5 Steps to a Stress Free Tax Season – Video: The Talk
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 – […]
What is The Best Way to Start Paying Off Huge Credit Card Debt and Payday Loans?
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 […]
The 5 Best Ways to Put Your Tax Refund Check to Good Use
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 […]
4 Quick Tax Tips Regarding Tip Income
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 […]
Is that Taxable or Non-Taxable Income? Here’s a Quick List from the IRS
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. […]
Life Insurance Tips When Adult Children Live With You
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 […]
Recently Married or Divorced? Know these 5 IRS Tax Tips
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 […]
How to Get Your Student Loan Out of Default
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.
The Child Tax Credit – How to Qualify and Claim This Tax Benefit for Your Family
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 […]
7 Ways to Know if Your Social Security Benefits are Taxable
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 […]
Medical and Dental Expenses Explained
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 […]
List of U.S. Postal Service Closings, 35,000 Postal Workers to Lose Jobs
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 […]
Important Tax Advice on Unemployment Income
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 […]
Who Stole Your Social Security Number or Identity? 4 Steps to Find Out Who Did It
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 […]
My Credit Report Does Not Show My Secured Credit Card Account. What Should I Do?
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 […]