Have questions?
Vincent Hicks is a Spanish- and Portuguese-speaking CPA based here in Massachusetts. He helps individuals and business owners tackle financial issues with clarity and confidence. His website is www.hickscpasolutions.com. He can be reached by email at vincent@hickscpasolutions.com or by phone at 859-553-0788.
Disclaimer: This tip provides general financial information and should not be considered tax, legal, or investment advice. Always consult a qualified professional regarding your specific situation.
Money Map Tip of the Week (November 29, 2025)
Q: What do pyramids have to do with personal finance?
A: A lot, actually!
Think of your finances like a pyramid: the strongest structures start with a wide, solid base—and so should your financial life. Here’s how to build yours, from the ground up:
Foundation: Protection & Compliance
Secure the basics—like health, auto, renters/homeowners, and life insurance. File and pay taxes on time. These may not be glamorous, but they protect everything else.
Next Level: Stability
Ensure steady income streams. Set up a will or estate plan to protect loved ones. These are essential blocks before planning growth.
Middle Tier: Structure & Control
Build a simple monthly budget tied to your real-life priorities. Set financial boundaries. Use your money with purpose.
Upper Tier: Credit Health
Monitor your credit report. Strengthen your credit score to lower borrowing costs and boost future options.
Top: Growth & Strategy
Only once the base is strong should you focus on investing, tax planning, and wealth building.
Takeaway:
Financial wellness isn’t about skipping to the top—it’s about building from the ground up. The base may be boring, but it’s what holds the whole thing together.
Money Map Tip of the Week (November 22, 2025)
Q: Why do people say that “health is the greatest wealth”?
A: Because no amount of money can guarantee good health—but poor health can quietly drain your finances!
Here’s how:
• The average American eats over 60 pounds of added sugar a year, often through processed snacks, drinks, and meals.
• That adds up to $1,000+ in spending per year—not including rising medical costs from diet-related illnesses.
• Chronic illness from poor diet and inactivity can mean hundreds or thousands in medical bills every year.
• And it costs time too—every hour spent managing health crises is one you don’t get back.
Action step: Add one small wellness habit to your calendar today. A 30-minute checkup or movement session could add richer years to your future.
Money Map Tip of the Week (November 16, 2025)
Q: Why does my shopping cart end up full of stuff I didn’t plan to buy?
A: Modern businesses use subtle but powerful tactics to get you to spend more. Here are four to watch for:
• AI knows what tempts you.
Think of Instacart or Amazon showing “you might like” items from your past buys.
• Rewards tiers push extra spending.
That “just one more purchase” to hit a new perk? It adds up fast.
• Prices shift based on your habits.
Your zip code or device could raise the price—without you realizing.
• Buy Now, Pay Later hides the full cost.
Easy installments (like Klarna or Afterpay) can snowball into debt.
Noticing the trick is the first step to breaking the spell.
Once you spot the tactic, you stay in control—and your wallet stays stronger!
Money Map Tip of the Week (November 8, 2025)
Q: Are there any end-of-year moves I can make to lower my tax bill or boost my refund next year?
A: Yes! Taking action before December 31 can make a real difference. Here are three of the most effective strategies:
-Tax-Smart Health Accounts
If your employer offers them, consider contributing to a Health Savings Account (HSA) or Flexible Spending Account (FSA). Even a $2,000 HSA contribution could save over $400 in taxes. FSAs are “use it or lose it,” so spend down any remaining balance before year-end to avoid losing the funds.
-Boost Retirement Contributions
Increasing contributions to a 401(k), traditional IRA, or SEP IRA can reduce your taxable income. Just note: most workplace plans have a Dec. 31 deadline. Traditional IRAs allow contributions up to April 15, 2026 for the 2025 tax year.
-Special Year-End Moves
If you’re 73 or older (or inherited an IRA), don’t forget to take your Required Minimum Distributions (RMDs) by Dec. 31 to avoid penalties.
Use up remaining FSA funds if your plan doesn’t offer a grace period.
And if you expect to be in a higher tax bracket later, consider a Roth conversion before year-end—you’ll pay taxes now but enjoy tax-free growth in retirement.
Each of these can shrink your tax bill—if you act in time! A quick conversation with a tax advisor or review of your benefits can help you take advantage of what’s available to you.
Money Map Tip of the Week (November 1, 2025)
Money Map Tip of the Week
Q: Are there any lessons Halloween can teach us to improve our finances?
A: Yes! Halloween reminds us that scary things lose power when we face them directly. So let’s use the spirit of these classic costumes to scare off some financial bad habits:
Ghost
Disappearing dollars?
–Action: Set a recurring calendar reminder to review your finances each month — before your money vanishes!
Skeleton
No structure?
–Action: Draft or update your will — even a basic one — so your financial skeleton is strong beneath the surface.
Bat
Flying blind?
–Action: Check your credit report at AnnualCreditReport.com to spot what’s lurking in the dark!
Wizard
Waiting for magic?
–Action: Increase your retirement savings by even 1%. Compound growth makes your money work like magic over time.
This Halloween, don’t just dress up — level up your finances. A few smart moves now can help keep real-life monsters (like debt and confusion) far away!
Money Map Tip of the Week (October 25, 2025)
Q: Are there any tax breaks for tips under the new 2025 tax law—and what should I know about them?
A: Yes! If you work in a job where tips are common—like food service, salons, or hospitality—the new One Big Beautiful Bill tax law offers a unique opportunity: up to $25,000 of your reported tips can be deducted from your federal income taxes for tax years 2025 through 2028.
Here’s what to keep in mind:
• This isn’t tax-free income—it’s a deduction, which means it can lower your taxable income and potentially reduce your tax bill.
• The $25,000 cap applies per tax return, regardless of filing status (so joint filers don’t get more).
• The deduction phases out at higher income levels: it begins to disappear for individuals earning over $150,000, or $300,000 for married couples filing jointly.
• Only tips that are officially reported to your employer or the IRS count—cash tips not reported won’t qualify.
• This doesn’t affect payroll taxes—you’ll still pay Social Security and Medicare taxes on tip income, just like before.
Short-term impact: More tipped workers may see meaningful tax savings, especially those who report tips consistently.
Long-term angle: Employers may rely even more on tips as part of compensation structures—so keep an eye on how tipping norms shift in your industry. If tipping starts replacing wages, your tax return may change, but your total earnings might not.
Money Map Tip of the Week (October 13, 2025)
Q: Are there any changes in the 2025 tax law that could meaningfully affect my taxes as a homeowner or full-time employee?
A: Yes — one of the most helpful changes is an increase in the SALT deduction cap.
• SALT stands for State And Local Taxes, and it includes what you pay in state income taxes and property taxes.
• In 2025, the deduction cap for these taxes jumps from $10,000 to $40,000 for both single filers and married couples filing jointly.
• That means more people — especially here in places like Massachusetts — may be able to itemize their deductions again instead of taking the standard deduction.
• And remember: bigger deductions = lower taxable income = lower taxes owed!
• If your income is around or above $500,000, the benefit starts to phase out — but even then, it’s worth checking.
• Most tax software should catch the change, but it’s smart to double-check or consult a tax pro.
Bottom line: If you’re a homeowner or pay a good amount in state or property taxes, this SALT cap change could mean real savings on your 2025 return.
Money Map Tip of the Week (October 6, 2025)
Q: Have you ever heard of the mindsets of “farming vs. fishing” — and how this mindset model can shape your finances?
A: Some money moves pay off over time (farming), while others aim for quick results (fishing). The best financial plans use both.
• Farming moves:
– Automatic savings & retirement investing
– Building credit or skills slowly
– Networking to grow long-term opportunities
• Fishing moves:
– Freelance or side gigs
– Selling unused items
– Applying for a loan or fast relief
Pro tip: Some actions — like networking — start as farming, but can lead to short-term wins.
Ask yourself: Which type of thinking is missing in my current plan?
Balancing both can build not just income — but peace of mind!
Money Map Tip of the Week (September 25, 2025)
Q: Have you heard the old saying, “A penny saved is a penny earned”?
A: It’s a classic from Benjamin Franklin — but in today’s world, saving a dollar is actually worth more than earning one. Why? Because you don’t pay taxes on a dollar you save, while every dollar you earn gets taxed. Depending on your tax bracket, saving $1 can be the equivalent of earning $1.30–$1.50 before taxes.
Here’s how this adds up in your favor:
• Savings are tax-free: To have $1 after taxes, you often need to earn $1.30 or more.\
• Avoiding debt interest is just as powerful: Paying off a credit card charging 20% interest is like earning 20% on an investment — nearly impossible to find legally anywhere else!
• Small savings add up fast: Making consistent, conscious choices to avoid wasteful spending is a guaranteed return — risk-free and immediate.
So yes — a penny saved might actually be the smartest penny you’ll ever earn!
Money Map Tip of the Week (September 12, 2025)
Q: How important is it for both partners in a relationship to be on the same financial page?
A: Extremely! While everyone has different financial styles and preferences, successful partnerships are built on a shared understanding of how money decisions are made — and how to navigate differences.
Here are a few key reminders for couples managing money together:
• Decide how financial decisions will be made.Whether you agree easily or often disagree, there should be a clear and respectful process for working things out.
• Balance authority and accountability. Even if one person earns more or handles the day-to-day money tasks, both partners contribute — and both should have a voice.
• Talk regularly — not just during emergencies. Setting aside time for check-ins can prevent misunderstandings and build mutual confidence.
• Work as a team when challenges arise. If one person overspends or avoids budgeting, don’t assign blame — focus on solutions that support your shared goals.
Money Map Tip of the Week (September 4, 2025)
Q: What do elderly people often say they wish they’d focused more on in life?
A: Surprisingly, the answers are incredibly consistent—and they aren’t about money in the bank or job titles!
Across interviews and hospice conversations, people often say they wish they had:
• Spent more time with loved ones
• Taken better care of their health
• Focused on what truly mattered to them—not just what was expected
• Lived more in the present instead of always chasing “someday” goals
So what does this have to do with your finances?
Everything!
If your financial plan doesn’t reflect your real priorities—like having time for your kids, taking care of your body, or traveling while you’re still able—it might be time to adjust. A clear financial strategy should serve your vision of a good life.
Ask yourself: Is my money supporting what matters most to me—right now and in the long run?
Any questions? I’m Vincent Hicks, a Massachusetts based CPA. Reach out at my website www.hickscpasolutions.com or at vhicksconnect@gmail.com or (859) 553-0788.
Disclaimer: This column provides general financial information and should not be considered legal, investment, or tax advice. Always consult a qualified professional for personal guidance.
Vincent T. Hicks, CPA
Founder | Hicks CPA Solutions
☎️ 859-553-0788
Money Map Tip of the Week (August 28, 2025)
Q: Is there anything I can do if the IRS says I owe taxes, penalties, or interest—but I’m sure they’re wrong?
A: Yes! You can request a tax abatement, which is the formal process for asking the IRS (or your state) to remove incorrect charges.
Here’s what to know:
• Use Form 843 for most IRS abatement requests—or respond directly to a notice via your IRS.gov account.
• Online is better—log into your IRS account and submit documentation right through the system.
• It’s not just the IRS—state tax agencies like Massachusetts DOR have similar abatement processes.
• Be specific—explain why the amount is wrong and include proof (e.g., corrected forms, payment history, etc.).
Bottom line: If something doesn’t look right, don’t ignore it—you have the right to ask for it to be fixed.
