In our previous blog, we discussed evaluating your finances for a stronger financial future.  Now that you have created a budget and know how much you are spending where.  Have you thought about how your financial allocation compares to the amount you should ideally...

Many of us receive our bank statements at the end of the month to find we spent more than we thought.  That is when we start to evaluate finances to see where we can cut costs.  To avoid this problem you can create a monthly budget and find a way to manage your debt. ...

October is National Financial Planning Month and a good time to start planning your financial future as years end approaches.  Reviewing this past year will be the first step to changing things up for the new year.  You will have a plan on how to do things differently...

Several companies recently announced cyber security incidents that affected a lot of people.  We as consumers do our part by signing up for fraud alerts and monitoring our credit.  But even with these tools and services we are still facing situations where our...

Knowing your credit score is important if you plan on purchasing a new car or home.  It is just as important to know what your credit history and score tells companies you are applying to.  Here is how it works, Equifax, Experian and Transunion, the three major credit...

As parents, we focus on our children's safety, education, health and happiness but we overlook matters that can affect their financial future.  In this instance, we tend to overlook their finances by never checking their credit report.  For most children under the age...

Labor Day pays tribute to all the contributions made by American workers and is observed on the first Monday in September.  It originated during the height of the Industrial Revolution where the average American worked 12-hour days seven days a week.  You could even...

Many of us are excited to see our kids go back to school, however the expenses associated with them starting school can add up.  Your back-to-school budget always includes new outfits, backpacks, pens, pencils, and notebooks for you kids.  But are you financially...

The last weeks of summer are slowly creeping upon us and a new school year is right around the corner.  A new school year is a big transition whether you're ready for school to begin or dreading busier days.  Always encourage your children that once they start school...

Now that summer is almost over, it may be time to start preparing your summer gear for storage.  Proper storage will keep your summer gear safe from damage in the event of rainstorms.  Keep in mind it is just as important to clean each item before storing them in a...

National Night Out began in 1984 to promote involvement in crime prevention activities among the police community and neighborhoods.  The program intends to inform potential criminals that neighborhoods are organized and supported by local police departments. ...

You probably have an Instagram account set up to share photos of your day with friends and family.  But did you know Instagram can be used as a travel planning tool as well.  With so many advances in technology, you no longer need to purchase travel guides or maps...

Traveling the world is one of the best activities you can enjoy in life.  But what can you do if your trip is interrupted for reasons beyond your control?  That is when travel insurance comes into play to protect you from unexpected problems that may appear on your...

This summer you are changing things up a bit for your yearly family vacation.  You want memories to last you a lifetime as your children are growing up so fast.  So you have chosen to buy a recreational vehicle (RV) and travel across the country.  An RV offers all the...

The Fourth of July is right around the corner and we’re gearing up to celebrate with friends and family.  This year you will probably be hosting a party while grilling burgers, hotdogs and probably setting off fireworks.  But before heading out to buy party supplies...

Happy National Insurance Awareness Day!  June 28th has been set aside as a day to encourage us to review or purchase an insurance policy.  Insurance coverage is something we rarely think about until we face a situation where "we would have been protected, if only we...

Here in Texas we know summer has arrived when you walk outside and it is 100 degrees in the shade.  Summer vacations are also when we enjoy spending time together with our families.  With kids and a mortgage it may seem impossible fitting travel into your budget.  But...

Memorial Day is not only about having fun with family and friends spending the day at the pool or grilling.  It is important to remember why we celebrate Memorial Day.  We must honor and remember the sacrifices made by many so that we can enjoy the freedoms we have...

Summer is the time of year we all look forward to as we take the time out to vacation and visit family.  Unfortunately, summer months also mean empty homes which burglars can take advantage of.  Besides packing and finalizing your itinerary, you should also think...

As new graduates, a new chapter starts in your life in which you will soon realize things do not always work out for the best.  Living out on your own even while away at school comes with a lot of responsibilities.  Insurance can help protect yourself against...

Hurricane season officially begins on June 1st 2018 and lasts through November 1st 2018.  If you have been thinking about purchasing flood insurance the time to do so is now.  Hurricane Harvey caused such a devastation last year and so many around our communities are...

Deadline to file your tax return has come and gone, but did you miss the tax deadline?  Because of missing forms or other situations not everyone was able to file their taxes on time.  Whether you owe taxes or are due a refund file quickly, the longer you wait the...

Congress passed the Tax Cuts and Jobs Act (TCJA) on December 20, 2017.  The goal of TCJA was to cut taxes for individuals and businesses, create jobs and stimulate the economy.  The Internal Revenue Service recently updated the tax year 2018 annual inflation...

What is the Earned Income Tax Credit (EIC)?  EIC is a refundable credit for workers earning low or moderate incomes to supplement the income earned through working.  If you qualify for EIC it gives you the opportunity to reduce your taxes and increase your tax refund....

Tax forms can be difficult to fill out even when they come with their own set of instructions.  Form W-4 is no exception.  All employees must complete the two-page form so that employers know how much federal income tax to withhold from your paycheck.  What is...

Tax time is stressful enough then to have to try and figure out which tax forms you need to use.  Everyone that must file an individual tax return has to use Internal Revenue Service tax Form 1040 or one of the shorter versions Form 1040EZ or Form 1040A.  It's a good...

Your tax filing status will determine your tax liability and if you are to receive a tax refund.  It will tell you what tax forms you are to file when completing your tax return this year.  Your filing status will determine your tax bracket, number of deductions,...

For one reason or another a few of us may have skipped filing our federal income tax returns.  But what happens if you do not file your taxes?  If you are delinquent, take control of the situation by coming up with a plan and protecting your rights.  The goal with...

Unfortunately, a large number of taxpayers have encountered individuals impersonating the IRS either in person, over the telephone or email.  Do not fall for these situations!  The IRS wants us to know how and when they will contact taxpayers and who you should call...

Every tax year, taxpayers have different goals in mind for their return.  Some may want to lower amount of taxes owed, seek the largest refund possible or avoid paying more in taxes.  Tax credits can help taxpayers meet all those goals when filing their tax return. By...

Tax season started back on January 23rd to file 2017 tax returns.  So should you take care of filing taxes yourself or do you hire a tax professional?  Our financial and personal situations in life change every year.  With a simple W-2, no kids, and single you can...

The U.S. Treasury and IRS put out new guidance and withholding tables for employers that incorporate changes from new tax law.  Under those new tables, Treasury estimates over 90% of employees who get a paycheck are likely to see an increase in take-home pay as soon...

Most of us have already received our W-2s and are preparing to file between now and April 17th.  It is important to get organized for tax season to avoid scrambling for documents the night before tax deadline.  With tax time here it is now time to empty out...

Data breaches have reached record levels recently, these are situations that pose a threat to individuals daily.  Taxpayers can follow a few steps to protect data such as personal and financial information online and at home.  Criminals have the ability to steal large...

Tax season is here and it is time for you to get your documents together and visit your tax preparer.  You normally visit the same tax preparer as you need someone you can trust.  At Premium Insurance and Income Tax, we assist our clients in making tax time a smooth...

In late December, the President changed the United States tax code for the first time in 30 years by signing the Republican tax bill into law.  Changes include new tax brackets and modified tax deductions that went into effect January 1st.  Your tax return for the...

Since Saturday, January 20th the United States is facing a government shutdown as Congress failed to agree on a funding bill.  Democrats and Republicans continue to discuss the future of DACA, funding for CHIP and other department funding.  The government shutdown...

The Internal Revenue System has announced tax relief for victims of Hurricane Harvey in Texas.  The storm hit Texas on August 25, 2017 with many still recovering from damages left from hurricane.  For those affected by the storm needing to file or make payments for...

Every year, taxpayers have questions about filing their tax return.  The Internal Revenue Service has announced tax season will open on Monday, January 29, 2018.  Tax professionals will accept tax returns before opening day but will not be transmitted until the IRS...

Now that the holidays are over and family has left your home it is time for clean-up.  You have managed to go around the house, clean up and get things back in order.  The last thing you need to do now is gather all holiday decorations and trash what you do not need. ...

New Year's Eve surrounded by family and friends is a wonderful way to celebrate the start of a new year.  Everyone wants to have a memorable night but that is when things can go wrong.  Many involve alcohol and fireworks into their New Year's Eve celebrations.  Do not...

December is known as Safe Toys and Gifts Month.  Toy safety is important when making gift choices because knowing what to look for can prevent possible injuries.  Sometimes when we shop for our little ones we forget to look at safety standards and age...