4 Ways to Beat Con Artists and Avoid ID Theft, Tax Fraud and Tax Scams
Tax fraud is on the rise, according to federal authorities. Before the April 15 tax-filing deadline arrives, scores of Americans will become victims of tax-related identity theft, as criminals continue to steal tax refund checks or unlawfully use people’s Social Security numbers. In other cases, bogus tax preparers will collect sensitive personal information from […]
10 Best Tax Deductions and Credits for Parents
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 Tips When Paying Your Tax Bill
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 […]
What is the Child Tax Credit?
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 […]
Can I Claim the Child Tax Credit Plus the Child and Dependent Care Credit?
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 […]
What is a Refundable Tax Credit Vs. a Nonrefundable Tax Credit?
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:
Rebounding After a Financial Setback or a Major Money Mistake
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. […]
10 Surprising Things That Are and Are Not In Your Credit Report
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.
What To Do If You Owe Back Taxes or Have an IRS Tax Levy
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 […]
IRS Launches 2013 Crack Down on Identity Theft, Tax Fraud in U.S.
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.
Credit Monitoring Explained
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 […]
What is the Adoption Tax Credit?
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.
3 Ways Tax Fraud By Prisoners Impacts You
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 […]
The 3 Best Credit Cards for Students
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.
Identity Theft Explained
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 […]