SIU Credit Union Blog

Category: Financial Resources (page 1 of 10)

Do’s and Don’ts of Home Office Tax Deductions

If you run a business from your home or telecommute for your employer, you may be eligible to claim some expenses on your federal income taxes. Home office deductions can be tricky, and many people have gotten into trouble with the IRS for being too liberal with these deductions. However, the IRS has simplified the rules in recent years to make it easier for people working from home.

Follow these do’s and don’ts to maximize your deductions and minimize your risks:

Do make sure that what you’re claiming as your home qualifies as a home. According to the IRS, this includes renting or owning a house, condominium, apartment, townhouse, boat or mobile home. It doesn’t include a hotel, motel or inn.

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INFOGRAPHIC | Your Road Map to Debt-Free Land

Your Road Map to Debt-Free Land

Via: NerdWallet

Shovel Away Holiday Debt

Visa Balance Transfer

Is your post-holiday debt piling up? Shovel away holiday debt when you move your balance to a low-rate SIU Credit Union Visa® credit card. Introductory rates are 3.9% APR* for 12 months and no balance transfer fees.

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Organize Your Finances for the New Year

A new year brings a chance to start fresh with just about anything. If your midnight toast includes a resolution to improve your financial health, here’s how to make it happen.

Get on a budget

Get on a budget

Click to download PDF

To get ahead, it’s important to know where you stand and to create a plan with realistic goals such as a comfortable retirement, education and home ownership. Budgeting may sound old-school, but it’s still one of the best ways to accomplish this. Start by totaling your income and subtracting your monthly expenses for a quick financial snapshot. Then set goals, reduce unnecessary spending and, if the situation calls for it, explore ways to increase your income.

Budgeting doesn’t have be time consuming or complicated. Downloading a budgeting app to your smartphone lets you track spending and financial progress effortlessly in real time. To take the work out of saving toward your goals, you may also want to sign up for an automatic plan that electronically deposits an amount you choose from your paycheck or checking account into your savings account at regular intervals. Continue reading

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5 Financial Resolutions for the New Year

A brand new year provides the perfect opportunity to make meaningful life changes, including improved financial wellness. These five financial resolutions can help get your year off to a promising start.

1. Get on budget

Resolutions - Get on budget

Take charge of your finances by creating a budget. Start by calculating after-tax income and subtracting fixed monthly expenses. Then allocate portions of the remaining income for savings, important goals and a few things that just make you happy. If this sounds complicated, relax; today’s user-friendly budget apps can take a lot of the pain out of the process. To further simplify money matters, consider setting up automatic bill pay, an automatic savings plan and separate savings accounts for specific goals.

2. Build an emergency fund

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How to Avoid the Busy Holiday Scamming Season

You’re not the only one joyfully anticipating the holiday season. Cyber criminals are all aflutter, too, as they look forward to the killing they’ll make ripping off innocent shoppers like you. Here are some of the most common ways these thieves operate, because awareness can help you avoid becoming yet another victim.

Antisocial media

Beware those enticing ads that turn up on Facebook and other social media sites offering vouchers, gift cards and deep discounts, as well as the online surveys these ads often link to. These offers are often only empty promises designed to steal your personal information.HOW TO AVOID THE BUSY HOLIDAY SCAMMING SEASON

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