Q: I am way behind on my student loan and my husband would like to file together but I’m afraid that they will take the whole tax refund. What can I do to stop that from happening? A: Since you are behind on your student loans, you are correct that you and your husband both […]
Will My Tax Refund Be Withheld Because of My Husband’s Defaulted Student Loan? Read More »
Q: Help. I need your assistance on a matter. My credit score was 710. I missed one (or) two payments on a credit card and this put a black mark on my flawless credit report. My score dropped to 635 and is affecting other accounts. What can I do? I already called the bank. I
My Credit Score Dropped 75 Points After Late Payments. What Should I Do? Read More »
One of the first things you need to do when filing your income tax return is to determine your filing status. The Internal Revenue Service (IRS) has identified five different filing statuses for taxpayers. These are: Single; Married Filing Jointly; Married Filing Separately; Head of Household; and Qualifying Widower with Dependent Child. The filing status
To Pick the Correct Tax Filing Status on Your Tax Return Use these 8 Tips Read More »
Payday loans are a huge financial burden and if you’ve ever gone to a payday lender, you may now find yourself in a cycle that seems nearly impossible to break. But it is possible to eliminate those payday loans and get yourself back on track financially. Here are 7 ways to get rid of your
7 Ways to Get Rid of Your Payday Loans Read More »
During my appearance on the CBS show, The Talk, I gave 5 tips to a stress free tax filing this year. 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 –
5 Steps to a Stress Free Tax Season – Video: The Talk Read More »
Q: What is the best way to start paying off huge credit card and payday loans? A: Here are a few tips for paying those payday loans and credit cards: – Tackle those payday loans first. Sounds like you may have “rolled over” many loans … they usually average about 400% on an annual basis, so it’s
What is The Best Way to Start Paying Off Huge Credit Card Debt and Payday Loans? Read More »
The IRS says the average tax refund check in 2012 tops $3,000. Whether you’re expecting a really big tax refund like that, or a just a couple hundred dollars back from the government this year, be sure you make some wise financial decisions about that incoming cash. It’s easy to just splurge on something you’ve
The 5 Best Ways to Put Your Tax Refund Check to Good Use Read More »
If you work as a restaurant server, hostess, or in another industry where you rely on tips as your primary source of wages, you need to make sure you’re reporting your tip income accurately to the IRS. The IRS needs to know about all of your income sources – whether the tips come in the
4 Quick Tax Tips Regarding Tip Income Read More »
In most cases, the income you earn from various types of sources is taxable and must be reported on your federal income tax return. However, there are some situations and instances where your income won’t be taxed. The Internal Revenue Service (IRS) has outlined several items that do not need to be reported as income.
Is that Taxable or Non-Taxable Income? Here’s a Quick List from the IRS Read More »
Q: “I’m retired, and had life/burial insurance benefits through my job. However, I’ve been told that since my only child is an adult, and I am single/divorced, that I do not need life insurance. Also, regarding the disability insurance, I paid for the coverage for 34 years during my employment, but no longer carry it
Life Insurance Tips When Adult Children Live With You Read More »
Getting married or undergoing a divorce will involve not only an emotional upheaval, but also a lot of paperwork on the financial end. The Internal Revenue Service (IRS) will need accurate information about your new filing status as soon as possible so that they can match the name on your return to your Social Security
Recently Married or Divorced? Know these 5 IRS Tax Tips Read More »
I know those student loans seem overwhelming right now, especially given your modest salary. But there are some steps you can take to improve your situation.
Start by going through the process of rehabilitating your student loans to clear up your student loan default. Read this article which explains everything
you need to know about fixing defaulted student loans.
How to Get Your Student Loan Out of Default Read More »
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
The Child Tax Credit – How to Qualify and Claim This Tax Benefit for Your Family Read More »
If you received Social Security benefits in 2011, did you know that your benefits could be taxable? Make sure you review Form SSA-1099 from the Social Security Administration to determine the total amount of benefits you received for the year. You will need this information to determine if your benefits are non-taxable, partially taxable, or
7 Ways to Know if Your Social Security Benefits are Taxable Read More »
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
Medical and Dental Expenses Explained Read More »
