Page 151 – The Money Coach

The Child Tax Credit – How to Qualify and Claim This Tax Benefit for Your Family

Taxes / Lynnette Khalfani-Cox, The Money Coach / child tax credit, Child Tax Credit 2023, Child Tax Credit Eligibility, Financial Support for Families, IRS Child Tax Credit, Tax Benefits for Families, Tax Credit for Parents / February 25, 2012

Raising children can be a joyful and rewarding experience, but it can also come with significant financial responsibilities. To help alleviate some of the financial burdens, the United States government offers the Child Tax Credit. This credit is designed to provide financial assistance to families with eligible children, reducing their federal income tax liability. In […]

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Medical and Dental Expenses Explained

Taxes / Lynnette Khalfani-Cox, The Money Coach / expenses, medical / February 24, 2012

You probably already know that some medical and dental expenses are tax-deductible, but are you aware that the IRS has set some deduction limits and “qualifying expenses” for all taxpayers? Whether your spouse had surgery or you had to get some pricey dental treatments in 2011, you may only be able to deduct a portion

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A stone wall with the words "POSTAL OFFICE" prominently displayed in raised capital letters.

List of U.S. Postal Service Closings, 35,000 Postal Workers to Lose Jobs

Personal Finance / Lynnette Khalfani-Cox, The Money Coach / Employment, Government, USPS / February 23, 2012

There was a time when having a government job – especially a position at the Post Office – meant you could rely on a lifetime of job security. Those days are no more. The U.S. Postal Service, which lost $5.1 billion in 2011, is planning massive job-cuts in 2012 and intends to close or consolidate

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A close-up of an unemployment benefits application with the word "APPROVED" stamped in red ink across it. A pen and part of a calculator are seen on the table, reflecting the crucial support during times of unemployment.

Important Tax Advice on Unemployment Income

Taxes / Lynnette Khalfani-Cox, The Money Coach / February 23, 2012

If you were unemployed in 2011, worrying about taxes was probably the last thing on your mind. However, those unemployment benefits you received do have some tax implications and you need to know how to report your unemployment income to the IRS. In most cases, unemployment compensation consists of state unemployment compensation benefits; still, tax

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My Credit Report Does Not Show My Secured Credit Card Account. What Should I Do?

Credit Reports / Lynnette Khalfani-Cox, The Money Coach / secured credit cards / February 17, 2012

Q: I had my first “secured VISA” Credit Card from a Federal Credit Union planning to build my credit. But now when I go to apply for a Non-secure VISA Credit Card the system doesn’t show any records about my credit. The bank says that the credit card that I was using reports the credit

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Are You Making These 5 Mistakes That Can Ruin Your Retirement?

Retirement / Lynnette Khalfani-Cox, The Money Coach / Financial Planning / February 13, 2012

It’s hard enough to save and plan for retirement. So why make it even more difficult by committing costly mistakes? Here are 5 blunders that can derail your plans to retire in comfort and peace. 1. Following the herd Who cares if everyone on Wall St. is planning on buying Facebook shares or the “hottest”

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5 Tips To Solve Your Biggest Tax Worries

Taxes / Lynnette Khalfani-Cox, The Money Coach / IRS / February 9, 2012

Tax season is here and if you’re dreading filing your income taxes or dealing with the IRS, you’re not alone. The IRS audited 1.6 million taxpayers in 2011 and the thought of an audit – among other worries – can fill even the calmest person with fear and anxiety. But there’s no need to stress

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If Your 1099-C Form is Incorrect Here’s What to Do

Taxes / Lynnette Khalfani-Cox, The Money Coach / 1099-C / February 8, 2012

If you had some of your debts cancelled or forgiven last year, the company that cancelled your debt will issue you a Form 1099-C for the amount of the cancellation. In most cases, the IRS is expecting you to report this amount as part of your gross income. Cancelled debt is considered to be taxable

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What is IRS Form 1099-C and How Should You Use It When Filing Your Taxes?

Taxes / Lynnette Khalfani-Cox, The Money Coach / 1099-C / February 7, 2012

If you enter a loan forgiveness program or a creditor cancels your debt after negotiating or modifying your total debts owed, you will receive Form 1099-C, Cancellation of Debt. This form serves as a report to the IRS and unless you meet certain criteria, the cancelled debt will count as taxable income for that tax

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A pile of U.S. hundred-dollar bills, perfect for money saving, scattered and stacked.

5 Money Saving Strategies to Save You Thousands of Dollars

Saving Money / Lynnette Khalfani-Cox, The Money Coach / coupons / February 6, 2012

If you spent most of last year barely reaching your financial goals and struggling with your budget, pay attention to your spending and saving habits. You need to start socking away some of your monthly income into a “no touch” savings account, no matter what your income level may be. But that’s easier said than

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How to Know If You’re Eligible for the Earned Income Tax Credit

Taxes / Lynnette Khalfani-Cox, The Money Coach / Earned Income Tax Credit, EITC / February 3, 2012

Tax season can be stressful for obvious reasons, but one way of making it brighter is receiving a big income tax refund from the government. Those checks can mean a large return if you’ve been overpaying on your tax liability, but it’s usually up to the taxpayer to seek out all of the possible ways

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A document labeled "Important Tax Information Enclosed" is shown with a pair of glasses resting on top, hinting at insights only a financial planner could provide.

Free Places for IRS Tax Help and Tips For Do-It-Yourself Tax Filers

Taxes / Lynnette Khalfani-Cox, The Money Coach / Tax preparation / January 31, 2012

If you need tax help filing your federal income taxes, look no further than the IRS itself. And don’t worry: the IRS isn’t out to get you. On the contrary, the IRS has more than 12,000 free tax preparation sites nationwide as part of an ongoing effort by the Internal Revenue Service to team up with

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A group of happy children, dressed in colorful clothes, smile and pose together against a white background, showcasing the joy that community support—like tax benefits for families—can bring.

Got Kids? Here are 10 Tax Benefits For Parents

1 Comment / Taxes / Lynnette Khalfani-Cox, The Money Coach / Tax Credits, tax deductions / January 30, 2012

Any parent knows that kids can be awfully expensive. They eat a lot, or sometimes not much at all, picking all over their food and wasting it. They tend to sprout up like weeds, outgrowing clothes, shoes and even hats and gloves before those things get a proper wearing. (By that, I mean there should

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