More than likely they are not. Unless your son has a profitable bona fide business (e.g., raising and selling livestock as part of a 4-H project), the expenses for his 4-H project are probably considered “hobby” expenses for tax purposes and would not be deductible. Consult with a tax adviser for specifics related to your situation. If, as a parent of a 4-H’er, you’ve become a volunteer leader, you may be able to deduct certain expenses as a volunteer.
See …
Tax law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If no return is filed to claim a refund within three years, the money becomes the property of the U.S. Treasury. The three-year limit begins on the date that the tax return was originally due.
For example, for 2016 returns due on the tax filing date in April 2017, the window of opportunity ends three years later in April 2020. The law requires that …
Since the mid-1980s, there has been a trend away from defined benefit pensions toward less costly defined contribution plans, especially 401(k)s. A major reason is that defined contribution plans are not linked to a specific benefit formula based on age and years of service. Workers simply receive the amount that they have been able to save with employer matching (if any), plus or minus investment earnings. Thus, the risk of workers’ longevity is not something that employers offering a defined …
Three years from the year that the estate was settled would be sufficient for federal income tax returns. This is the same minimum time frame that is suggested to keep documentation for federal tax returns when tax filers are alive. If you want to be on the safe side, you can extend this up to six years, which is the time frame in which the IRS can initiate an inquiry if it suspects that someone did not pay their fair …
A natural disaster can strike anywhere, any time. Natural disasters often leave in their wake damage and destruction that have long-term impacts on the financial well-being of survivors. If you or a loved one has been affected by a natural disaster, it’s important to know that financial recovery takes time. There are no easy fixes and no guarantees.
This Recovery After Disaster: The Family Financial Toolkit discusses strategies and provides tools …
Nielsen, R. B. (2010). Assessing financial wellness via computer-assisted telephone interviews. Journal of Financial Counseling and Planning 21(2), pp. 16-29.
Brief Description: Researchers tested a modified version of The Personal Finance Wellness ScaleTM for use in computer assisted telephone interviews (CATI). Married adults were surveyed, and results indicated it is robust with respect to a single measure of financial wellness as well as dividing the concept into subjective and objective components. Because of the low level of …
Fisher, P. J. (2010). Gender differences in personal saving behaviors. Journal of Financial Counseling and Planning Education, 21′(1), pp. 14-24.
Brief Description: Gender differences in personal saving behaviors among single person households were investigated using data from the 2007 Survey of Consumer Finances (SCF). Using logistic regression analysis, the researcher found that women were less likely to save in the short term if they were in poor health, but health made no difference for males. Women with low risk …
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Goetz, J. W., Mimura, Y., Desai, M. P., & Cude, B. J. (2008). HOPE or no-HOPE: Merit-based college scholarship status and financial behaviors among college students.Financial Counseling and Planning, 19(1), 12-19.
Brief Description: This study explored differences in financial behavior between college undergraduates who retained the merit-based HOPE Scholarship and those who lost it. Students who initially had scholarships but lost them were less likely to use recommended financial practices and had higher credit card debt and student …
