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Bridging the gap between saving money and investing
Remodeling your home can be exciting. You finally get to have the home that you dream of (or at least an improvement of the one you currently have). However, if you’re not careful, a remodel can saddle you with debt. So, before you begin, be smart and follow these ways to save on a tight budget. You’ll end up with an improved house that fits your finances.
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Cryptocurrency had a banner year in 2020. Bitcoin, in particular, increased significantly in value in 2020. While cryptocurrency used to be a fringe currency, it is becoming more mainstream and there are many types available. As such, the IRS has caught up. Over the last few years, the agency has been more stringent about receiving their fair share. There are several reasons why you should file for cryptocurrency tax.
Back in 2019, the IRS sent several thousand letters to those who held cryptocurrency to remind them that they were under legal obligation to pay taxes on the money they make from cryptocurrency and on the income they earn in cryptocurrency. At that time, the IRS stated in a press release, “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
Now, on the 2020 tax form, on page one, just below where you fill in your vital information, you will find a yes or no question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” As this statement is front and center on the form, lying about it and saying you didn’t see it is no longer credible.
Just as you are legally obligated to report income earned during a tax year as well as capital gains received, you are legally obligated to report income paid via cryptocurrency and gains realized from selling cryptocurrency.
But, that also means you can report losses on cryptocurrency if you sell at a loss. You will need to use IRS Form 8949 to report your loss. However, you must sell before you report this loss. If you simply continue to hold the cryptocurrency, but it has lost value, you cannot report it.
Having said that, you are expected to keep track of and report gains, losses, and income yourself. You may receive a 1099-K if you had more than 200 transactions or $20,000 in gross proceeds. Anything less than that, and you will not receive a 1099-K. However, just because you didn’t receive a form doesn’t mean you don’t have to report any transactions.
You can mark that yes, you did have a financial interest in any virtual currency and still not have a taxable event. That happens if you have cryptocurrency but did nothing with it this year; you just held it.
One of the main reasons why you should file for cryptocurrency tax is because the IRS has made a question about cryptocurrency front and center on the tax form. In addition, you don’t want to risk legal repercussions for hiding the money you may have been paid or earned through cryptocurrency.
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While the federal minimum wage is $7.25, only a few states actually have that as their own minimum wage. Most other states have set a higher state minimum wage, which is also true in Hawaii.
Before we delve into the minimum wage in Hawaii, let’s first talk about when the minimum wage was established and why. The federal government established the minimum wage in 1938. The government decided to “protect workers in the labor force” and “to create a minimum standard of living to protect the health and well-being of employees” (Cornell Law).
However, over time, the increased cost of living has made the minimum wage less effective at protecting workers. Currently, the federal minimum wage is $7.25; it has not been increased in 10 years. Meanwhile, in that same time frame, the cost of living has increased 20% (CBS News). Some states, such as Hawaii and 28 others, have state minimum wages that are higher than the federal minimum wage.
The current minimum wage in Hawaii is $10.10 per hour. While that is not among the lowest in the United States (that honor goes to states paying employees just $7.25 an hour), it’s also not among the highest. Some of the highest minimum wage rates in states like Connecticut, California, and Massachusetts are $13 to $14 per hour.
In addition, while 21 states are planning minimum wage hikes in 2021, Hawaii is not. Their minimum wage will remain $10.10. However, an increase may be coming. Just recently, Hawaii lawmakers have been discussing raising the minimum wage to $12 an hour by 2022.
Even though the minimum wage in Hawaii is average compared to other states, its cost of living is not. “Hawaii has the highest cost of living in the nation with an index of 191.8. The national average index was set at 100. . .[and] the second closest was. . .the District of Columbia at an index of 159” (Dwell Hawaii). Unfortunately, $10.10 per hour won’t stretch far in Hawaii, making living on the income from a job that pays minimum wage difficult.
There may yet be hope of a larger minimum wage increase in the United States. President Biden is currently trying to increase the federal minimum wage to $15. The $15 minimum wage was originally included in Biden’s $1.9 trillion stimulus package, but it was removed early to help the package go through. Biden has made it clear he wants a $15 minimum wage, so perhaps sometime during his presidency, it will pass.
Hawaii’s minimum wage of $10.10 is higher than the federal minimum wage, but in a state with such a high cost of living, living on such a wage can be difficult.
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Are you on Reddit? If not, you may be surprised to discover that it has an active personal financial section. If you become a member, you can post questions there, and you’ll often get 20 or more responses. You can also just peruse the Reddit and finance section and find topics where you can expand your personal finance knowledge.
The better question is, what can’t Reddit teach you about finance? This site is a wealth of financial information. (Excuse the pun!)
There are currently over 14 million members in the Reddit personal finance section. This group is extremely active and polite. I know finding kindness on the Web can sometimes feel as rare as spotting a unicorn, but the people in the Reddit personal finance section generally seem to want to help one another and share information.
Everything and anything! You will find a wide range of topics. For instance, recently an 18-year-old asked for finance advise as she prepares to move out—how much to budget for rent and utilities, where to buy the cheapest, quality furniture, etc.
In the subreddits, a man is selling his house, but the house requires a new roof at the tune of $18k. Should he replace the roof before putting the house on the market? The advice he received was very good, including the best idea—put on the new roof, and then list the house for $20k more than he was planning to list it for.
Peruse the site, and you’ll find suggestions for everything from personal finance books to read to real estate speculation. You’ll find people giving advice about how to prepare financially to die. Sure, the topic sounds morbid, but the person writing just had a parent die and then came to Reddit to suggest all of the things the parent could have done to make it easier on the grown child settling the parent’s affairs. That’s advice we could all use.
Under the Reddit Personal Finance category, there are many subreddits (subcategories) including:
In addition to these subreddits, you can also filter your interest further.
If you don’t live in the United States, you can choose regional subreddits by country.
Or, you can filter by flair, which is a bit like filtering by tags on a blog.
Having so many subreddit options makes it possible for you to post a question and make sure the right people answer. It can also make for entertaining reading, especially for some of the subreddits like relationships and PF Jerks.
You may never have connected Reddit and finance, but surprisingly, the site can teach you a great deal about personal finance. In addition, the site can also serve as a springboard to more standard personal finance information found in books and other resources.
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Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.
Are you a member of Sam’s Club? If so, you’re among millions of Americans in 44 states that shop at one of the nearly 600 Sam’s Clubs warehouse stores. This membership-based chain offers its clients low-priced items. For many, that is enough, but others occasionally find that the item they just bought at Sam’s Club is priced lower somewhere else. If that happens to you, it’s important to understand Sam’s Club price match guarantee.
Simply put, Sam’s Club price match guarantee allows you to request a price match for items that are now on sale or at a lower price than the price you originally bought the items for. However, you have to have bought the items within the last eight days.
Sam’s Club will price match both Sam’s Club’s and Walmart’s prices.
Having said that, there are several things that the price match guarantee doesn’t do.
What if you purchased the item 10 days ago? Sam’s Club won’t honor the price match guarantee then, so are you stuck having paid the higher price?
Not necessarily
Sam’s Club has a generous return policy. One alternative is to simply return the product and then buy the same product at whatever store you saw selling the item for a lower price than Sam’s Club.
There are a few rules you should know about Sam’s Club’s return policy before using this strategy:
If you purchase an item online, you must return it the same way. You can’t bring it to the store for a return.
Also, you are responsible for paying the return shipping and handling unless Sam’s Club made the error in shipping you the item. In this case, paying for the return shipping may negate any savings you can find by buying the item at a lower price somewhere else.
If you’d like to return an in-store purchase, simply bring your item and the receipt. You will then get your refund from Sam’s Club.
Just as you’re unable to return an online purchase to the store, you’re unable to return an item online that you bought in the store.
Even though Sam’s Club has a nice return policy, there are some items that can’t be returned:
Sam’s Club has a generous return policy. However, Sam’s Club’s price match guarantee may leave you wanting, especially if you purchased an item longer than eight days previous. However, there are ways to skirt around this policy to still be able to purchase the item for the lowest price possible.
2021 Sam’s Club Holiday Hours and Schedule
Albertson’s has more than 2,200 grocery stores, which makes it the third biggest grocery supplier in the United States behind Walmart and Kroger. Because the grocery store chain seeks to make shopping easy and convenient for their customers, Abertson’s hours are limited only a handful of days of the year, and they’re open 365 days a year.
Albertson’s long history began way back in 1860 in Maine when George Clinton Shaw opened a grocery store. If you don’t think you have an Albertson’s near you, you may be surprised to find that you actually do. As you would expect with a grocery store company that is in 34 states and has 2,200 stores, Albertson’s owns many grocery store chains including:
While some stores close for holidays like Christmas, Albertson’s is open 365 days a year.
They do, however, have reduced hours a few days of the year.
The following are Albertson’s reduced holiday hours for 2021:
Thanksgiving Day: 6:00AM – 5:00PM
Christmas Eve: 6:00AM – 9:00PM
Christmas Day: 8:00AM – 4:00PM
December 26: 6:00AM – 10:00PM
To be safe, make sure to call your local store to confirm these hours.
Of course, since Albertson’s owns so many stores in so many locations, there are variations in Albertson’s regular store hours. However, in general, Albertson’s stores are open:
Monday 6:00AM – 11:00PM
Tuesday 6:00AM – 11:00PM
Wednesday 6:00AM – 11:00PM
Thursday 6:00AM – 11:00PM
Friday 6:00AM – 11:00PM
Saturday 6:00AM – 11:00PM
Sunday 6:00AM – 11:00PM
However, to be sure, call your local Albertson’s or their affiliate to get the exact hours for your location. Some stores may be operating on abbreviated hours due to COVID-19.
In addition to being a long-standing grocery chain, Albertson’s is poised to play a role in the fight against COVID-19. Indeed, the stores have been authorized to receive direct supplies of the COVID-19 vaccine to administer to customers.
Meanwhile, Albertson’s has changed their policy to allow SNAP recipients to place to go orders. This allows all customers to avoid entering the store and instead utilize the safer option of curbside pick up.
Albertson’s has a long-standing history in the United States. Albertson’s hours are convenient and can’t be beat when it comes to holiday flexibility. Plus, this grocery store chain is poised to play a role in helping to vaccinate as many Americans as possible against COVID-19.
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