Over the past 50 years, the percentage of teens (ages 16-19) working jobs in the United States has generally declined, based on available data and historical trends. Here’s a breakdown of the trend:
Teen Employment Decline
Summer Jobs for Kids
Taking a summer job is a rite of passage for kids and an excellent way for them to learn financial responsibility while earning and spending their own money.
TAX WITHHOLDING
Generally, a child working a W-2 job, earning less than the 2025 standard deduction amount of $15,000, is considered a dependent and won’t need to file a tax return.
However, it may be a good idea to file if federal income tax was withheld, because the child may be entitled to a refund.
BRANCHING OUT
When minors start doing things like baby-sitting or lawn care, they are technically self-employed. In this case, generally, if their net earnings (gross income less all eligible business expenses) exceed $400, they will need to file a tax return, due to Social Security and Medicare tax obligations. Be sure your child keeps track of their expenses for things like mileage and equipment purchases.
Additionally, minors must file a tax return if their gross self-employed earnings exceed the $15,000 standard deduction.
When your children start earning their own money, help them learn about budgeting and saving. Distinguishing between wants and needs will help them create a realistic budget while saving money.
What is the Average Cost of a Wedding?
The average cost of an American wedding varies depending on the location, venue and number of guests. In 2024 the average wedding cost $33,000 according to a survey of couples married in 2024. This is projected to be $36,000 in 2025.
Costs fluctuate significantly by region. For example, the cost for a 2025 wedding in New York is projected to run closer to $65,000, while in less expensive states, it could cost as little as $16,000 to $20,000.*
*2025 The Knot’s Real Weddings Study and Zola Wedding Planners
June 2025 Client Profile
Lucy is preparing to open her hair salon, but she isn’t sure what types of insurance she’ll need. Beyond health insurance for herself, what other insurance policies should she have?
Lucy should secure a general liability policy that will help protect her company if a client is injured. For example, slipping on a wet floor. Since general liability insurance would pay claims she may owe to others, she’ll also want to consider commercial property coverage. This will cover losses if any of her equipment or building is damaged.
If Lucy plans to hire employees, the state will require her to obtain a workers’ compensation policy to cover workers who are injured on the job.
Other optional insurance policies Lucy should evaluate include: business income interruption, professional liability, commercial umbrella, disability and life.
She may not need all of these policies but should review them with her insurance professional to make an informed decision.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
Taxes and Marriage
Getting married usually triggers a multitude of changes to your life, but one change that you may not have considered is how marriage affects your taxes. For example, your tax filing status may change, most often from filing single to married filing jointly. When it comes to taxes and marriage, here are some things you should consider:
If both spouses earn wages, you’ll want to review your withholding rates, which may need to be adjusted to account for your new joint filing status. With a higher combined income, you may be bumped into a higher tax bracket and may find yourselves subject to the 0.9% additional Medicare tax.
MARRIED FILING SEPARATELY
While most couples benefit from filing a joint tax return, some may benefit from filing separate returns. This is known as married filing separately and can help when one spouse has significantly more income than the other, or if one person has sizable medical expenses.
Make this decision with your tax professional because married filing separately has its drawbacks, including losing the ability to claim certain tax credits.
TAX-FAVORED BENEFITS
Be sure to review your workplace benefits now that you’re a couple. Marriage is a life change that generally allows you to make plan modifications immediately, instead of waiting for the next open enrollment period.
Considerations include coordinating health care coverage and flex spending account contributions. Just like your tax withholding, you’ll need to analyze how these tax-preferred benefits fit into your new lifestyle.
And don’t forget to update beneficiary information on your retirement accounts and insurance policies.
Of course, you know that it is important to work together on your finances and agree on financial priorities. Also, work with a financial and tax professional from the start to help make the most of your finances.
Ready to Expand Your Business?
If you’re ready to take your business to the next level, congratulations. In addition to logistical and operational plans, there are a few administrative tasks to tackle when growing your company and expanding into new states.
Typically, that involves registering as a foreign company with the new location’s Secretary of State.
Also, check whether your existing insurance policies for things like business liability and automobiles will cover your operations in the new locale.
If expanding means hiring employees in the new state, you’ll want to register with the Department of Revenue for employment tax purposes. And finally, workers’ compensation insurance laws may be different, so make sure you secure coverage when it’s required. Your tax professional can provide guidance you may need.
12 Obstacles to Investing Success
1. STARTING LATE
Compounding over time is powerful. Making early investments, no matter how small, is critically important when it comes to investing success.
2. UNDERESTIMATING TIME
Ask any older person how quickly time passes. Don’t put off to tomorrow what you can start today.
3. OVERRREACTING
Those with long-term horizons who stay the course may weather the volatile markets this year.
4. UNDER-REACTING
“Buy and hold” should not apply to every investing decision. If your investments have poor long-term prospects or no longer fit your strategy, consider selling them.
5. INVESTING TOO AGGRESSIVELY
If you’re in or near retirement, you may not have the time to recover from down markets. Invest accordingly.
6. INVESTING TOO CONSERVATIVELY
With enough time you may overcome market downturns, so invest for growth when you have time.
7. PAYING TOO MUCH
High investment fees and charges detract from net earnings, so make sure your returns are worth the cost.
8. STAYING TOO LOYAL
Loyal employees may like to own their employers’ stocks, but too much of a good thing is a bad thing. Diversify.*
9. DUPLICATING EFFORTS
Know how target-date and balanced mutual funds** affect your asset allocation mix.
10. FOLLOWING THE HERD
Jumping late on a hot investment’s bandwagon can become a costly investing mistake.
11. TIMING THE MARKET
Even the professionals can’t do it, so don’t try.
12. AVOIDING HELP
Talk to a financial professional for help with your investing strategy.
*Diversification cannot eliminate the risk of investment losses. Past performance won’t guarantee future results. An investment in stocks or mutual funds can result in a loss of principal.
**Investors should read the prospectus and consider the investment objectives, risks, charges, and expenses of the fund before investing. Because mutual fund values fluctuate, redeemed shares may be worth more or less than their investment. Past performance won’t guarantee future results.
June 2025 Client Line Newsletter
12 Obstacles to Investing Success – take a closer look at some potential investing obstacles.
Ready to Expand Your Business – are you ready to take your business to the next level?
Taxes and Marriage – consider how marriage affects your taxes.
Summer Jobs for Kids – taking a summer job is a rite of passage.
Teen Employment Decline – the percentage of teens working in the US has generally declined over the past 50 years.
Consistency is Key for Retirement Investors – for a long-term investor, being a tortoise has its advantages.
U.S. Inflation Statistic
The U.S. inflation rate has been recorded since 1913 and is typically measured using the Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics (BLS), reflecting the year-over-year percentage change in the cost of a basket of goods and services. From 1925 to 2024, the average annual inflation rate is approximately 3.1%. Following are long-term high and low years.
Highest Rate: 17.8%
Highest Rate in 1917 during WWI
Lowest Rate: -10.3%
Lowest Rate in 1932 during the Great Depression
Combining Business and Personal Travel
If you run your own company and travel for business, you may be tempted to combine work with pleasure. That’s okay, as long as you don’t trip up on tax rules. Your tax professional can advise you as to what you can or cannot do.
TAX-SMART TRAVEL
Generally, businesses can deduct the cost of airfare, lodging, car rentals and meals from taxable income when used for legitimate business purposes.
But when you combine personal and business travel, it gets a little more complicated. You can still deduct transportation costs for you, but not for any family. Also, you may only deduct the reasonable cost of lodging, which in this case would be single or double occupancy. You may also deduct the cost of shipping materials needed for business, your dry cleaning and even tips. You can’t, however, deduct any family activities.
SEPARATE EXPENSES
It’s important to keep detailed records, with the days, locations, time involved, names of people you meet and your purpose of business. Know that the IRS won’t likely allow deductions for a day when you have a 15-minute meeting and spend the rest of the day with your family at a theme park.
You will have to allocate all of your expenses for tax purposes. For example, you may deduct the cost (including gas) of renting a car only during those days when conducting business. So, if you spend $500 for a 10-day rental and you put in five days for business, you can deduct half of that as a business expense.
Finally, you will have to recognize the personal expenses paid by the company as an owner’s draw and part of your income.If you run your own company and travel for business, you may be tempted to combine work with pleasure. That’s okay, as long as you don’t trip up on tax rules. Your tax professional can advise you as to what you can or cannot do.