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 »
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
5 Money Saving Strategies to Save You Thousands of Dollars Read More »
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
How to Know If You’re Eligible for the Earned Income Tax Credit Read More »
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
Free Places for IRS Tax Help and Tips For Do-It-Yourself Tax Filers Read More »
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
Got Kids? Here are 10 Tax Benefits For Parents Read More »
Valentine’s Day is right around the corner and as much as the holiday is about romance, finances also play a big role in what happens on Feb. 14th. Guys are often under pressure to come up with the “big” gift – like an expensive engagement ring – or to make some other dramatic show of
Use These 5 Tips for Financial Intimacy In Your Relationship Read More »
