtract a little more for good measure.

If you’re going to be using a credit card to buy your gifts, make sure you’re capable of paying it all back in full. The main goal is to have the mindset of staying out of debt territory, even if it’s only by a dollar or two.

Understand That Not All Gifts Need To Be Store-Bought

You could avoid spending altogether by making homemade gifts. In this economy where people are fighting against rising interest rates and high inflation, no one would blame you. The important thing is that you put care and thought into whatever you give, even if it’s just a batch of sugar cookies!

Cater Your Gifts To Each Individual Recipient

Another thing to keep in mind is that not everyone has to have gifts of the same price value. In fact, personally tailored gifts are the best kind because they show your loved one how much you’re paying attention to them. For example, someone who just recently burned an oven mitt due to an unfortunate baking accident would be thrilled to receive a brand-new mitt from someone they care about.

Make The Most Of Any Available Deals Or Coupons

It’s okay if you’re still dead set on going on a small shopping spree for the holidays, but you might want to make use of any available coupons or limited sales. There’s no shame in capitalizing on a great deal, especially if it can get you the gifts that you want to hand out while staying under budget.

Cut Down On Your Own Spending Budget

You can make room for a larger budget simply by cutting down on your own unnecessary spending like daily fast food lunches and crafted lattes. Even cutting down those extra expenses by half can pave the way for more holiday gift spending.

Learn more > How To Make A Spending Freeze That Works

Get A Head Start On Next Year!

It’s never too early to get a head start on next year! If you set aside a small amount from each paycheck for an entire year, your gifts could end up being taken care of without you needing to create a budget!

New To Budgeting? Let Us Give You Some Pointers!

To learn more about budgeting and how to better handle your income, consult your reputable tax advisors at Maggi Tax by calling (727) 799-1701 today! We’ll evaluate your situation and help you find the best course of action.

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