As you get ready to file your tax return for 2012, don’t overlook many of the benefits that were ushered in when Congress passed the American Taxpayer Relief Act in early 2013. This act – also known as the so-called “fiscal cliff legislation” – may work in your favor, particularly because it gives many parents […]
10 Best Tax Deductions and Credits for Parents Read More »
If you’re one of the millions of taxpayers who owe money to the IRS this tax year, you need to make sure you’re taking steps to pay off that liability without any penalties and extra charges. Failing to file your taxes on time or failing to request an extension to file before the due
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The Child Tax Credit allows you to claim up to $1,000 for each of your “qualifying” children who are under the age of 17 – provided you meet certain income limits. When Congress passed the fiscal cliff agreement in January 2013, lawmakers put the Child Tax Credit into effect for five years, locking it
What is the Child Tax Credit? Read More »
Q: Can I claim the child tax credit plus the child and dependent care credit? A: As long as you legally qualify for both credits, you are allowed to claim both the Child Tax Credit and the Child and Dependent Care Credit, according to IRS rules. To claim these credits on your taxes, simply calculate
Can I Claim the Child Tax Credit Plus the Child and Dependent Care Credit? Read More »
Whenever you claim a credit on your federal income taxes, the IRS categorizes that credit as either a nonrefundable credit or a refundable tax credit. Most tax credits are nonrefundable, meaning you can’t get money back from Uncle Sam as a result of claiming a nonrefundable tax credit. Examples of nonrefundable credits include:
What is a Refundable Tax Credit Vs. a Nonrefundable Tax Credit? Read More »
If you’ve suffered a financial setback or have made a major money mistake, the first thing you need to do to turn things around isn’t to create a budget, find a financial advisor, or start investing in the latest hot stocks. The first step in any personal economic recovery is to get your mind right.
Rebounding After a Financial Setback or a Major Money Mistake Read More »
You likely already know that it’s a smart idea to check your credit reports annually. In fact, by law, you’re entitled each year to one free copy of your credit reports from each of the country’s largest credit bureaus – Equifax, Experian and TransUnion.
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Owing back taxes to the IRS can be a scary and stressful situation. You may have a tax levy or tax lien due to overdue taxes – and it’s tough to manage a budget when your wages or assets get garnished. It’s also no fun to worry constantly about what the IRS can do to
What To Do If You Owe Back Taxes or Have an IRS Tax Levy Read More »
The IRS has just announced a nationwide crackdown on identity thieves who steal other people’s tax refund checks or misuse the Social Security numbers of unsuspecting taxpayers. The effort spanned 32 states, as well as Puerto Rico, and was part of a year-long initiative to crack down on tax refund fraud and identity theft.
IRS Launches 2013 Crack Down on Identity Theft, Tax Fraud in U.S. Read More »
Credit monitoring is an electronic, subscription-based service for consumers who want to track their credit activity at the “Big 3” U.S. credit reporting agencies — Equifax, Experian and TransUnion. Credit bureaus, credit scoring firms and other companies typically sell credit monitoring services for a fee ranging from about $10 to $20 a month. But some
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The Adoption Credit is one of the biggest refundable tax credits offered in the U.S. tax code, and it can provide those who have adopted children with refund checks of many thousands of dollars.
What is the Adoption Tax Credit? Read More »
The number of fraudulent tax returns filed by U.S. prisoners has exploded in recent years, representing a growing financial problem and a headache for IRS officials and American taxpayers alike. According to a recent report from the Treasury Inspector General for Tax Administration (TIGTA), back in 2010, prisoners filed 77,563 bogus tax returns in a
3 Ways Tax Fraud By Prisoners Impacts You Read More »
I can still remember when I got my first credit card. It was the 1986-1987 school year and I was a freshman at the University of California, Irvine.
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Identity theft is a crime that occurs whenever one or more individuals steal someone else’s personal information for financial gain. The stolen information could be a Social Security number, driver’s license, a credit card, bank account, or any other private data. If you are the victim of identity theft, a crook could do any or
Identity Theft Explained Read More »
If you’re in the market for one or more credit cards, don’t just consider the annual fees, the interest rates, or the perks you’ll get from having certain credit cards. It’s also smart to consider your lifestyle, spending habits and how you actually use credit cards.
5 Tips to Pick the Best Credit Cards For Your Wallet Read More »
