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 »
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
List of U.S. Postal Service Closings, 35,000 Postal Workers to Lose Jobs Read More »
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
Important Tax Advice on Unemployment Income Read More »
If you’ve been the victim of identity theft, and someone has stolen your Social Security number or personal data to file taxes, open credit accounts, or make charges you didn’t authorize, you can find out who committed this illegal act. There’s no 100% foolproof way to catch an identity thief. After all, the crook could
Who Stole Your Social Security Number or Identity? 4 Steps to Find Out Who Did It Read More »
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
My Credit Report Does Not Show My Secured Credit Card Account. What Should I Do? Read More »
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”
Are You Making These 5 Mistakes That Can Ruin Your Retirement? Read More »
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
5 Tips To Solve Your Biggest Tax Worries Read More »
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
If Your 1099-C Form is Incorrect Here’s What to Do Read More »
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
What is IRS Form 1099-C and How Should You Use It When Filing Your Taxes? Read More »
