barclays

You Need to Open an Online Savings Account: Barclays Review

We go online for everything. From keeping up with old friends to paying our bills. Having an online savings account is not only a convenience for us, they are also a very smart investment.

There are many online savings account to fit everyone’s needs. Most online savings accounts are FDIC-insured like other bank accounts, which means your money is safe. Some require a minimum to open an account, while others don’t.

Did You Know?

The average interest rate offered by a traditional bank is only 0.26%, while online savings accounts can offer you 2.20% APY.

As a customer of Barclays I feel confident referring others to opening an online savings account with them.

Why did I pick Barclays?

Easy.

– They only require a minimum balance of $1 to open an account.

– The APY for their savings account is 2.20%

– $5 insufficient fund fee, while others can charge around $30 or more.

– $0 Monthly fees

– Barclays is a 325 year old London based account, making them trustworthy.

– Great human based customer service support.

You may think that opening an online savings account may be complicated, but it’s actually like everything online, easy and quick.

sheneya

Tax Tips For Travel Nurses

Are you a travel nurse unsure about how traveling will affect your tax situation ? Here’s some advice from a CPA on how to prepare for this upcoming tax season as a traveler.

How the 2018 tax law changes affect travel nurses ?

Employee expense deductions no longer exist. Therefore, Travel Nurses can no longer deduct travel-related expenses, mileage, CEUs, licenses, etc.

Tips For Travel Nurses in Regards To The New Tax Bill

Travel Nurses should ask for higher reimbursements for travel needs and licensing fees from their employer or agency. Since tax rates are lowered under the new tax bill, Travel Nurses should consider a ROTH IRA retirement plan that deducts tax now instead of a tax-deferred traditional 401k or IRS plan in order to avoid paying tax on that money in the future.

What records should I keep so I’m prepared to file my taxes as a travel nurse?

– Contracts – This should show you start date, end date, name of facility, address, taxable hourly rate, amount of tax free stipend

– Pay stubs

– Documents that justify how tax-free stipend was used (i.e proof of lodging, meals mileage, etc.)

How long should I keep the records (in case of audit)?

The IRS has a statute of limitations of 3 years or 5 years in the case of fraud.

For tax free income, the statute of limitations is 7 years.

Are the chances of me getting audited higher because I’m a travel nurse?

Typically everyone has the same chances 1 in 160

If you make 200k or more your chances as 1 in 80

How do I qualify to receive tax free income?

The tax code allows tax-free stipends for all ordinary and necessary expenses incurred while working away from one’s tax home. Therefore, whether or not traveling nurses qualify to receive tax-free stipends depends on where they’re working versus where their tax home is.

What’s the difference between a tax home and a permanent residence?

Your tax home is the location in which you earned your taxable income (main place of business)

Your permanent residence is where your permanently reside. For travel nurses, this will be the address listed on your nurse license.

In which state do I pay my income taxes?

You pay taxes to both the state of which you worked and the state of your permanent residence.

However, Most times, you do get credit for taxes paid in each state to offset the state tax. I recommend consulting with a CPA.

Is it true that you have to be at least 50mil away from you home to qualify for tax free stipends?

No, the IRS doesn’t have that rule, it was used by the hospital as a general rule of thumb to prevent their full-time workers from picking up contracts.

goldman sachs

Online Savings Account Review: MARCUS by Goldman Sachs

Your savings account should be paying YOU !!!

You may have heard of the name Goldman Sachs, it is one of the best known investment banks in the United States. In 2016 Goldman Sachs launched Marcus, an online bank. It’s for customers who want a higher interest rate for their savings account and are tired of paying unnecessary fees.

The Bad (The good will make up for it, I promise)

  • No Physical location, so if you need to withdraw money constantly, this isn’t the account for you.
  • No Checkings account so no ATM cards, a lot of people prefer linking their savings to their checkings account for emergencies but it’s not that kind of party.
  • No Mobile App, I know we’re not used to things like this because we’re spoiled with today’s technology by being able to deposit our checks and check our balance. So this is a downside for many.

The Good (yayyyy)

  • You only need $1 to open a savings account. Sometimes savings accounts with good interest rate deals require an average of $1,000 minimum. This is great, there’s no excuse for why everyone doesn’t have a savings Marcus account.
  • High Interest Rate Yield. The current interest rate for their account is 2.00%. Take a look at others. Regular commercial banks like, Bank of America offers 0.03%-0.06%.
  • No monthly fees! Usually banks that offer such a low minimum will require you to have a minimum in the thousands range.

Marcus by Goldman is a great account overall. I will give it a rating 8 out of 10.

money

New Year, New Money Mindset!

Happy New Year from Fola Financial!

This is the perfect time of the year to assess your current mindset, habits, goals, and plans of action.

If your goal is to budget better, save more, or purchase your first asset, you must remember that change begins in your mind. You have to KNOW that wealth is attainable, and really BELIEVE it.

If you haven’t already, I highly suggest reading this book Think and Grow Rich: The Landmark Bestseller Now Revised and Updated for the 21st Century (Think and Grow Rich Series)

Think and Grow Rich by Napoleon Hill examines the psychological power of thought and the brain in the process of furthering your career for both monetary and personal satisfaction.

In other words, this book teaches you the importances of controlling your mindset surrounding money, wealth, and success in order to attain it.

“Whatever the mind can conceive and believe, it can achieve.” -Napoleon Hill

Make 2020 the best financial year of your life thus far by first changing your mindset about money.

Please feel free to utilize the FREE resources provided by your team at Fola Financial to help you get started on your journey !