Are You Making These 5 Mistakes That Can Ruin Your Retirement?
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” […]
5 Tips To Solve Your Biggest Tax Worries
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 […]
If Your 1099-C Form is Incorrect Here’s What to Do
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 […]
What is IRS Form 1099-C and How Should You Use It When Filing Your Taxes?
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 […]
5 Money Saving Strategies to Save You Thousands of Dollars
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 […]
How to Know If You’re Eligible for the Earned Income Tax Credit
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 […]
Free Places for IRS Tax Help and Tips For Do-It-Yourself Tax Filers
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 […]
Got Kids? Here are 10 Tax Benefits For Parents
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 […]
Use These 5 Tips for Financial Intimacy In Your Relationship
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 […]
Arkansas Attorney General Sues Operators of 6 Online Payday Lenders
Arkansas Attorney General Dustin McDaniel filed a consumer protection lawsuit against a Missouri man and two companies that control six payday loan websites offering loans to Arkansas consumers at interest rates that exceeded 600 percent. The lenders known to be controlled by the defendants include: Action Payday, Bottom Dollar Payday, Everest Cash Advance, Paradise Cash […]
IDA Programs: Where to Find Matching Funds for Your Financial Goals
Q: Are there any organizations in the Philadelphia, PA area are participating in the IDA Program? A: For those of you that have never heard of this before, an IDA is: An Individual Development Account (or IDA) that lets low-to-moderate income earners save money for a specific goal – such as a down payment on […]
I Can’t Afford To Repay My Student Loans. What Are My Options?
Q: Hi, I have a pretty unique situation regarding student loan debt. I have about $100K in student loan debt. I did not find a job until about 8 months out of college and the loans were in deferment. The entry level position I obtained was not enough to pay my loans and I was […]
What to Do If Your Credit Score is Too Low
Car loans, mortgages, credit cards, and even your apartment rental application can only be approved when you have a solid credit history. If your credit score is deemed too low by lenders, landlords, and other companies that check your credit score as part of the application process, you could be missing out on low interest […]
What to Do if Your Spouse Stole Money From You
You may not be divorced or even separated when you find out that your spouse stole money from you. When your husband or wife steals money from your bank account or wallet, they may have lied to you to cover up their act and broken your trust. Lies like these can be especially damaging to […]
6 Tax Rules to Know When Claiming Dependents and Exemptions
When you’re filing your federal income tax return, you undoubtedly want to pay the least amount of money possible to Uncle Sam. One effective way to minimize your taxes is by claiming various dependents and exemptions on your income taxes. Claiming the right number of dependents and exemptions can sometimes save you hundreds, or possibly […]