Family and Consumer Sciences

Live Smart Ohio

Ohio State University Extension

taxes

What is the New Child Tax Credit?

Did you receive a letter this week from the IRS? The letter indicated that your family may be eligible for the new and improved Child Tax Credit. In March, President Biden signed the “American Rescue Plan” (ARP) into law. This bill included a change to the Child Tax Credit, which has been around since the […]

WRITTEN BY: Lauren Jones, PhD, Assistant Professor, Department of Human Sciences and Emily Marrison, OSU Extension Family & Consumer Sciences Educator, Coshocton County

REVIEWED BY: Roseanne Scammahorn, PhD, OSU Extension Family & Consumer Sciences Educator, Darke County

PHOTO CREDITS:

  • https://pixabay.com/photos/clock-money-growth-grow-time-2696234/

SOURCES:

  • Advance Child Tax Credit Payments in 2021. (2021, May 28). Internal Revenue Service. Retrieved June 8, 2021, from https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
  • Hooper, S.E. (2020). Start an emergency fund before disaster strikes. University of Minnesota Extension. https://extension.umn.edu/how-prepare/start-emergency-fund-disaster-strikes
  • Marrison, E.G. (2020, March 23). When your financial world is turned upside down. Ohio State University Extension Live Healthy Live Well Blog. https://livehealthyosu.com/2020/03/23/when-your-financial-world-is-turned-upside-down/

REFERENCES:

  • Consumer Financial Protection Bureau https://www.consumerfinance.gov/

2021 Tax Season Update

2021 Tax Season Update Tax Season is here. The Federal Government began accepting tax forms on February 12, 2021, for the 2020 tax year. Each tax year can look a little different based on what has happened in your life, and 2020 may have had some changes for you. You could get assistance filing for […]

What’s all the talk about deferred payroll taxes?

Not everyone would say this, but I love teaching high school students about money. The OSU Extension program “Real Money. Real World.” is a sneak peek at managing money as an adult. It is eye-opening for these students to see how quickly our expenses add up each month. Another impressionable day is dissecting paycheck withholdings. […]

WRITTEN BY: Emily Marrison, OSU Extension Family & Consumer Sciences Educator, Coshocton County

REVIEWED BY: Patrice Powers-Barker, OSU Extension Family & Consumer Sciences Educator, Lucas County and Barry Ward, OSU Income Tax Schools Director and Production Business Management Leader for OSU Extension

PHOTO CREDITS:

  • Pixabay.com

SOURCES:

  • Braun, B., Little, L., Russell, M. Helping You Make a “Good Guess” for Out-of-Pocket Health Costs. Fact Sheet – 1020, April 2015. University of Maryland Extension and University of Delaware Cooperative Extension. https://www.udel.edu/content/dam/udelImages/canr/pdfs/extension/nutrition-wellness/smart-choice/7-Helping-you-make-a-good-guess-for-out-of-pocket-expenses.pdf
  • Live Smart Ohio. Occasional Expenses – How do you manage? April 15, 2015. https://livesmartohio.osu.edu/money/stehulak-1osu-edu/occasional-expenses-how-do-you-manage/
  • The White House. Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. August 8, 2020. https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
  • U.S. Department of the Treasury. Treasury and IRS Issue Guidance Deferring Certain Payroll Tax Obligations. August 28, 2020. https://home.treasury.gov/news/press-releases/sm1110
  • Ziv, S. These 70 Employers Opted Out Of Trump’s Payroll Tax Deferral, Did Yours? Forbes. September 9, 2020. https://www.forbes.com/sites/shaharziv/2020/09/09/employer-opt-out-trump-payroll-tax-deferral-opt-out-notice-2020-65-start/#7357580366f4

REFERENCES:

  • Occasional Expenses Worksheet from "Manage Your Money" Bulletin 972-1 https://extensionpubs.osu.edu/manage-your-money-pdf/

New Web Resources In The Field of Personal Finance

This blog post provides information about four resources for financial information. Next Gen Personal Finance This website offers a wealth of hands-on ideas for teaching personal finance topics. I use this website by picking a topic on the curriculum site and look over the lesson guides. These guides contain a quick overview of hands-on activities, […]

WRITTEN BY: Caezilia Loibl

REVIEWED BY: Amanda Woods

Welcome Back, Tax Time!

Just as sure as winter rolls in and the weather becomes a little more frigid, tax time joins us once again!  Every year, like clockwork, we collect our paperwork, receipts, and applicable forms and begin the process of filing our taxes.  And, with this annual civic duty, also comes the decision about how we are […]

WRITTEN BY: Amanda Woods, M.Ed. Healthy Finances Program Specialist, Family and Consumer Sciences, Ohio State University Extension

REVIEWED BY: Amanda Rysz, Program Specialist, Training and Professional Development, Family and Consumer Sciences, Ohio State University Extension

Tax Time…….what you need to get prepared

It’s time to put 2015 behind us and look forward to what a new year has in store. Many people are motivated to set financial goals, make spending plans, and get documents organized when a fresh year begins, and as April is only a couple months away, it’s time to start preparing for filing your […]

WRITTEN BY: Tammy Jones, Extension Educator, Family and Consumer Sciences, Ohio State University Extension – Pike County, jones.5640@osu.edu

REVIEWED BY: Kathy Michelich, Extension Educator, Family and Consumer Sciences, Ohio State University Extension - Warren County, michelich.1@osu.edu

PHOTO CREDITS:

  • www.pixabay.com

SOURCES:

  • Consumer Financial Protection Bureau
  • Internal Revenue Service

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